How To Ensure Privacy While Dealing With Cryptocurrencies

Posted on : August 10, 2018

Let's face it, the online world has reduced a lot of gaps in our vast world. Hauling cabs has become cheaper and faster, conversing with one another face-to-face has become more accessible, and transactions have securer and more reliable. With Decentralised financial phenomena like secured Cryptocurrency transactions online taking place extensively, the online world has become smoother and faster than ever. This deep indulgence also poses some threats to us, more specifically our privacy.

Our society has started to become more and more welcoming of the Cryptocurrencies that are being frequently used by avid users around the world. Over 22 million wallets have been set up globally just for Bitcoin. This massive network of crypto traders, financial experts, software developers, etc. has data flowing inside it like water in a dam.

A lot of stakeholders are involved in the world of cryptocurrencies, and these stakeholders have tons of private data and valuable resources online. For the safekeeping of this data and the consequent privacy, the users need to opt for certain extra measures other than the ones already provided with the software platforms and exchanges.

Thus, we highlight some of these steps and list out some secure cryptocurrency exchange tips that you as users can follow to ensure your privacy is safeguarded when you deal with cryptocurrencies.

1. Secure the Basics

It starts with getting the basics of security right. Maintain passwords which are strong and known only to you. You can choose from generating and storing passwords with a Password Generator application. Take care of your surroundings when you’re entering your password. Such basics are essentially required to save you from the risks we often ignore. Make sure your devices are secured all the time, and not subject to any physical access from untrusted parties. An antivirus program will add another layer of security to the devices, making sure no stone is left unturned when it comes to keeping away malicious elements.

2. Entrust your Cryptos in reliable Wallets and Exchanges

Cryptocurrencies are traded, maintained and stored in online wallets and exchanges. Exchanges are secure cryptocurrency trading platforms that link with your online crypto wallets. Since these platforms store your currencies, they hold a lot of valuable data with them as well. Thus, for the sake of our own privacy, we must choose the wallets and exchanges that are trustworthy, smart and secure. A trusted cryptocurrency exchange platform like Digital ticks, is a must for traders who have even the slightest concern for their privacy. Thus, research and choose the crypto platforms that ensure measures for high security.

How To Ensure Privacy While Dealing With Cryptocurrencies

3. Encrypt away

Encryption can turn unsecured data into a form unreadable by any entity other than the ones responsible for it. Data encryption brings in a level of security that takes the security standards up a notch. Traders should make sure that they indulge in encrypted digital currency trading online. The exchanges and wallets they use should use encrypted data flow techniques. This makes it less probable for our privacy and data to be compromised. Unencrypted data is just a hack away from being in the hands of wrongful parties.

4. Store it Cold

Cold Storages are known to be the safest way to store any kind of cryptocurrency. Cold storage is when data is stored in storage devices away from any network or direct computer access. Cryptos are held in cold storage in the form of Hardware Wallets. These Wallets are high capacity storage devices, which are secured inside and out. The hardware is password-protected and the can only be accessed on a computer system by authorized users. This keeps your currencies away from the snatches of network threats and makes sure you’re the only one with access to the resources.

Safe digital currency trading online is becoming less of a challenge day by day, with the introduction of new security measures and definitions. But there’s always some possibility of a threat turning into an issue. This is why, as users of an advanced technology that is Cryptocurrencies, we must be totally sure with how and where our data and resources travel. Invest your time and resources into your privacy, as much as you invest in the technologies that put it in a vulnerable position.