5 Ways First Time Traders Can Protect Their Bitcoins Against Thefts In 2022

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Cryptocurrencies have gotten a bad name because of cybercriminals. In the past few months, we have all seen how major social platforms and profiles on them have been held to ransom by hacking experts who demanded payments in Bitcoins.

This can be very unnerving for normal individuals who do not feel that they are knowledgeable enough to be a part of this ecosystem. However, one of Bitcoins’ primary attractions is that it is very safe as a form of payment or an asset.

Accused of the one thing, which is its USP is not very good for the crypto, which is already struggling to gain mainstream acceptance.

In this article, we are going to help first-time crypto traders and investors understand how to keep their Bitcoins safe from theft in 2021.

Why do Safety Issues keep cropping up in the Crypto Trading and Investing Ecosystem?

There is a reason why cyber criminals demand cryptocurrencies for their attacks. The reason is that Bitcoins or any other crypto for that matter is a highly lucrative financial asset. It has stellar growth margins and is one of the safest ways to transfer financial assets from one part of the world to another.

Being outside governmental regulations and oversights also help anti-social elements to fly within the radar of the authorities. If you are doing your research, you will know that governments around the world have pointed to this issue multiple times.

Another major reason is that while trading and investing in cryptocurrencies is simple, it is a bit on the technical side. However, this does not mean that you have been as adept as a computer programmer to understand how it all works.

For someone who uses smartphones, takes part in e-commerce, and employs Google and Amazon Pay, you can easily get accustomed to trading and investing.

List of The Top 5 Ways First-Time Traders Can Protect their Bitcoins against Theft

Choosing the right Trading Platform or Exchange

If you want to buy, sell, or trade-in cryptocurrencies, you can do the same at a trading platform or an exchange. Some of the best trading platforms like the BitQT App use sophisticated firewalls to prevent hackers and other criminal elements from getting into their systems. Thereby giving the best secure environment for their clients.

Being Confidential about your Investments

If you have started engaging with the crypto trade, there is no reason why you should say it aloud. More so on social media platforms and other review forums like Reddit or Quora. It is also best to keep this information away from people who are close to you or are your acquaintances. The kind of money, which you can win is enough to keep the information as confidential as possible.

Going for the Most Secure Crypto Wallet

As a first-time trader, you will need a safe and well-protected wallet to store your Bitcoin Private Keys. This can either be a physical wallet or something more digital with cloud connectivity options. According to experts, it is best to store your private keys unconnected to the internet at all times. This will not allow cybercriminals to gain entry digitally.

Using one System reinforced by a Strong Anti-Virus and Firewall

According to leading voices in the ecosystem, traders and investors should have one designated system for engaging with all their trades and investments. You can use any device, which you feel is right for the job. However, that system should be properly supported by strong anti-virus software, which offers full-suite protection. Firewalls are essential for any system you use.

Stay away from Public Internet Networks

Never ever use public Wi-Fi to open your exchange or trading platform account. Like your system, you should only work on one single network, which has complete protection. Using a good suite will allow you to keep your Wi-Fi secure and protected at all times. Do not connect this Wi-Fi with any other devices or systems to ensure complete safety.

The Bottom Line

Studies and researches have shown that attackers usually target individuals who are not paying attention to these basic questions. If you are someone who wants to cash in on the ever-growing popularity of Bitcoins, you can take help from the above-mentioned five points.

Jennifer Thomas
Jennifer Thomas is the Co-founder and Chief Business Development Officer at Cybers Guards. Prior to that, She was responsible for leading its Cyber Security Practice and Cyber Security Operations Center, which provided managed security services.