How to secure your cryptocurrency when making transactions around the world.
Over the years, cryptocurrency has gained vast popularity due to its convenience in this digital age. One of the most appealing factors with crypto is that it makes you self-reliant. You can travel with your cryptos and use them to buy goods, services or trade them for profit in your destination. This virtual payment method eliminates the grueling task of transferring your cash into foreign currencies in each location you visit.
However, traveling with your cryptos bring along a unique set of challenges and risks. Due to its popularity and spike in price, it can attract the attention of hackers. In 2019, crypto investors and users lost $4.5 billion due to theft, hacks, and fraud. Here are tips to help you travel with your cryptocurrency safely.
Use Hardware Wallet
Traveling increases your chances of losing your cryptocurrency to hackers. They can easily access your online wallets when you use public wifi. With so many security cameras around, others can see you input your passcode into your keyboard. It’s therefore essential that you invest in an excellent physical wallet to store most of your cryptocurrencies. The hardware limits exposure of your private keys and is also immune to computer viruses.
Consider Two Factor Authentication
Since cryptocurrencies serve as a prime target for hackers, the best way to protect them is by adding an extra layer of security to your accounts. Never use similar credentials across multiple accounts. A strong password with two-factor authentication will limit your exposure. To access your money, the hackers will have to crack your password and also get the device you have registered with, which can be impossible in most cases.
Locate a Crypto Community
You can also keep your cryptocurrencies safe by joining a local crypto group in your destination. These are people within a community that are so passionate about cryptos. Research on such groups before travel, and you can start conversations with them earlier. They are enthusiastic about helping others find solutions to their crypto-related problems. Such people will give you better insights on local bitcoin prices, and how to protect your cryptos.
Don’t Travel With All Your Cryptos
You can create a designated hard wallet that holds a small amount of cryptocurrency, only what you need during your visit. You shouldn’t carry along any funds you don’t plan to use or trade during your travel. Also, separate your hard-wallet into long-term, short-term, and trading currencies. Only travel with the short-term holdings.
Find Crypto-Friendly Cities
Remember that not all countries allow bitcoins, and you need to research to avoid inconveniences. Other travel merchants also have a hostile stance towards the currency. In such a case, you might need to exchange your crypto for cash, and trading in public can expose your passwords. It’s therefore crucial that you travel to areas with crypto accepting businesses.
Protect Yourself From Phishing
Most people traveling with cryptocurrencies use a mobile app to manage their accounts. Malicious hackers can therefore target you with phishing tricks to steal your credentials. To keep off hackers, ensure that your smartphone has an internet connection while traveling to eliminate the need to access your wallet through unsecured devices. Again, update your devices to protect you from malware and crypto details hacking.
Remove Your Crypto Details From Electronic Devices
Remember to clear all your passwords and any other cryptocurrencies information in your gadgets before travel. Note that cloud-based storage also syncs with your devices, allowing them to access your data, thus, disable auto-sync. Again, delete your browser history from your devices before travel. The record contains your previously accessed information and can expose your downloaded files, saved passwords, and other data to give hackers access to your wallet.
The safety of your cryptocurrency while traveling ultimately depends on you. Remember that bitcoin is highly risky since it isn’t regulated like other currency forms. Once your bitcoins get stolen, it might be hard to reclaim them back. Hopefully, the above tips will help you keep your cryptos safe on your next travel.