How to Protect Your Crypto: Detailed Guide from P100 The Digital Money App

‍Introduction

Nowadays, when digital money and new cryptos are gaining extraordinary popularity among the world's population, many crimes related to these technologies are also growing, and no one is safe from this. For example, in the incident with the crypto wallets Trust Wallet, Phantom, and Slope, according to the blockchain auditor OtterSec, funds from more than 5k wallets were stolen, and researchers assumed that the reason for this was the compromise of private keys.

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Why it's Essential to Secure Crypto

Cryptocurrencies themselves are quite safe because they work on blockchain technology that uses cryptography, which means complete security when using them. But it is worth noting that although crypto itself is secure, It can be stolen in many ways, which is why you have to follow important rules, which is not such an easy task, and you will see why soon. Though, if you want to easily secure your crypto, just download most secure Crypto Wallet from P100, and check out our tips.

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Top Tips to Secure Your Crypto

We have prepared a list of the best recommendations for protecting your cryptocurrency assets using our experience below.

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1. Learn to spot phishing attacks

Quite often, hackers use phishing to steal users crypto wallet keys, They can use clones of popular websites, and send out phishing emails, hoping that you will not see the slightest difference on their pages and will give them your private key without further ado. To avoid becoming a victim of phishing, always be careful and pay attention to all suspicious details before taking any important actions.

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2. Use different passwords on all websites

Never use the same or very similar passwords, because information from some sites that contain your data can be stolen and attackers can steal all your data by obtaining your password. To make sure that your data is safe, you can use Google's free and powerful  password manager.

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3. Be careful when using open-source code

If you like to use open-source files, check all the code before you run it, because people don't always share code for “free”, according to the article from thehackernews on July 31, 2023, researchers discovered a group of new packages that were designed to steal developer information, and it is suspected that this measure was aimed specifically at the crypto sector.

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4. Use only trusted and secure networks

Never use public Wi-Fi, but if you do, use a VPN that can protect your data from being stolen by hackers.

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5. Use secure hot wallet

If you don’t know which wallet to choose, try P100 The Digital Money App, it is not only secure, but also offers users intuitive UI, we are convinced that you will love it from the first use.

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6. Do not open suspicious programs from strangers

If you receive a program or file from a stranger or even a friend, but you didn't expect to receive it, it's best to refrain from opening it. Attackers can inject malicious code into programs or files that, when run, can infect your computer, steal your crypto wallet keys, or install spyware. Always be careful and take all necessary security measures before opening any files or programs.

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7. Use a crypto hardware wallet

Hardware wallets, like Ledger or Trezor, are physical devices that store your private keys offline. By keeping your keys offline, they're immune to online hacks. If you want to buy one of them, ensure that you purchase these devices from reputable sources to avoid counterfeit products.

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8. Always enable Two-Factor Authentication (2FA)

Two-factor authentication is one of the most effective ways to protect your online accounts from unauthorized access. This method requires two different types of identification before allowing access to your account. This is usually your password and another method of verification, such as an SMS code sent to your phone or a code from a mobile authentication app.

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Some important recommendations for two-factor authentication:

1. Choose a strong 2FA method. While SMS codes are a popular option, they can be vulnerable to hijacking attacks. Authentication apps such as Google Authenticator or Authy may be a better choice.

2. Keep your backup codes in a safe place. When you set up 2FA, many services provide backup codes that you can use in case you lose access to your primary authentication method. Make a backup copy of these codes and keep them in a safe place.

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Remember that the security of your account and crypto depends on you, too.

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9. Don't use suspicious exchanges to exchange crypto

While it may be tempting to use lesser-known exchanges due to their lucrative offers or seemingly lower fees, it can be a risky decision. Many platforms might appear legitimate and could have hidden malicious intentions. Remember, to do research before using even popular exchanges, because popular doesn't mean secure.

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10. Do not use a single device for everything

If you don't want to buy a crypto hardware wallet, buy another device to store crypto, and use it only when you need to make crypto transactions, this way you will reduce your interaction with the Internet and, accordingly, reduce your risks of being deceived. 

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11. Regularly update your software and wallets:

Hackers often exploit vulnerabilities in outdated software. Whether it's your crypto wallet app, desktop wallet, or the software on your hardware wallet, always ensure they are up-to-date with the latest security patches.

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12. Educate yourself

The world of crypto is evolving fast. Keeping yourself informed about the latest security threats and best practices is the best way to safeguard your assets. Join online crypto communities, and follow reputable crypto news outlets to always keep yourself informed.

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13. Check which permissions you give to smart contracts

Often, smart contract developers write code that allows them to dispose of users' money after they interact with the smart contract. The only way to protect yourself from possible malicious actions is either not to interact with smart contracts at all, or to revoke the permission to use funds by smart contracts, which can be done, through Etherscan.

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The P100 The Digital Money App security: What you need to know

Security is our top priority, and being a self-custodial wallet, our wallet is already safer than any custodial wallets, as only you have access to all your private keys, and only you can manage your funds, which means that if something happens to our wallet, you can recover your crypto wallet at any time, and there is minimal risk of data leak, as it can happen only if your device will be hacked.

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Conclusion

In the contemporary era of increasing digital currency and cryptos popularity, ensuring the security of one's digital assets has never been more crucial. To protect yourself against the threats associated with the use of crypto, vigilance, continuous education, and the use of crypto app such as our P100 most secure Crypto Wallet that offers advanced security features that can play a vital role to help protect your crypto.