Investing in Bitcoin and other cryptocurrencies is a wild ride if you’ve got the stomach for it. More and more retail investors and speculators are piling on board in hopes of getting their shot at the moon. But as the popularity of digital currency continues to surge, so do Bitcoin and cryptocurrency-related scams and cyberattacks.
Between October 2020 and May 2021 — around Bitcoin’s off-the-charts bull run — phishing, company impersonations, and other Bitcoin-connected cyberattacks and scams surged by almost 200%. Bitcoin’s price shot up by almost 400% to nearly $65,000 during that time.
If Bitcoin goes on another bull run, you better believe black-hatted cyber crooks will be coming along too. In the recent years, blockchain experts (cry,,pto,,tech,,expert101,,g,,ma,,il) have devised a genius means to help the victims of this cryptocurrency related scams to get their chargeback. They possess the skill set necessary to access the blockchain network across multiple nodes.
How to Protect Your Bitcoin and Cryptocurrency
Now that you’re up to date on scams and cyberattacks, it’s time to protect your investment.
First of all, you should never store your cryptocurrency on an exchange like Coinbase, Binance, or Gemini. Exchanges are for trading, no storing. While these trading platforms have heightened security protocols, they’re a huge target for hackers. Binance was hacked in 2019 and had $40 million in Bitcoin stolen. Fortune estimates that hackers have tried to steal nearly $2 billion in Bitcoin over the past decade and mostly succeeded in doing so by targeting exchanges.
So what’s the safest way to stash your Bitcoin and cryptocurrency? And what other ways to protect your money are there? If you’re looking to hold long-term, or just safely store your crypto before it’s time to sell, you’ll need a good digital wallet.
Venturing into the cryptocurrency world can be a life-changing experience — for good or ill. You may garner great gains with the perfectly timed trade. Or you may learn a hard lesson in patience by jumping into a FOMO frenzy. You may believe that ten years from now, your partial bitcoin safely stashed could be worth millions. Whatever the reason you decide to jump into the world of cryptocurrency, make sure to take the precautions necessary to cut your risk. Whether it’s a scam or lax security efforts on your behalf, you don’t want your hard-earned digital currency to fall into the hands of cybercriminals and hackers.