Before buying and thinking about using cryptocurrencies, you should consider how you will store it. After all, it is your responsibility to secure and protect your digital funds.
Contrary to belief, cryptocurrency is not anonymous. Cryptocurrencies are private, but they are not entirely anonymous. Digital currencies are only pseudonymous by nature, so you can only achieve a certain level of anonymity, depending on how it is used. Below are the most useful tips in maintaining privacy when buying cryptocurrencies:
Avoid using addresses for your cryptocurrency transaction over and over again. You can create a new cryptocurrency address instantly and for free—doing so will immediately boost your privacy. Stop using a platform or wallet that does not allow the creation of new addresses. With the popularity of cryptocurrencies, it won’t be challenging to find a private and secure service that lets you create a unique address for every transaction. Using a new address each time you transact will do wonders for your privacy and protection.
There is no need to create a unique email address for each cryptocurrency account. However, it is best not to use your regular or personal email address for crypto-related transactions. In case your regular email account is compromised, hackers will not have any access to your cryptocurrency information.
Free Wi-Fi is available almost everywhere. While it may be tempting to use public Wi-Fi to perform cryptocurrency transactions, avoid it at all costs. If you are serious in maintaining your privacy when buying cryptocurrencies, you will never access your accounts using public Wi-Fi. Hackers can strike anytime through public Wi-Fi, so it will be better to be safe than sorry.
To reiterate the importance of secure Internet connections when buying cryptocurrencies, let’s talk about virtual private networks or VPNs. The purpose of this software is to create a private connection between the server and your device. Virtual private networks put an added layer of security because the data that goes to and from your device to the system is encrypted. The encrypted information is not reachable and readable to others, which makes it very suitable for sensitive financial transactions. Don’t risk leaking sensitive financial data with a free VPN though, you should opt for a premium VPN such as ExpressVPN (experts rate this VPN highly) when looking to buy or sell cryptocurrencies.
Digital currencies are just like real money, except that they are stored and used online. It is, therefore, essential to choose a wallet that utilizes active security measures. You should look for a digital wallet that can protect private keys through encryption. It is just as vital to protect your devices from being hacked.
Unlike standard browsers, an anonymous browser like Tor (The Onion Router) keeps your location, identity, and online activities completely undetectable. Your online activities are constantly monitored by your ISP even if you are on incognito mode.
It might seem old-fashioned, but it is better to save your keys and codes offline in a secure place instead of saving them online. We usually keep passwords, codes, and other essential data on our laptop or smartphone. Hiding sensitive information in a folder named “movies” does not guarantee safety since hackers are brilliant in searching for electronic information.
Securing your cryptocurrencies is the best way to make the most of your digital currency investment. Hackers are always waiting for the right moment to attack. But with a lot of common sense and the right tools, you can protect your privacy when buying cryptocurrency.
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