Last year, hackers stole over 530 million dollars’ worth of cryptocurrency on Asia’s leading crypto platform, Coincheck. This security breach was a major wakeup call for the whole industry demonstrating that it is not just users, but entire platforms that are vulnerable to attack. As with many things in the online world, a little precaution goes a long way in ensuring your digital safety. In the crypto-world of anonymous and instantaneous transactions, security is vital. That’s why we’ve put together this list of essential steps to help you protect your crypto wallet from cyber attacks.
Your Crypto Wallet
To understand how your coin can be stolen, it’s first important to know about the different types of wallets. You have two options for storing coins. Most people use online services where they purchase, store, and exchange coins. Its highly convenient, but also the most vulnerable to attack as all of your accounts are concentrated in one location.
You can choose to install your own wallet, which does add another layer of security, but it’s still likely “hot” or has a default active internet connection. Do note, anything connected to the internet provides hackers with an opportunity for access. That’s why many people use “cold” or offline wallets to store assets. You can use a USB drive, offline key or other options that you only connect during a transaction and disconnect immediately after.
- Two-Factor Authentication
Regardless of what you’re doing online from logging into Facebook to buying new shoes, you should be using two-factor authentication. This ensures that even if someone has access to your login information, they’d still need your phone or email account to be able to receive the code. You can also get more secure by using specific authenticator apps or specific hardware dongles.
- Don’t Use Public Wi-Fi
Who isn’t tempted by the promise of free Wi-Fi? These days, Wi-Fi is everywhere, and hackers know it. Three distinct vulnerabilities include malware, man-in-the-middle attacks, and Wi-Fi sniffing. Wi-Fi sniffing is the practice of discovering key information from a computer connected to a network. Instead, create your own hotspot from your phone. If you have to use public Wi-Fi, then be sure to use a VPN.
- Use a VPN on Android and iOS
Whether you are using a mobile-based wallet or connecting through your phone’s data connection, a VPN is one of the best ways to secure your cryptocurrency. A VPN or virtual private network encrypts your data and anonymizes your connection. This strong combination deters hackers because it’s much more difficult to gain access to your personal information and simply isn’t worth their time.
- Beware of Any Downloads
Two-factor authentication and caution with downloads should be the backbone of all digital security nowadays. The problem is that hackers are getting smarter. For example, your friend’s email address may have been hacked, and you will receive an email with a link or download that may seem harmless. Unless you have strong spam filters or can recognize a phishing attack, the same thing can happen to you.
These downloads and links can contain all kinds of malware from reading keystrokes to gaining access to all your files. Be careful, most people in the crypto wallet aren’t out to steal your coin or info. But, there are smart hackers who will post links on communities like Reddit and Telegram as a bait. Instead, use file and links to check anything out before you accidentally let in something malicious.
- Keep Private Keys Offline
In crypto, you have private and public keys. The public key is the record of the currency and ensures that it can only be used for one transaction at a time. The private key is how you access the coin, and you need to make sure it is always safe. Think of it like this, with crypto you are your own bank. You not only control how the coin is used, but how it is protected.
For small amounts of crypto, it’s fine to keep your coin online. However, once you become a more serious investor, you need the safety of a cold wallet. These days, cold wallets like USB sticks and other methods work faster than ever. It’s more than worth it for your transactions to take a little bit longer to ensure the complete security of not just your crypto but also your personal information.
A Total Approach to Defend from Cyber Attacks
Cryptocurrency is a booming market that continues to skyrocket in value. In any speculative industry, there are going to be some bad actors. However, if you follow these keys steps and take a total approach to your digital security, you can protect yourself. Through using a VPN on Android and combining this with a cold wallet option, you can keep your coin safe and make the most of the exciting world of crypto
Crypto Analysts are Bullish for XRP: Predicting it will Reach $7 in the Coming Weeks to Months
The positive sentiment for XRP is strong, with a number of major players in the crypto space declaring some rather bold projections for its price to significantly increase in the near future.
Namely, prominent crypto identity, Sir Gordon Gekko, tweeted his prediction on May 28th that XRP will soon reach $7-$10 based on the similar signs after hitting a daily golden cross as it did in 2017.
The same significant event in 2017 saw Ripple’s price soar from $0.23 to a high of $3.30 to deliver investors and ROI of 1334% in less than one month.
The golden cross appears on a chart when a market’s short-term moving average crosses above its long-term moving average and indicates the potential for a major rally. In this case, the short-term average is based on 50-day period and the long term average is based on 200-day period.
XRP’s daily golden cross chart pattern in 2019:
The expectation of XRP’s monumental price increase is firmly backed by several other pro analysts, including Robert Art, who tweeted on the 19th June his foresight of $7 also. Robert further backed this up his claim in a YouTube post only 2 days ago stating he remains extremely confident that XRP is primed to explode.
Adding further fuel to the fire, Ripple has landed another impactful partnership with international money transfer company, Moneygram. The partnership will allow Moneygram to use Ripple’s native token, XRP, to improve operating efficiencies, increase earnings, and its abundance of free cash flow.
Since the announcement of the Ripple and Moneygram deal, Moneygram’s stocks more than doubled in price, demonstrating the confidence in XRP as financial services companies seek to leverage blockchain technology as it enters the mainstream.
More than sentiment and the media alone, it has been widely recognized that various chart indicators are pointing towards a break out in XRP’s price. As aforementioned, a daily golden cross, as well as an XRP/BTC double bottom seen on the 21st June which indicates a change in trend and a momentum reversal from the prior leading price action – being the bear market.
XRP/BTC in Double Bottom Pattern:
Additionally, the consistent increase in trading volume and the formidable upwards price action of the crypto market as a whole are unmistakable factors to consider as indicators contributing to a bull run.
More advanced trading strategies, in particular margin trading, are on the rise as traders from traditional financial markets join in on the action. With an obvious increase in leveraged long positions in an effort to maximally capitalize on the current and highly favorable trading conditions.
The trend to trade with leverage has markedly increased since the beginning of 2019, which should come as no surprise as the high-risk/high-reward strategy provides the opportunity to magnify a trade’s profitability by up to 100x [as is possible the leading margin trading platforms, Bitmex and PrimeXBT].
As further evidence of margin trading’s increased popularity, Binance has announced its plan to add a margin trading feature, and other exchanges like OkEX have upped its moderate leverage allowances, to a slightly higher leverage allowance of up to 5x. How much leverage Binance plans to offer is unknown as yet.
At this stage, the opportunity to trade XRP with 100x leverage is only available on PrimeXBT. Thus, it’d be fairly safe to presume we will see another surge in the margin trading platform’s volume and new user numbers in accordance with the highly anticipated XRP bull run – as its users ‘go long’ in the hope of increasing an already expected 7x price increase by a whopping 100x.
Crypto trading is inherently high-risk and high-reward by consequent of its incredible volatility, which is what makes it so attractive to traders and investors. It’s now possible that die-hard hodlers will finally reap the rewards of their patience, and that those who came late to the party post 2017 have a chance to make a sizeable profit from crypto once more this year in 2019.
Some analysts are saying the XRP price increase will reach the projected 7x within the coming days-to-weeks, whereas others are saying weeks-to-months. The good news is that both predictions point to green!