Though the idea of cryptocurrency has been around for years, Bitcoin brought it to fruition in 2009. Since it first debuted, Bitcoin has been on a rollercoaster ride, increasing from fractions of a penny to an all-time high of $75,000 in November 2024, which illustrates confidence and interest in the cryptocurrency market, attracting the attention of investors worldwide. Bitcoin accumulation addresses could witness a steady rise. Bitcoin ranks as the 13th largest currency globally, with many investors viewing it as a safe-haven asset to reduce overall risk and minimize potential losses. The Bitcoin price chart is both intuitive and powerful, enabling you to make informed assumptions. 

With cryptocurrency attracting media attention, it can be easy to get carried away by the momentum and ignore common ownership challenges, such as security risks. The rise in quantum computing poses a threat to Bitcoin, as it has the potential to break encryption and disrupt security, enabling threat actors to control and ultimately access other people’s funds. If this technology becomes more accessible and falls into the wrong hands, it could lead to a complete collapse of the market. Whether or not it happens, you still need to prioritize cyber hygiene.  

Set Up 2FA As An Additional Security Layer To Your Password 

Cybercriminals can get unauthorized access to your Bitcoin account through phishing attacks, malware, and account recovery procedures, but if you enable two-factor authentication, you make their job harder. Introduce a second layer of verification to boost security, which can be a knowledge factor (PIN) or a possession factor (a smart card or a mobile device). If you don’t turn on two-factor authentication, anyone who has access to your email account can reset the password and retrieve your personal and financial details. Should your account be compromised, you’ll need to discontinue its use and set up a new one. 

Use A Hardware Wallet For Storing Bitcoin 

Better security is needed to prevent widespread hacking and theft, which explains why digital wallets have been improved with better encryption and dedicated user interfaces to put an end to the growing number of cyber-attacks. Nonetheless, owning a hardware wallet allows you to enjoy peace of mind when it comes to your funds. A hardware wallet looks exactly like a USB stick, but it’s actually a single-purpose computer with essential functions, and its lack of internet connection makes it hard, if not impossible, for threat actors to access its contents. To buy or sell Bitcoin, you must connect the hard wallet to a PC and create a cross-chain bridge. 

Most hardware wallets have additional security features, such as two-factor authentication, lock PIN, and biometric security. The private key is the access code to your Bitcoin, so don’t share it with anyone, no matter how much you trust them, as they can obtain complete access to your cryptocurrency. Likewise, the recovery seed phrase acts as a safety net that allows you to get your wallet back if you lose your hardware wallet or forget your PIN, so store it securely. Hardware wallets are used for long-term storage, so you store most of your funds in cold storage; a small balance can be held in a hot wallet. 

Learn About Common Crypto Scams 

Stay up to date on the latest types of scams to identify the risks and know how to avoid them so you can protect your Bitcoin. Here are some examples of cons you should avoid at all costs: 

  • Fake wallets: The trend of creating fake apps has only intensified, so the situation must be treated with caution. A fake wallet defrauds you of your coins – it might try to convince you to send the tokens to the attacker’s wallet, steal personally identifiable information, or combine these two. A fake version of the Trezor wallet was found in the Google Play Store. 
  • Phishing and social engineering attacks: Phishing involves luring unsuspecting victims onto fraudulent websites and requesting personal information, like usernames, passwords, social security numbers, etc. The goal is to steal personal information, but cybercriminals can also install malware onto people’s devices. 
  • Cryptojacking: Fraudsters can secretly use your computing power to mine cryptocurrency. You’re left to shoulder the high electricity and cloud service costs associated with cryptocurrency mining. Visiting an infected website or downloading compromised software can cause your device to get malicious code. 
  • Romance scams: Romance scammers tell all kinds of lies to steal your heart and money, and those lies work. You may be contacted on dating apps or social media by con artists attempting to develop a relationship with you or offering to help you get rich. If you transfer the funds, the money is lost forever. 

Don’t Flaunt Your Wealth, Especially On Social Media 

Cryptocurrency like Bitcoin is a fantastic way to generate passive income and grow your wealth, and the earlier you start, the better your chances of success. It’s not recommended to brag publicly about how much money you make, not because it’s tacky and classless but because it makes you a target, which means you’ll attract individuals motivated by financial gain. The risk increases greatly online, where information is shared at a much faster rate. There are very few benefits to achieving notoriety. It’s not easy to know who your true friends are – some people might feel intimidated or resentful, which can lead to fewer social connections. 

But why do people go to social media to show off their wealth? To look better, of course. Online, people can present idealized versions of themselves based on what they think society wants. What many don’t realize is that social media is a gold mine of easily accessible information for hackers, which means threat actors get hold of details like where a person has been or an upcoming work trip. Malicious actors have begun to use X, formerly Twitter, to promote crypto scams and malware, leveraging detailed personal information to increase credibility and appeal. 

Final Words 

Due to the unique features of Bitcoin, including how it’s traded across platforms and its storage, be wary of the possible opportunities for theft, fraud, and loss. Improve your digital security to protect your funds.