Cryptocurrencies are a growing trend in the global financial market. But as much of a novelty as the technology still may be to some, there are equally as many pitfalls waiting for those who approach cryptocurrency trading too casually. Since the hackers are always on the lookout for easy prey, it’s your objective to not make yourself an easy target by learning about cybersecurity threats that are out there.
Whether you’re using a VPN Australia or the one from another country, this is an invaluable tool in your overall arsenal. In today’s post, we’ll be listing the reasons why you should consider one if you haven’t already:
1. Man-In-The-Middle attacks
One of the cleverest ways hackers can steal your Bitcoins is throughMTM attacks. In practical terms, this is when they trick you into sending the coins to their address instead of the one belonging to the intended recipient. Keeping your eyes peeled won’t be enough since certain types of malware can sneak into your device if you’re careless enough regarding what links you click online or the kind of networks you’re connecting to.
If a person is connected to the same public Wi-Fi network as you, they can install malware on your device without you knowing. Using a VPN will shield you from such attacks. This is because everything you send and receive when having it enabled is placed inside an encrypted tunnel that’s safe from those trying to intercept it. Another benefit of using a VPN is that your IP will remain hidden, which makes you much more resilient against hackers in general.
2. Online wallet safety
While you’re holding onto the Bitcoin you’ve purchased, a cryptocurrency wallet is a necessity, whether you like it or not. But if you’re not careful and don’t protect it well enough, its contents can fall into the wrong hands before you know it.
Regardless of the type of wallet you’re using, you’re subjecting yourself to cryptocurrency theft. While it’s quite a challenge to snatch Bitcoin off of a hardware wallet through digital means, online wallets are a different story. Even though you may choose a strong password to protect them, you’re still dependent on how secure the platform is. So if you’re going with the online variant, it sure doesn’t hurt to do your due diligence and stick to reputable providers. And never log in to any of these without having a VPN enabled. This is necessary to keep your login credentials safe from being intercepted.
3. Government surveillance
Lots of Bitcoin traders are confident about their anonymity. But the fact of the matter is that Bitcoin ispseudonymous at best – the rest depends on how smart, educated, and careful you are when initiating any kind of transaction. But no matter how much effort you put into it, there’s another enemy on the horizon – your ISP. One thing’s for sure: they know every single website you’ve ever connected to. This is problematic not only from the perspective of protecting your privacy. Depending on the laws in your country, the government can come knocking on their doors. And if ISPs are obligated to forward your data to the authorities – there goes your privacy.
Fortunately, the answer to this problem is using a VPN. Yes, not only does it keep your web traffic hidden from would-be snoopers, but also from your ISP. If being a thorn in the foot of government surveillance sounds in any way appealing to you, this is the route to take. After all, they have no business examining it, nor should you let them. By using a VPN, what you do online will be left a secret safely kept between you and the server you’re connecting to.
As is evident from the points made above, using a VPN is the only safe way to trade cryptocurrencies online. Without one, you’re subjecting yourself to so many risks – the kind that are not worth taking. This is especially true since most modern VPN providers can offer you a monthly subscription rate that will set you back for a measly $3. Clearly, the risk/reward ratio is in favor of staying safe and taking them up on their offer.