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Sunday, April 2, 2023
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ETH – How to Safeguard Your Investment in It?

Cybercriminals can demonstrate high levels of sophistication and coordination. The latest attack vector is towards the end user, who is often lured by phishing or fake wallet website. For a costless bitcoin trading venture, is the platform that charges zero commission on both profitable and non-profitable trades.  For example, an unsuspecting user might upload their private key and be defrauded from a wallet that they do not actually own.

It’s important to consider what people in the Bitcoin or Ethereum community might not know about how these cryptocurrencies work, making them more susceptible to this type of scam email that tricks you into giving up your private key.

The below-mentioned portion will describe cryptojacking, which is malware that can hijack a computer’s resources for cryptocurrency mining. Lastly, it will explore some best practices for safely getting involved in this market by storing your cryptocurrencies in cold storage wallets where they cannot be hacked electronically via malicious software or by physically stealing them from an exchange wallet, so let’s get started.

What is cryptojacking?

Cryptojacking is explained by “Bitcoin Magazine” as a “speculative attack in which software on the part of a computer’s resources is misused to mine for cryptocurrency on that machine.” Still, the term has become more widely used by the media and the general public.

Cryptojacking is a form of cybercrime where mining software, usually hidden in adverts, apps, or even extensions, secretly runs when you are visiting websites in your browser. This stealthy crypto-mining malware will use your computing power to make cryptocurrency without your permission. It can also alter your web browser’s settings to direct all traffic through their servers rather than those of the website you are visiting.

How to be vigilant with your private key or passcode?

The most important thing when securing your ethereum cryptocurrency is safeguarding your private key or passcode. If a hacker gains access to this, they can transfer your cryptocurrency from your wallet into theirs, effectively stealing it.

Protecting your passcode/private key

The private key for Ethereum, and all other types of cryptocurrencies, is what gives you ownership over the coins in the first place. Unfortunately, if someone else gets a hold of that key, they can take the coins you own and send them wherever they want. So it’s essential to treat your private keys like cash: don’t share them with anyone, and keep them safe at all times.

When storing your Ethereum cryptocurrency in the cold storage wallet, it is highly advisable not to store them on any online or cloud-based exchange.

For offline storage, experts recommend using your private key in a hard drive or flash drive that is encrypted and secured with a password; this will guarantee that someone else can’t access the passcode or see what’s on your computer. It is not advisable to upload any picture or clue of the private key in cloud storage, even if it’s a Digi locker powered by government authorities. Instead, it is always safe to write down the private key on paper and keep it in a safe place.

Store Ethereum in a hardware wallet:

Hardware wallets are immune to malicious activities and threats because they often come with two-factor authentication. A hardware wallet is a USB that securely stores your cryptocurrency, so you don’t have to worry about getting hacked; typically, it can also be plugged by users into a computer to send and receive payments.

Hardware wallets are what they sound like—physical devices made of solid metal or plastic that store cryptocurrency. Hardware wallets make it more difficult for thieves to steal your cryptocurrency because they have all features of a typical computer wallet but are much more durable and portable. They come in various forms, such as USB sticks, external hard drives, and wall-mounted units.

Once your private key is on the hardware wallet, you can use it to send and receive payments from anyone who also has one. Since every cryptocurrency is different, it’s essential to know how to secure it on your hardware wallet properly. Depending on the model, some wallets support extended public addresses that allow additional amounts to be imported onto the device; this is fine for Ethereum but not other coins.

Some common cryptocurrency scams to beware of are:

  • Phishing scams: Scammers will try to fool you into giving them your private key, passcode, or other personal information.
  • Malware and viruses: Some websites will attempt to trick you into downloading harmful software that steals your private key.
  • Social media account hijacking: Hackers can use social engineering tactics to gain access to your accounts or take control of your computer and steal your key directly from the device.
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