Here’s Why You Shouldn’t Brag About Your Bitcoin Successes Online
Sep 19, 2018
Bragging about your Bitcoin successes online is bad, and there are two big reasons for this. First of all, show some modesty, nobody likes a big head! Secondly though, and most importantly, making your Bitcoin fortune clear online makes you a far more attractive target for hackers. It’s something you might not have really considered before but now, the head of Google’s fraud team has spoken out to reiterate why it is important to remain modest about your Bitcoin fortune online.
According to Blokt, Mark Risher, the head of Google’s fraud team has spoken to CNBC. During this time, Richer revealed how easy it is for social media users to expose themselves to Bitcoin hacks online by making themselves viable targets through issuing information about their cryptocurrency portfolio. Risher discusses that actually, even just talking about your Bitcoin and cryptocurrency holdings on social media can be enough for hackers to target you and go on to successfully hack you.
There’s a good reason for this, according to Blokt:
“Online trading sites in which people could potentially score big trading cryptocurrencies 99% of the time require users to register an email address to link to their account. People then use the same email address to register on forums and social media. All hackers really have to do is hack the email address and presto! Down come all the other accounts linked to it, including a person’s digital wallet! Although Google and pretty much every trading site out there has made monumental efforts to ensure that this doesn’t happen, essentially the more you connect on different sites using the same email address, the more at risk you are.”
The premise of this is very simple. Find a person online who claims to have substantial Bitcoin holdings, locate their email address, find a way in and there the hackers (generally) are able to find all the information they need to reset passwords, locate your wallets and drain your Bitcoin.
All as a result of your own simple exposure on social media.
How to protect yourself
Firstly, don’t brag about your riches online, remain modest and in turn, remain incognito. The less you give away about yourself, the harder you are to hack, right?
Use unique passwords for everything. Don’t use the same password twice, try a password manager if you have trouble coming up with and remembering passwords. Perhaps even set up unique email addresses for your cryptocurrency wallets, that way, there will be no associations with the email addresses set up on your social media.
Next and very importantly, don’t keep personal data, including email addresses and passwords/private keys stored on any electronic devices. If you need to write these details down, stick it on paper and keep it safe.
If you can, use cold storage wallets and keep your assets offline.
We always say this - but stay safe out there!
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