Guest Post by: Mike Johnston
From experienced currency investors, all the way to newbies, more people are looking into various options to mine bitcoin and other cryptocurrencies, and to use it as a safety net for their finances. Plus, with the development of the blockchain technology, people feel that there’s nothing safer and more secure than cryptocurrency trading or mining. While the process is certainly extremely secure and utilizes the most advanced preventative measures for all parties involved, you still need to be mindful of your role in the process.
Much like an employee can lose sensitive client data simply by having a weak password to the system, so can you risk losing your mining earnings by failing to take precautions. No matter if you’re new to the process or if you already have some experience, here are a few security tips to improve your mining experience for the long haul.
Steer Clear of Public Wi-Fi
Nowadays, considering that we often use a wide list of platforms and social media networks, it’s almost impossible to stay invisible online. In that respect, online privacy and anonymity, and thus greater security, are compromised for most internet users. As for your crypto trading efforts, the very least you can do can sometimes mean the most: use only your private and secure network connection, and never use a public Wi-Fi network to mine, trade, or conduct crypto exchanges.
Opt for Two-factor Authentication
If banks use it, it must be good, right? Even some of the most well-protected fintech companies and financial institutions all use this double layer of security on all of their transactions and interactions. If possible, you should consider using the same approach with your accounts related to your cryptocurrency mining and storage, and the device you use to conduct your transactions.
Have a Dedicated Mining Device
In recent years, more people have started accepting offers from dedicated mining business to rent their equipment and mine from their devices. This, however, may be a risky option, especially if you’re not certain who you’d be mining for, and you risk losing all of your earnings.
A far more secure way to enter the world of cryptocurrency is to get dedicated bitcoin mining hardware you will use yourself, in a manner that makes the most sense for you. You can then choose the type of hardware that fits not only your budget, but also energy usage, noise levels, hash rate, and other.
Use Strong Passwords
Your birthday or the name of your pet fish isn’t going to cut it. We’ve come a long way since the early days of password protection for all of our accounts and devices, and you should know better than to use weak, simple passwords that are easy to guess or generate.
This is your opportunity to make things difficult for anyone trying to take over your crypto wealth, tap into your wallet or even steal your identity. You can use a password manager that will generate automatic combinations impossible to guess, so that you can use them on your accounts and safely store them away from prying eyes.
Use Several Secure Wallets Instead of One
Just like you have separate accounts in your bank for savings and for regular use, and often for different currencies, you should make sure you use separate wallets for regular crypto transactions and for your crypto savings. This is especially vital when you’re just trying your hand at trading with relatively newer cryptocurrencies such as Vic coins, so you always need to ensure that you have dedicated wallets to serve specific purposes.
What started out as a simple process has evolved into a network of actions and trends, so you can now take part in crypto gambling, spend your crypto coins in online stores, or use them to, sort of, book your flight to outer space. When you join the world of mining, you start with a few simple steps. You need your wallets, you need trusted mining platforms, perhaps a few exchange platforms, too. Interacting with your wallet provider for starters is a brilliant opportunity for any scammer to try to take over your crypto earnings.
Phishing has become common practice for hackers to trick people via a fake, but seemingly legitimate account from their trusted provider, inviting them to open a link or share their details, log into their account, etc. As soon as you do that, you give immediate access to your wallet to whoever sent that email. You need to be extremely careful when you receive emails from people posing as someone you know and triple-check the details to make sure you’re not about to relinquish your earnings to a hacker.
Of course, the world of crypto will always be a fertile ground for potential security issues, so it’s up to you to learn about the changes in the market and to stay informed on the best security practices available. Go that extra mile in prevention, and you’ll be able to protect your crypto investments every step of the way.
About the author: Mike Johnston is an avid blogging enthusiast and experienced content writer with a focus in business, technology, smart homes, and real estate.