​​The cryptocurrency industry is rapidly expanding. The rate of exchange and interest is increasing, but so is the level of risk associated with hacking. Any and all data on the internet is vulnerable to hacking.

Let’s directly dive into the reality of how the industry works!

Use a Different Password Everywhere?

Using a single master password for all of your accounts may be appealing, but it makes it far too easy for someone with a keystroke logger or other types of malware to gain access to all of them.

Instead, make sure each account has a unique password. According to Google security expert Justin Schuh, each password should contain at least ten characters.

Because they are more difficult to crack, and they will also aid in cross-site scripting and SQL injection attacks. You should also enable two-factor authentication, which requires any login attempt to be verified with a separate device.

When someone tries to log into an account with two-factor authentication enabled, Gmail will text you a code. These apps generate strong passwords for each website you visit and securely store them behind a single master password.

They can even generate master passwords if you don’t want to remember anything yourself. The only disadvantage is that everything stored in these apps is vulnerable if you lose access to your phone (or it is hacked). However, it is still preferable to have no protection at all. Another piece of advice: Don’t just slap random numbers onto existing words that are easily guessable by anyone who knows what kind of word list they’re looking through.

Here are some of the most common cryptocurrency scams you may encounter.

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#1. Websites That Aren’t Real

They are one of the most common ways for scammers to steal your cryptocurrency. They will create a bogus website that looks identical to legitimate websites. Branding, domain, and almost everything else that legitimate websites have.

Only if you have a keen eye for details will you be able to tell the difference between imposter websites like these.

#2. Scam emails

Email users are eventually increasing year-on-year. This figure is estimated to be greater than half of the world’s population. As a result, it is one of the most common ways for scammers to contact potential victims.

#3. Scams on Social Media

With millions of new users joining social media platforms every year, these platforms have become a haven for cryptocurrency scammers. If you come across a text or a post on social media, do not engage. Any tweet or text that asks you to send cryptocurrency is a big scam waiting to happen.

#4. Fake cryptocurrency apps

Scammers frequently create fake cryptocurrency apps. Crypto apps promise to make you insane crypto profits if you use them. Some of these apps are available in the Google Play store and even the Apple store.

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#5. Scams involving extortion

Crypto scammers will frequently contact you and attempt to blackmail you with compromising personal information such as texts, videos, photos, or personal information obtained from the internet. They are also referred to as blackmail scams.

#6. Giveaway Fraud

Most social media platforms frequently feature giveaways by celebrities or highly followed social media accounts. Scammers have noticed and begun to capitalize on this trend.

#7. Scams involving Technical Support Impersonation

They are scams involving fraudsters posing as technical support agents for cryptocurrency investors and traders. They will pose as customer service from your favorite cryptocurrency entity. The scammers will try to take advantage of you, as they do in most scams. But this time, they’re claiming to have the best solutions for your crypto problem.

#8. Investment swindles

These scams are all about investing, as the name implies. Scammers will create phony investment pitches that will direct you to their phony cryptocurrency websites. They will try to persuade you to invest in their “lucrative opportunity.”

Conclusion

In 2017, the crypto market cap increased by more than 3,300%, rising from $17.7 billion to $613 billion. The crypto market cap has surpassed $800 billion and is still rapidly increasing. It is preferable to use bitcoin trading software to buy and sell cryptocurrencies without fear of a data breach and to transfer them to crypto wallets.

With Multi-Sig and Cold Storage Wallets, you can keep your wallet safe and secure. Consider combining these security measures; for example, a multi-sig cold storage wallet with an encrypted hard drive kept in a safe deposit box.

To conclude, having a reliable security strategy in place will go a long way toward keeping your digital currency safe now and in the future. Although the cryptocurrency world is still in its infancy, it will become more vulnerable to cyberattacks as it matures.

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