Cryptocurrency has completely revolutionized whatever we know about money and trading. The idea of cryptocurrency came about in the 1980s with the simple agenda of excluding centralized entities to make the exchange of currency untraceable. An American cryptographer developed a cryptographic system called eCash. In 1995, the same man developed another system, an anonymous cryptographic electronic money called Digicash. However, the word cryptocurrency was first used in 1998. The rest as they say is history.
The fundamental idea behind cryptocurrency is making economic transactions confidential but since there is no board or an entity that makes decisions to control cryptocurrency, there are no rule books that guide the user of how things are managed and controlled, this creates a security hazard that we must talk about.
Table of Contents
Security and Cryptocurrency
Exchanges utilizing crypto are extremely imperishable, when the coin leaves an account, it’s difficult to follow it or reverse it. This loophole gives programmers an opportunity to take modest quantities from various clients, making it extremely unsafe to use.
Other than that here are a few risks of cryptocurrencies-
- Double Spending- This is a less common security loophole. Like the name suggest the user spends the same coin on different transactions but only one transaction counts. The cryptocurrency gets stolen due to a blockchain error. Even though it’s not common it’s a dangerous one.
- Wallet Address- Cryptocurrencies wallet addresses can be traced back to your Ip address and making it spectacularly easy for anyone to know your locations well as your identity.
- Trading Limitations- It is not unconventional to trade assets, all markets do that but in cryptocurrency, trading is not valid. It is advisable to only trade with esteemed and trusted entities.
- Cryptojacking- This is done by malware that infects the computer in order to make the unauthorized usage of creating cryptocurrencies without the user’s knowledge.
These are a few risks of cryptocurrency which is where VPN comes in.
How VPN Boosts Security
VPN improves the security of cryptocurrencies, it helps in encrypting your valued information, making it impossible for anyone to intercept. Through VPN you can also hide your IP address, which is often used for preventing hackers or government officials from tracking your IP address. The kill switch feature allows you to remain anonymous. It also secures the network against-
- Malware threats
- Different Viruses
- Phishing Scams
- Other Fraudulent and Suspicious activities
Even while picking out suitable VPNs keep in mind that there are legit ones and fake ones. It is best to go for the valid ones.
How to pick the best VPN for your Cryptocurrency
These are the things that you must look out for when you chose the VPN service-
- It should accept cryptocurrency.
- It must have dedicated customer support.
- It should offer fast speed and reliable connections.
- Most importantly it should have protection from IP Leak.
- It should have strong encryption.
Paying for a VPN through bitcoin is one of the safest ways to enjoy a VPN experience as it guarantees complete anonymity, Read More.
The Most Secured Way to Trade Bitcoin.
To safeguard your experience with bitcoins you just need to remember a few things,
Such as-
- Encrypt your wallet and/or your smartphone.
- Use two-factor authentication for security, don’t use phone numbers or SMS using a security key instead is advisable.
- Use strong and different passwords for your different wallets. Don’t share your passwords, with anyone no matter how close they are to you.
- Don’t use public wifi for transactions unless a VPN is in use.
Conclusion
Catching up to cryptocurrencies can be overwhelming and it’s not free from safety loopholes. VPN makes the experience with cryptocurrency a bit smoother and extremely safer. All you need to know is how to choose the best VPN for the crypto you’re using.
About Carson Derrow
