Safeguarding the Security of Crypto Assets in 2024

In the context of sanctions overtaking the Russian economy, the usual methods of money transfers used to pay for goods and services are becoming less accessible. In this regard, cryptocurrencies are becoming an increasingly popular tool for exchanging assets, but at the same time, they are subject to the attention of the authorities. To conduct such operations, users will need to think about the security of their crypto assets and try to take the necessary security measures to be able to buy Bitcoin with a credit card.

In most cases, cryptocurrency exchanges act as a third party to conduct transactions. They also often become a target for hacker attacks, because private keys that give access to funds can be stored on their native servers. For security purposes, it is recommended to store cryptocurrencies in a cold wallet, since it is not connected to the Internet and becomes closed to such attacks. Using this technique, users can avoid hacks and attacks on cryptocurrency exchanges in Nigeria.

When using centralized exchanges, the user is deprived of all the key advantages offered by cryptocurrencies, such as anonymity and autonomy. Centrally issued cryptocurrencies and stablecoins (USDT, USDC, BUSD, BNB) are best avoided. It is best to use decentralized exchanges and exchangers, which, unlike the centralized ones, do not store assets. Cryptocurrencies are held in connected user wallets, and transactions occur automatically using smart contracts on the blockchain.

When choosing a site, you should pay special attention to the reputation of the exchange, checking its history and cases of hacking. The high intensity of operations and the ability to buy Bitcoin instantly also speaks positively about the viability of the site. The long lifespan of an exchange is one of the indicators of resistance to various types of attacks and actions of fraudsters.

Among the applications, there are also many examples of how an attempt to buy Bitcoin using a credit card turned out to be a scam using malware that copied the functionality and design of the originals. All data entered by the user became the property of attackers who used the information for their own selfish purposes.

Knowing how to buy cryptocurrency, try to distribute investments across different wallets, and not concentrate them in one. The best option would be to store cryptocurrency on the exchange for only as long as it takes to complete the exchange or trade, and using two-factor authentication.

Phishing Attacks and Precautions

Phishing is a virtual attack aimed at stealing personal data, including passwords, access codes and card numbers. A distinctive feature of phishing is that it is used in relation to the human factor, when the user independently, out of ignorance or absent-mindedness, shares their data. Sometimes, when thinking about how to buy Bitcoin in Nigeria, users neglect security and become easy prey for scammers. The deception of which is aimed at gaining access to the wallet in order to steal coins.

In order to protect your data, follow several simple recommendations:

- Offers to purchase free or very cheap cryptocurrency are highly likely to come from scammers. Avoid such contacts;
- Do not trust the Internet with passwords or codes, it is better to keep them on paper;
- Check the links when visiting the site and do not use the Internet connection in public places;
- Install an antivirus on the operating device and do not forget about updates;
- Interrupt any contact with people who introduce themselves as support or a famous person and then ask for confidential information.

Choosing a Cryptocurrency Wallet

Using exchangers in Nigeria, sooner or later any user thinks about the security of their crypto assets. If users need to buy Bitcoins in Nigeria, study the features and characteristics of current cryptocurrency wallets.

A cryptocurrency wallet is a program or device that allows users to make transfers and store crypto assets. The advantage of these wallets compared to bank accounts is that they maintain user anonymity. A unique address is used to identify the user.

Such wallets have a variety of formats: application, software, hardware device, and include additional functions to support digital assets. Regardless of which device the user chooses, the crypto wallet is necessarily protected by an access code. In order to buy Bitcoins in Nigeria or other countries, users will be required to enter this password when confirming the transaction.

The keys are also divided into public and private ones. The first type is a wallet address in the form of a long string of various characters, used for recognition and transactions to buy Bitcoins in Nigeria or any other country. It can be publicly published, because it does not provide access to funds. A private key is a secret code that is used to sign money transfers. Under no circumstances should it be disclosed and must be kept secure, since the private key makes it possible to confirm the sending of funds from the account. It can be in the format of QR codes or certain phrases or files. The more complex the password, the more difficult it will be for attackers to steal sensitive data and cryptocurrency. Also, for the safety of funds, it is recommended to make backup copies of private keys.

Which cryptocurrency wallet to choose?

In 2023, with the constant growth in the use of cryptocurrencies around the world, the question of choosing a suitable wallet becomes more and more pressing. All types of wallets can be divided into two main categories:

1. Custodial – these are services that manage users’ private keys, while the user does not fully control the funds.
2. Non-custodial – only the user has control over private keys and cryptocurrency.

They have different properties depending on the user’s needs: for daily transfers or for long-term storage, for connecting from anywhere with the Internet, or just from home. Considering these features, there are the following types of wallets:

1. Hot – constantly connected to the Internet, convenient for daily transactions, but susceptible to external attacks.
2. Cold - do not require an Internet connection. More secure, in the form of an application or a physical device, ideal for long-term storage of cryptocurrencies.
3. Paper – this is a sheet with printed data on public and private keys. In general, they are safe, but if they are lost, access to cryptocurrencies will also be lost.
4. Mnemonic – they are used to obtain long codes, which, memorized, can be used as access to a wallet.
5. Web-based – access occurs via a browser; they are suitable for everyday use, but have a low level of security.
6. Hardware – devices connected to a computer offline to store cryptocurrency, expensive to use, but safe.
7. Software – they look like applications on a computer and other devices. Comfortable for daily transactions.

To protect assets when using mobile applications, it is recommended to download them only from official sources, others may be fake and carry malware. Periodically updating systems allows users to receive updated security settings in a timely manner. Under no circumstances should one open links from suspicious sources that can lead to phishing services.

Key Takeaways

The prevalence of cryptocurrencies is growing every year around the world. Using proven services will protect assets, such as using different types of crypto wallets to store currency, as well as two-factor authentication. If you follow the recommendations, you can begin to study the question of how to buy cryptocurrency using a credit card.