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How to protect your cryptocurrency from hackers

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There are thousands of ways hackers can access and clean your account if they so decide, There are ways to combat these types of hackers.

Cryptocurrencies may be one of the best things that happened in the 21st century, bot for those that suffered from hack attacks and lost all of their tokens, it may as well be a curse. You see, the tokens are a digital asset by nature, they completely reside on a single network. If that network is hacked then pretty much the whole system is in danger. Thankfully most of the platforms are improving their security measures as illustrated in this WCX review, but I think it never hurts to be extra prepared for a dark day. So, how can you protect your tokens?

 

The steps shown here are actually very simple. Therefore you may be quite shocked at how easy it is to secure your assets. It’s really heartbreaking to see all of your hard earned tokens just disappear like that even when you are sure that you have them secured with the platforms precautions. But, unfortunately, there are thousands of ways hackers can access and clean your account if they so decide, even miners aren’t safe.

 

One of the most dangerous ways hackers can affect your financial life is by accessing your SIM card. Through that they will be able to pretty much take your identity, access your bank and cryptocurrency accounts, have them blocked because of suspicious activity and most importantly, send out false messages to your family and loved ones, asking for money on a separate account. Luckily for you, there are ways to combat these types of hackers.

 

Avoid Gmail account sync

Make sure that you remove any type of phone number forms your Gmail account. The reason is that the hackers can request a password restoration through the number and easily access the account. After the access, they can find important financial emails containing login information or some kind of documentation.

You’re potentially making it hell for the hackers to find a way to access the account, which is already a good start as it won’t be as easy anymore, and they may give up in the process.

But after removing the phone number, there will be a need to use something else for identification. In this case, it’s best to have a separate number. Get a very old phone, for like $30 in a market. The phone must not be able to connect to the internet, it will only be your tool for authentification and identity checks. Or you can use Google Voice service, that helps with redirecting calls.

 

Disable password autofill

It is always a bad idea to save a password on one of your financial or Gmail accounts. Since the hackers are able to access your device’s memory, they will be able to log in without even having to run a program in order to find a password. The best thing to do in this case is to save your passwords in a hand-written manner. Something very far away from the digital world.

 

Replace the double factor authentication system with a hardware key

The hardware key is quite an easy tool to use. It is used in order to avoid SMS check and is a bit more on the safe side. I recommend you get two keys actually. 1 main one as a daily driver and a second one just in case. If your main key gets compromised or you lose it, you can just quickly switch to the reserve and disable the main one.

 

Go for hardware wallets

I think it’s safe to say that hardware wallets are a lot harder to hack into, virtually impossible actually. At this moment there are only a few ones that are worthwhile, Trezon and Ledger. The hardware wallet is kept in a lot safer position compared to an online cryptocurrency exchange account. But make sure to utilize it even though it may bring a little bit of inconvenience, it’s still for your own safety.

The hardware wallet works by using your closed key. This is an amazing option as it ensured the fact that nobody will get their hand on it besides you. A reserve key is best to be printed out and saved in a spot where it can’t get damaged by either the sun or water. You can still use cryptocurrency exchange wallets as a means of quickly saving your purchase, but make sure to then transfer those assets over to the hardware wallet. Stay safe!

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4 Comments

4 Comments

  1. Pingback: How to protect your cryptocurrency from hackers - Satoshiuncle

  2. Pingback: How to protect your cryptocurrency from hackers – BTC.com.ph News

  3. Pingback: How to protect your cryptocurrency from hackers – btcinfo

  4. Roy

    January 17, 2019 at 2:06 pm

    Thanks author for this is great piece of information. 2018 was a very challenging year for me and my family, my business took a hit due to an illness that almost took my life. All thanks to this genius Chinese hacker, ([email protected]) for helping me out by mining 12.5 bitcoin for me after i paid him a little token and my story changed that night after making over $57,000 off the sales. I found him on Google where everyone was talking about his great skills, to be honest words can barely describe the type of joy my heart is filled with. I will recommend him if you need help retrieving your hacked crypto wallet or any help on bitcoin mining. Get to him at his email address above This is not a paid post or sponsored advert

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#Exchange

Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

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As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

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#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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#Bitcoin Price Analysis

Bitcoin Price to $4500 soon? BTC Price Analysis

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Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance at $4200.

Technical Indicators:

Support Level: $3900

Resistance Levels: $4100, $4200

 

Bitcoin Price Analysis:

On the hourly chart, bitcoin price has been quite bullish since last week when it reached a high point of $4160. However, bitcoin was not able to break through the resistance around this range. Again bitcoin started a bullish momentum on 18th March and reached up to $4120 before but started to correct downwards later. It went below $4000 support level.

Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance that is formed between $4100 and $4200. If the current resistance is broken, there are chances that bitcoin could spike up to $4500 in the short term. The current momentum surely signals a ‘buy’ time. However, if bitcoin is not able to break through this resistance for long, it could result in BTC price falling back below $4000 and even $3900 range and turn bearish.

BTCUSD Hourly Chart

BTCUSD Hourly Chart

Last week, bitcoin tested the $4200 resistance but failed to break through. The sellers pushed the price down to $3832. Later, buyers were able to start a fresh bullish momentum and moved the price above the 12-day exponential moving average which was turned into support. Bitcoin moved above $4000 and the buyers are currently moving ahead to fight the sellers at $4200 resistance level.

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