How You Can Keep Your Crypto Safe While Traveling

We live in a time when the possibilities to earn and pay with cryptocurrencies keep growing. However, living off crypto is not all fun and games. 

One thing that crypto nomads can easily overlook is cryptocurrency security. You’d think that cryptos are safe by nature and that you don’t need to do anything special to protect them. However, as more people invest in cryptos, cybercriminals are also vigilant to spot opportunities for malicious gains. 

Unlike holding and using fiat currencies, when it comes to cryptos, you are your bank. If you lose access to your bitcoin and other digital assets you may own, there’s not much you can do to get them back.

Since cryptocurrencies don’t have a legal tender, you don't benefit from things like insurance or customer support. So, it’s up to you to be aware of the crypto scams out there and what you can do to protect your crypto as you travel the world. 

What Are the Most Common Hazards of Cryptocurrency Security?

I know that statistics are not fun, but it’s worth taking a quick peek at them to gain a realistic picture of crypto security hazards. A report by the cybersecurity company Ciphertrace revealed that from January to April 2021, cryptocurrency hacks and frauds amounted to a staggering $432 million. 

No matter how much crypto you own, it’s worth getting to know what could threaten your cryptocurrency security so that you can take precautions to keep it safe. Let’s cover a few of these threats.

1. Cryptocurrency Exchange Hacks

While mobile and desktop wallets have some level of security in place, with custodial wallets ensuring your cryptocurrency security becomes even more challenging. 

Not only can cryptocurrency exchanges dissolve overnight, but they make for an attractive target for crypto criminals. Because they have millions of users, cryptocurrency exchanges are a lucrative target for cybercriminals. 

It only takes one successful phishing scam or malware to leave exchanges without funds. So far, there have been quite a few cryptocurrency exchange hacks that resulted in hundreds of millions worth of dollars stolen.

2. Cryptojacking

Cryptomining can become a threat when performed by malicious miners. These individuals hack into personal computers, mobile devices, and laptops to install malicious software that steals cryptocurrency from your digital wallets or uses your device’s power to mine for crypto.  

Cryptojacking is more difficult to detect than other cybercrimes. You may notice that after a while, your computer's response time is slower, your devices overheat, and that your CPU usage is higher than usual. 

3. Social-engineering 

Cybercriminals know that users are the weakest link in cybersecurity. Hence, traditional social-engineering tactics are an effective way to gain hold of cryptos. In some cases, they don’t even need to find out what the private keys are. They can make people themselves transfer funds into their wallets through various phishing scams disguised as: 

• Email requests to send funds to a (fake) wallet for a new token, following an ICO that investors are interested in
• Fake apps distributed through official app stores. By downloading them, people hand out their crypto to the cybercriminals
• False hot wallet registrations. These lure potential new users of a hot wallet to register for a fake wallet by offering bonuses 
• Fake giveaways

9 Useful Tips to Keep Your Crypto Safe

Now that you have a bird's eye view of the scams your crypto can fall prey to, you’re probably asking yourself how can a crypto nomad, like you, protect their crypto assets. Here are a few steps you can take to keep your crypto safe while you travel around the world: 

1. Don’t make decisions in the spur of the moment. Remember that social-engineering is successful precisely because it plays on people’s emotions. So double-check if the website advertising a new mobile wallet is legit, or the email urging you to transfer funds for a new token you are interested in comes from a reliable source
   
2. Ignore any false claims promising bonuses for registrations to new wallets or giveaways that sound too good to be true
   
3. Make sure that any travel website you want to use your crypto on is the official one. Check if the URL is the correct one and if you have doubts, run it through a website checker tool to find out if you are on the right website. Then, simply bookmark the page for future use
   
4. Avoid keeping large amounts (if any) on custodial wallets. These wallets' private keys are hosted on servers connected to the internet, making them vulnerable to breaches 
   
5. Don’t share the private keys to your wallets with anyone unless you fully trust that person and don’t mind them accessing your crypto 
   
6. Keep your private keys safe. Unlike banking services that can retrieve your money should you fall prey to a scam, with crypto, no one can get your coins back
   
7. Go for reputable wallet providers and cryptocurrency apps only. In most cases, big names equal better security features. Take the time to research how each provider will protect your data before deciding which platforms you’ll use. Do they use SSL/TLS encryption or multifactor authentication? How about air-gapped devices that stay offline when storing your crypto? 
   
8. Utilize two-factor authentication, enable multi-signature features on your hot wallet, and make sure to encrypt it with a passphrase. Also, depending on the type of wallet, some providers allow you to back it up. For an extra level of security, do that as well
   
9. Check if the recipient’s address is the correct one. If you don’t copy the right address, you could end up sending the coins to the wrong wallet and never get it back

Start Securing Your Cryptocurrency Now

Getting yourself educated on crypto security and following a few rules is not that difficult. The difference between making this effort and choosing not to could mean losing access to your well-deserved crypto. So, make sure that you keep the above tips in mind when you travel the world, so you can secure your coins and enjoy your crypto nomad lifestyle to the fullest.

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