Many people are increasing getting interested in the growing cryptocurrency market. However, expect to encounter some major high and lows. The most major low is the risk of hackers getting to find ways of stealing cryptocurrency exchange Coincheck. Such stories tend to put off amateur investors which should not be the case. But the truth is Bitcoins are very secure and require less effort to protect. However, not everyone has knowledge on how Bitcoins operate. 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. The problem comes in when you entrust a third to operate the box for you This makes it easier for coin hackers to access your coins. Store your coins with a service such as Coinbase to prevent this from happening. The service has security features which protect bitcoins. Also, you can opt to have a Bitcoin wallet. This is a secret way that you will be using to open and close the box and only you should be aware of it. Bitcoin is very secure meaning nobody can access your private key so coin hackers cant access your wallet. Your coins can be hacked if a third party uses tricks to gain access of if the third party is compromised.
Coin hackers can also obtain your password from a storage service. When people use services like Coinbase you use a username and password to access your wallet. The password of your email account can be accessed by coin hackers. They can use this information to reset your password. Having an app for verification purposes such as Google Authenticator helps in protection and safety of your online password.
Additionally, coin hackers can access your wallet once you expose your private key. If you mismanage your wallet, you are exposed to this risk. Someone might get into your private email and access it if you keep it there or by showing a third party. Once a hacker copies it, they can use it to empty your wallet. To prevent this write your private key on a paper or on a USB stick and store it safely. Coin hackers can also impersonate Bitcoin recipient. Make sure that the address given is genuine before you transfer funds. Make sure the service you choose is secure. There must be security measures in place to ensure they are not compromised in any way.