Altcoins in their various names have grown in use and popularity. Just to remind, the the various altcoins include Ether/Ethereum, Shiba Inu, Tether (USDT), USD Coin (USDC), Binance Coin (BNB), Binance USD (BUSD), Cardano (ADA), Solana (SOL)…name it. But as these cryptocurrencies gain currency, scammers have become even more intelligent to intercept and steal from owners. While we have previously shared some useful hints on altcoin wallet and the crypto wallet keys, it would still be important to comb ambitious investors more.
If you may know, so many budding and successful cryptocurrency investors have hit a dead end in the hands of scammers. Scammers may not be some aliens, unknown to anybody but they come in ways that may appeal and appear legit. A recent case of crypto scamming is GainBitcoin in India where so many were duped and left reeling in great loss.
Your altcoins are your treasure, so jealously protect them
Having altcoins is a form of investment that offers high returns on investment. They are a form of cryptocurrency, and losing such funds to scammers is heart-breaking. You have heard of the rising cases of scams in the crypto market.
Many of the altcoins heists are due to various reasons, such as the capability to un-identify a bad player who is about to scam you. More cases daily are being reported by the altcoin owners, and some cases are not solved since the scammed played and cleared the footsteps they used in the process. I have done the research and come up with many tips on how you can secure your altcoins from scammers. Many tips are personal care that you need to identify the scammers right before they even hit you.
Tips to keep your Altcoins safe
Here is a list of the few things that you need to do to be aware of the evolving scams. They may not all be perfect but it’s our hope that they take you to great miles in your desire to protect the hard earned altcoins from the grip of marauding scammers.
1. Use two strong passwords on your altcoins account
When creating a password for your altcoins, use a strong password and ensure you don’t reuse the password on other altcoin accounts. You have heard that cryptocurrency services are the prime targets for hackers. Having different passwords that you can easily remember avoids cases such as data breaches in your accounts. You must limit exposure by having your unique, strong password for each altcoin.
2. Use a Two-factor authentication for your altcoins account
You can also secure your altcoins by having the 2FA for your altcoins. A notification should then come to your mobile device about any activity with our altcoin. You can also have the password rotation enabled where possible. Use a trusted password manager for instances where you can forget your altcoins account password.
3. Have a functional antivirus software even on your phone used for altcoins transactions.
This prevents your altcoins from malicious apps that can log your keystrokes or be able to watch your activity on your phone screen. Many scammers are motivated to target altcoin investors by mobile phishing, and they can steal your login credentials.
4. You have to be very watchful and avoid any suspicious texts and emails
Altcoins are on the blockchain system and can be hacked and stolen by using malicious links in texts and emails. They can also come from social media, third-party messaging platforms, or emails.
5. Avoid sharing your secret key with your altcoins
The safest way to do this is using cold storage. You can have your private key printed, removing all digital traces. You can confirm that with the rising cases of scams. Scammers can easily access end-user machines and other forms of digital storage; keeping the phrase online is risky.
6. For your altcoins, avoid wallets that are hosted by providers
Having your altcoins hosted by the providers can be the worst choice because you will be allowing the providers to store your private key to the servers you cannot control. This places your altcoins at risk by exposing your private key to chances such as a data breach.
7. Be aware of how your wallet is used in transactions
You can link your altcoin wallets to your mobile device for a notification on any transaction that might be taking place with your altcoins.
8. Use a hybrid approach to digital wallet security for your altcoin
I can suggest that you have separate private and public keys. They should have a strong password and multifactor authentication when necessary. You understand that cryptocurrency is becoming more mainstream, and more traditional options will emerge to keep your altcoins safe.
9. Keep your software up to date to take advantage of new security features
This is necessary to get to recent updates as soon as they become available. However, avoid automatic updates on your altcoins applications as they may contain bugs. You may have to wait a few days to confirm if it is running smoothly before having it on your mobile device.
10. Choose a trustworthy platform for selling your cryptocurrencies
This is also one of the best decisions to make while selling or buying your altcoins. Unlimited sites seek your attention, and the business may seem overwhelming to you. You must look for a company that can operate in a safe and regulated environment with an experienced team for your transactions to occur.
Understand that digital assets are not managed by any authoritative organization, so your responsibility is to secure your altcoins. Make sure not to trust anything that has a constant connection to the internet or anything that has a constant connection to your devices.