Investing in cryptocurrency and turning a profit can feel quite fulfilling, but it is also a full-time endeavor. While the act itself of buying and selling coins doesn’t take up much time, monitoring and securing your investments is part of a lengthier process. Although cryptocurrency trading involves highly secure transactions thanks to blockchain technology, adding another layer of security won’t hurt.
For Monero traders, although the cryptocurrency network is built so that transactions are literally private and anonymous, it wouldn’t hurt to use an XMR wallet to secure and keep track of your coins.
That said, it’s important to always have some security measures in place to ensure that your earnings are kept safe. Here’s how:
Protecting Your Monero Wallet from Scams and Other Fraudulent Activities
Because most transactions are done in the digital space, cryptocurrencies are more susceptible to being attacked by online hackers. However, while securing your Monero wallet against outright attacks on your account is needed, it’s equally important to be aware of other tactics scammers, hackers, and other fraudsters make use of to infiltrate crypto users.
Two of the most common fraudulent activities are listed below:
Phishing
Simply put, phishing is the act of sending a fraudulent link, image, or piece of online media that will give hackers access to your device. Having the best XMR wallet will definitely beef up your security, but you can protect your…
