Recently, Austrian Police reported that cyber thieves transferred Bitcoins worth more than 100, 000 euros($177,000) from a victim’s wallet. As reported by CBS news, the 36-year old unnamed man had connected to a restaurant’s public wireless network southeast of the city of Innsbruck, Austria. The theft happened after he had logged in to check the value of his currency.
However, police were unable to identify whether the victim’s computer had already been hacked before logging in to the unsecured network. The police further said that the bitcoins had been transferred to an “unknown, non-traceable account.”
This latest incident joins a list of other Bitcoin thefts that have happened in the recent years.
Security Concerns for Bitcoin Owners
This news of Bitcoin theft gives a call to action to all Bitcoin owners all over the world. The Bitcoin currency is still maturing and it’s not regulated by any international body. Thus, the full responsibility of Bitcoin security is left in the hands of Bitcoin owners.
One way of enhancing the security of your Bitcoins is by using strong passwords that can’t be easily hacked, and encrypting your wallet. These two can go a long way to protecting your coins from malicious attacks.
Further, connecting to a public network does very little in securing your Bitcoin. Such a network exposes you to the entire network, and a malicious-willed person will have a better chance of getting to your computer.
Use a VPN with Public Networks
While at times you can’t avoid connecting to a public network, you need to secure your connection. This is by the use of a Virtual Private Network (VPN). Just like the name suggests, a VPN will create a virtual network for you such that you are not exposed to the rest of the network.
Further, a good VPN encrypts all your traffic and tunnels it through a server of your choice. This means that since your traffic is encrypted, a third party can’t make sense of what you are doing on the internet, or even trace your activities.
Choosing the best VPN may, however, be a demanding task. For this reason, we have a guide of the best VPN for total security and privacy that you can use to secure your Bitcoin.
With a secure VPN, you can confidently connect to any restaurant’s public wireless network without having to worry about your Bitcoins.
Further, if you choose to keep your coins at exchanges or online wallets, you need to be a bit more careful. First, we do not recommend it and if you have to, ensure that the site has a two-factor authentication, and enable it for your account.