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Crypto Prices

Are VPNs for Crypto transactions necessary?

Written by  May 19, 2020

Virtual currencies are no longer a fad. They are used all over the world and traded on Forex. Aside from the profit-making potential, virtual coins are still linked to assorted safety threats.

Unless you are security-conscious, trading digital coins could result in costly mistakes. One of the ways to remedy vulnerabilities is to conduct transactions through a virtual private network.

You may already be familiar with the concept. These pieces of software encrypt your Internet session, rendering it impenetrable to third parties. It is also popular with users who need to keep their actual location hidden - for instance, to access specific geo-restricted websites while traveling. Make use of a free trial VPN and see for yourself. It is thanks to VPN that you can still enjoy your favorite Netflix picks wherever you are.

Make Your Crypto Operations Secure

Real crypto experts know that anonymity is just a myth. Bitcoin and almost all altcoins are pseudonymous. The KYC/AML verification allows tracking of finance flows. A distributed public ledger stores all transactions, while your IP address is detected by crypto exchanges and Internet service providers.

A VPN will keep your identity hidden from any unwanted attention, be it from cybercriminals or government agencies. In any financial transaction, privacy is key. Nobody can cheat you out of your money if they do not know who you are.

Also see: Online privacy is a thing of the past say Brits: Protect your Crypto

Layers of Protection

Generally, crypto protocols we have were devised based on end-to-end encryption, which ensures the initial level of security. Secondly, the websites where crypto is bought and sold use HTTPS end-to-end encryption. This means the data you send may not be intercepted easily.

However, security vulnerabilities are still possible. With an affordable VPN service, this could give the necessary security boost, maximizing protection. Here are the chief benefits:
● prevention of interception;
● prevention of phishing and virus attacks;
● protection against malware;
● prevention of IP tracking;
● anonymous exchange of cryptocurrencies (except KYC/AML).

How to Choose

Bear in mind that unreliable pieces of software will not only fail to protect your privacy - they may leak your sensitive data. Some programs require subscription or one-time payment, depending on the provider. Your choice should be based on a number of factors. Here are the key signs of a trustworthy service.

1. No Storing of Logs

Make sure the company follows the rule strictly. This means no browsing data may be collected. Records of browsing sessions may land in the hands of marketers or authorities enforcing big brother programs.

2. Kill-switch

If your VPN fails to connect, websites may track your actual IP address and thereby real location. The switch will sever the Internet connection without compromising your data.

Overall, traders of cryptocurrencies must take all possible precautions to ensure the anonymity and safety of the transaction. As all operations are performed through the Internet, you are exposed to multiple privacy threats. Protect yourself against financial loss, identity leaks, and other potential dangers. Despite the relative safety of exchange platforms, VPNs add the final layer, which may prove critical.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Paul Saunders

Crypto tech journalist, Paul specialises in Crypto news having worked and traded in the field for over 5 years and has previous Blockchain admin roles to his credit. His knowledge and experience in Crypto tech is very important to us and his contribution is invaluable.

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