Five Simple Ways To Increase Your Privacy When Using Cryptocurrency
Cryptocurrency without privacy is useless. If the coins are not redeemable, you’ll lose a lot of the benefits of using the encrypted currency in the first place. Privacy is not just profit and lost onchain though. In fact, many of the privacy gains to be achieved when it comes to sending encryption, spending and trading occur outside the keychain, where you deal with your business on the web.
Endless life for privacy
Privacy is like fitness: a way of life and not a task that can be stopped. It also takes some time, perseverance and focus on different muscle groups to build a better body in the gym, which boosts your privacy calls for regular exercises to stop the flow of applicable information. Every time you do something online, you blow up a large set of data. This can be especially detrimental to cryptocurrency users, whose onchain actions will be logged indefinitely.
When pairing with offchain data points such as IP, e-mail address, and cell number, the opponent can build a complete picture of his target. Given the ever-increasing capabilities of three-letter agencies, it is safe to assume that the state in the near future will be able to build a very detailed picture of the activities of users of today’s encrypted currency.
There is a presumption that using a VPN requires a degree of technical knowledge, which is dedicated to privacy only. In fact, most VPN networks are secure and can be run silently in just a few clicks – you do not have to manually reconfigure the port. Opera offers up to a VPN now on your desktop and Android browsers. “Promoting privacy on the Internet is right for everyone,” as Oprah claims. They’re right. VPN will provide an additional layer of privacy when you log on to stock exchanges and hide the IP address associated with Bitcoin transaction transitions.
Disconnect your regular email from your encrypted email
It is not practical to create a separate e-mail account for each encryption service that you need to sign in. However, you can split all encryption-related emails into a single account. This will have dual benefits: if your primary account is compromised, the hacker will have no information or access to encryption. Second, if you choose a fully encrypted e-mail account such as Tutanota, prying eyes in the border control and other government agencies will have no insight into your tendency to trade mysterious shitcoins.
Stop reusing addresses
More than half of all of the Betquin transactions contain previously used addresses. Create a new, free and immediate home address that provides immediate increase in privacy. If your wallet or platform does not allow you to create a new address as desired, stop using it. There is a wealth of competing services out there, and switching to a more private-minded alternative can be done in minutes. Unless you only deal with private currencies like Monero, or use an account-based system, instead of UTXO, like ethereum, you should aim at a new address each time.
Keep your keys and icons offline
Where do you store 2FA backup codes for trading accounts and private keys for your encryption folders? Have they been listed, broken down and stored offline in a series of very safe places? Or is it hidden in plain text in a folder on your laptop labeled “anime”? You’ll be amazed at the number of people going to the latter. Even if you encrypt the folder containing your keys and icons, it is dangerous to assume that it can not be cracked by a specific attacker. Statistically, you are almost certain to recycle passwords – you and 10 million others.
Keeping your private keys offline will protect you if your computer is at physical or digital risk. Even if you can not afford a bank vault or a strong box, separating the key into parts and storing it in multiple locations – with duplicates, to ensure redundancy – will work the same way.
Always be shuffling
Coin mixers are not the kind that wears the paranoia: it’s for everyone. If more people manage their metal coins through tumblers before pulling them into the wallets, Betquin’s currency will become more dispensable, and blockchain forensic firms will suffer a big blow. Even if you do not have the motivation to mix your coins for the common good, do it for you. Services like Cashshuffle for BCH make it easier than ever to distort the origin of your coins, while Coinjoin, embedded in pro-privacy wallets like Wasabi, does the same for the BTC.
There is something very comfortable about having a set of encrypted currencies that can not be linked to your identity that is stored safely in your backed-up hardware portfolio. It is the digital equivalent of a backyard hideout filled with canned goods and ammunition in preparation for the end of the world. Pamper yourself with privacy and see how comfortable you are.