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4 Vital factors to consider while using Cryptocurrency

Almost every day we hear news mentioning online thefts relating to cryptocurrency or digital currency. The online presence of currency attracts various hackers and scammers. And after analyzing the volatility of cryptocurrency, it is imperative to steer clear of all the issues that can lead to loss. The article provides some necessary precautions that one should keenly observe while handling cryptocurrency.

Beware of the Malware

The internet is flooded with numerous scammers that try to invade the privacy of any user by applying various schemes. In some cases, the scammers may trick users to download specific applications or software that can infiltrate into personal files and may leak private information. Therefore, users are often advised to never download unverified applications.

Like other applications, certain harmful cryptocurrency applications often pop up while scrolling through websites or blogs. These websites offer bitcoins by mining. However, the software is backed by certain kinds of viruses that aid the scammers in stealing private keys.

For this, analysts advise to never download any application that appears in the google ad or is displayed on any social networks. The practice is to look for verified applications that are advised by popular financial analysts or the ones that are referred by someone you know. A popular website i.e. bigmoneyrush.app is among the secure and well-encrypted applications which aid the users to maximize their profits.

Keep away from Social Engineering Scams

One of the most used social engineering scams is phishing. Hackers intentionally send fraudulent emails to the users. And when the user clicks, a chain of events takes place. In this way, all the personal information including bank accounts or digital wallets is extracted by the hackers. 

As far as cryptocurrency scams are concerned, this specific type of social engineering scam i.e. phishing is used to extract the private keys of users. The process is quite similar to standard scams. A person who owns a digital wallet receives an email that leads to several fake websites. These fake websites offer various discounts or deals relating to crypto mining. For login, scam websites require private key information. Once the user enters the private login credentials, the information is stored into cookies where it is easily extracted by the hackers. This information is used for stealing all the kinds of crypto coins stored in that wallet.

Blackmail emails are another kind of social engineering scam widely used by hackers. It begins when the user receives unknown emails from the hackers who claim that they have a complete record of internet surfing. They (hackers) threaten and blackmail users to pay them crypto-coins or else face data loss. The best way to avoid such scams is to never click on-site links or open unknown emails. 

Look out for false identities

Imitators are always present that try to copy the official websites. All they have to do is to place an unnoticeable sign which any user ignores while surfing. Every website requires a username and password for the login process. And when a user enters the private credentials, it is stored in cookies. From there, the scammers easily copy the credentials.

Every bitcoin wallet is backed by a specific address. Unofficial websites carefully and intentionally track the wallet address linked to the digital wallet. After having complete access and control over the wallet, the scammers who operate these websites can easily transfer the crypto coins into the desired account. And the user is only notified once the transaction has been completed. Moreover, these scammers can use the credentials to login into various other websites and social media platforms and can cause problems for the user.

Therefore, it is always advised to only login into official websites and use strong encryption. Furthermore, users must never save passwords. A two-factor authentication system also adds an extra layer of protection making the login process quite complex and impenetrable.

Acquire a well-encrypted crypto wallet

Whenever we travel or shop, we use a physical wallet or a digital one. The wallet we use for such purposes i.e. daily transactions is different from the one we use for our savings. The same logic works for a crypto wallet. It is always advised to never stash all of the savings into one account. For storing coins, a user must have a long-term, well-encrypted crypto wallet. Many websites offer secure wallet options with solid encryption against any kind of malware or viruses.

The bottom line:

These are reasons one should be well alert while trading or dealing with crypto-coins. If someone is looking to maximize their profits, above mentioned things must be taken into account to minimize financial scams and privacy invasion.

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Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)

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