Many people are increasing getting interested in the growing cryptocurrency market. There are significant highs and lows that are experienced. The worst that can happen is coin hackers accessing your wallet. Such stories tend to put off amateur investors which should not be the case. However, you need not to worry as a little effort is all that is needed to keep your coins secure. The problem is that it is not everyone who knows how bitcoins work. This can expose you to coin hackers. Below are the most common ways used by coin hackers and how to prevent it.
The Bitcoin technology is able to protect your funds from theft. When you trust a third party with your box, you can encounter some problems. This way your box can be accessed by coin hackers. This can be prevented by storing your coins by a trusted service such as Coinbase. The service has security features which protect bitcoins. Also, having a Bitcoin wallet is another good option. You can open and lock your box secretly just make sure not to show a third party. Bitcoin is made in a way that nobody can guess your private key meaning nobody can hack into your wallet. The only way your coins can be hacked is if you let a third party trick you to give them access or if the third party is compromised by someone else.
Coin hackers can get the password from storage service. A username and a password is all that is required when you use a service such as Coinbase. The password of your email account can be accessed by coin hackers. They later use the information to set a new password. This can be prevented by having an app verification option like Google Authenticator for protection of your online password.
In addition, coin hackers can gain access to your wallet if you expose your private key. This risk does not come by using a service such as Coinbase but in management of your wallet. Someone might get into your private email and access it if you keep it there or by showing a third party. Once it sis coped your wallet gets emptied. To prevent this write your private key on a paper or on a USB stick and store it safely. Coin hackers also can opt to impersonate Bitcoin recipient. Make sure that the address given is genuine before you transfer funds. Make sure that the third party you rely on is sure. Hackers can compromise an employee’s laptop and use it to access the company’s payment service and empty it.