August 9, 2020

7 rules to increase the anonymity of cryptocurrency transactions

7 rules to increase the anonymity of cryptocurrency transactions

Cryptocurrencies are slowly gaining popularity among users and are not going to give up. Despite the difficulties that were in 2018 are increasing andmore people are eager to purchase digital currencies for personal use and business. Now that cryptocurrencies are gaining an important place in our lives, it is time to seriously consider privacy and security issues.

The robbery of the Japanese crypto exchange Coincheck for $ 530 million at the beginning of 2018 once again reminded the world that security issues should come first in the crypto industry.

There are many risks associated with your purchase.and the use of cryptocurrencies, which is often associated with the volatility of digital assets. However, worse than volatility is a banal loss of funds as a result of their insufficiently safe storage.

Before you buy cryptocurrencies and think about their future use, you need to decide how you will store them. In the end, only you are responsible for the safety of your funds.

Cryptocurrency privacy protection

Contrary to popular belief, cryptocurrencies do notcompletely anonymous. You use them in the same way as a pseudonym, and you can in some way increase the level of your anonymity depending on how you use cryptocurrency. The following are the most useful tips for protecting privacy in cryptocurrency transactions:

Avoid reusing addresses. New addresses for cryptocurrencies are created instantlyand free, and it immediately raises your privacy. Stop using platforms or wallets that prevent you from creating new addresses. Now it’s easy to find a secure service that allows you to create unique addresses for each transaction. Using a new address every time is a simple and reliable method to protect your personal data.

  • Use a new address every time you make transactions or receive payments;
  • Use various wallets for personal and business purposes.

Get a separate email for your cryptocurrency accounts. No need to create a unique email foreach cryptocurrency account. However, it is better not to use your regular email for cryptocurrencies. In the event of hacking your regular mailbox, hackers will not have access to your cryptocurrency information.

  • Use a fully encrypted email service like ProtonMail or Tutanota;
  • It is more convenient to create separate email folders for each cryptocurrency service.

Never use public Wi-Fi. Free Wi-Fi is now available in many places. Although it is tempting to use public Wi-Fi to perform cryptocurrency transactions, this should be avoided. If you really want to ensure the security of your cryptocurrency transactions, never log in to your accounts via public Wi-Fi. Hackers can attack through such networks at any time, so it’s better to follow this rule than to regret it later.

  • Do not compromise your accounts by connecting to the Internet in public places, even if you regularly visit a cafe with free Wi-Fi;
  • Always control your devices: do not lend your laptop, tablet or smartphone to other people.

Use a VPN for cryptocurrency transactions. For operations with cryptocurrencies, it is better to usevirtual private networks (VPNs). This software creates a private connection between the server and your device, providing an additional level of security. The data that is received or sent to your device is encrypted. Such encrypted information cannot be accessed or read by others, which is great for financial transactions. For such purposes, you should not use free VPNs, it is better to choose such recognized paid services as ExpressVPN.

  • VPN services can be very useful for securing your anonymity on the Internet;
  • VPNs help protect your cryptocurrency transactions.

Protect your wallets and devices. Digital currencies are like real money, forexcept that they are stored and used on the Internet. It is important to choose a wallet that has active security measures in place. Digital currency wallets must protect their private keys with encryption. It is also important to protect your devices from hacking.

  • Install premium anti-virus and anti-spyware software, configure the firewall settings so that your devices are constantly protected;
  • There are different types of wallets, but they don’tare the same. Choose a two-factor authentication (2FA) crypto wallet so that attackers cannot access your account, even after receiving a username and password.

Protect your privacy with an anonymous browser. Unlike regular browsers, such anonymousBrowsers like Tor (The Onion Router) do not allow you to find your location, identity and online activity. Your activity is constantly monitored by your provider, even if you are in incognito mode.

  • Download and install the Tor browser. It is similar to Firefox, and it is not difficult to use;
  • You can configure various security settings: “standard”, “more secure” and “most secure”;
  • Before using an anonymous browser, it is better to connect to a virtual private network (VPN).

Do not store your codes and keys online. This tip may seem old fashioned howeverit’s better to store your keys and codes in another safe place than on the Internet. Typically, people store passwords, codes, and other important data on a laptop or smartphone. A folder called "movies" will not help you, since hackers do an excellent job of finding information on any device.

  • Encrypting an online folder may not protect your information from hackers;
  • Use a safe or bank vault to securely store your codes and keys.

Conclusion

Keeping your coins safe will help youmake good use of your cryptocurrency investments. Hackers are always waiting for a good moment to attack. However, common sense and the right tools will help you protect your personal confidential information and your means.

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