One of the most important features of cryptocurrencies is that they have incredibly sophisticated security measures. This is because, with an online currency, the entire system could be taken down with a major breach. Thus, for the most part, cryptocurrencies have done a great job securing their processes and making sure they can’t be hacked.
A recent breach at Binance saw the loss of $40 million in bitcoin. The service has vowed to increase security measures, but is it enough? And, if not, is there anything you can do?
In your hands
The simple reality is that you can’t account for the security of a cryptocurrency. You’re putting most of your currency’s safety into the hands of others. Unfortunately, breaches can happen in a number of places, including in an exchange such as Binance.
However, that does not mean there’s nothing you can do. For one thing, you can secure your own privacy and data. When you use the internet without any protection, you’re asking for trouble. You can see this site for the best free VPNs. They can hide your location and encrypt your data within seconds.
This is something you should do regardless of whether you’re using a cryptocurrency. Identity theft is very common in this day and age precisely because we spend all our time online. Our most personal information is up for grabs for any hacker with the wherewithal.
Furthermore, privacy should be one of your major concerns as well. Governments can easily track us as long as we’re using the internet without protection. This is why it’s so easy for them to crack down on censored content in places with restrictive regulations.
Speaking of which…
Countries banning crypto?
There are other reasons to use a VPN when dealing with cryptocurrency. In certain countries, cryptocurrency is banned, and you can’t even visit a crypto website. If you’re living or traveling in these countries, a VPN can get you past the ban.
Lately, these bans have been coming down, with Russia one of the most recent countries to drop its crypto ban. Nonetheless, there are still restrictive governments, and in these places, it is prudent to protect your privacy even if crypto is no longer banned. After all, they may show few qualms about intruding into your online life.
General security
Regardless of what you feel about crypto security, general online security is crucial. A VPN encrypts your data, meaning that even if it is somehow accessed, it is useless to hackers.
Furthermore, there are other security measures necessary to take into account. Bad password behaviors put us all at risk. And the regulations imposed by websites barely make a difference. Consider getting a password manager, which will help you with impenetrable passwords that it will remember for you.
The question as to what happens if these security companies are breached is important too. Make sure you go with a service that does not log your data. If they do, their protection isn’t worth much, as a breach on their side will compromise you entirely.