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Tuesday 25 September 2018
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Are My Funds Safe During Transaction?

With the increasing rate of cryptocurrency usage, there has since been a need to keep the accounts and users’ portfolios safe from hackers. Investors are assured that cryptocurrencies like monero have procedures in place to ensure the security of their funds and transactions.

However, the following steps will ensure no third party can get access to your monero wallet:

  1. Have a secure connection

When going online, your gateway should be shielded by a VPN, an antivirus that is up-to-date or a firewall. Installing either of these 3 will restrict any unwarranted access.

VPNs especially will map your IP to a different location and will make it harder for phishing bot to trace the details back to your personal device.

  1. Change your operating system

Some OS’s are less hackable such as:

  • Unix
  • Linux
  • qubes

Their configuration makes it tough for hackers to get through.

Nevertheless, while using a Windows PC or Mac, revisit point number 1 above.

  1. Dedicate one device

Using your PC for multiple functions leaves your monerowallet vulnerable to attacks. These include phishing malware and keyloggers.You can, however, have a mobile device or PC solely for your monero wallet.

  1. Secure your password

Having a weak password can leave you vulnerable to attackers. A strong password should include characters, symbols,and numbers; in an order that you can remember.

Note that securing passwords online is not a safety measure. Further, other forms of authentication like 2-factor which send authorization messages to your phone are not advisable. Mobile phones are more prone to hacking in this day.

  1. Secure your browser

Even with a secure connection, hackers have devised ways of leading you on to their traps through malicious websites. Only visit sites with a secure HTTP (HTTPS).

If you’re on a public network, do not log into your monero wallet.

  1. Data

The data in your device should be encrypted to discourage copying or modifying.

Consequently, ensure periodic back-up of your data. Lost data cannot be replaced as easily as a lost device. External drives are a great way to keep your data safe, keeping in mind that online drives (cloud) can be tampered with.

  1. Keep track of your investments

There are numerous available apps that you can use to track your crypto investments. An example is Blockfolio which is available for both iOS and Android users.

Keeping track of your transactions will help you notice if anything is amiss. Recording your past transactions can also help you to make better trading decisions in future.

Conclusion

A cryptocurrency investor’s wallet is solely safe with them. Humans are the weakest link in the wallet security. The best advice to anyone carrying out transaction is that they should do plenty of research to find out which is the safest cryptocurrency to trade. Also, you shouldn’t store a lot of Monero coins in your wallet.

If the above factors are taken into consideration, you can rest assured that your monero wallet is safe.