Should I Use a VPN for Cryptocurrency Transactions?
Most people operate with the assumption that their cryptocurrency transactions are anonymous. However, crypto transactions are pseudonymous, and tracking down the origin of a transaction is quite easy when the originator goes through the KYC protocols required at most points of transaction. While the cryptography used to encrypt the cryptocurrency transactions is top notch, and few people can crack it, a bad actor could still get a hold of your crucial data, such as the private keys, and this could compromise your crypto portfolio.
To understand why you need a strong and reliable VPN, we’d have to explain a few ways that hackers will try to get a hold of your cryptocurrency.
1. The Wallet Hack
Hot wallets have a vulnerability in that they’re always connected to the internet, which makes their private keys easily accessible to hackers and other malicious characters. The saying ‘not your keys not your coin’ is famous because it paints the sobering reliability that as long as a third party has custody of your keys, you could lose your crypto at any time. While hacking a private key is quite hard, it can be done-at least theoretically. However, the most common way that hackers access your crypto is gaining access into your wallet, which is easier when you’re not using a VPN than when you’re using one.
2. The Exchange Hack
Most centralized exchanges come with a wallet where you store your crypto for transactions. While the CEX owners and operators try their best to secure everyone’s assets, the attached software wallets are a weak point. The fact that the exchanges hold huge reserves of crypto for liquidity and also store private keys for customers makes them an easy target for hackers. Your private keys are even more vulnerable when you’re accessing the exchange via public WiFi because you’re not sure who could be tracking your activities.
3. Phishing Scams and Social Engineering Schemes
Phishing and other crypto adjacent scams are another way you can lose your crypto assets. Here, the hackers will collect data about your crypto transactions and single you out as a hodler, spot trader or other type of crypto investor. They might target your email, and the websites that you frequent with their fraudulent schemes, hoping that you’ll get interested and click links that could compromise your data or lead to you giving them access to your assets.
These three risks are easy to mitigate when you’re vigilant about your data security when making crypto transactions. Having a VPN adds a layer of security to your transactions and ensures they’re safe. Let’s delve deeper into why you should consider making a reliable VPN part of your crypto transactions.
The Benefits of Using a VPN
You get numerous benefits from using a reliable VPN for crypto gambling and all your crypto transactions. These include:
High Level of Data Encryption:
Hackers have very sophisticated methods of intercepting data, analyzing it and using it against its owner. For example, Packet Sniffer is a software that intercepts and examines packets of data as they’re sent around networks, and sends the information back to the hacker. It’s very easy to log unencrypted data, and use it to try and gain access to your assets. Fortunately, a strong VPN encrypts data using the highest standards recommended. Even if the software manages to intercept the encrypted data, the chances of the hacker making any sense of it are very low.
Added Security Against Hacking and Phishing:
Hacking scams are on the rise because of the sheer amount of personal data that’s intercepted, and sold or given to malicious characters. For a phishing attack to work, the scammer needs to have access to your email address or other private communication channel. You give away this data when you visit websites that require registration without VPN. Therefore, an innocent crypto transaction without using VPN can easily lead to a scammer getting your email address and staging a phishing attempt. VPN encrypts data and keeps your addresses and passwords secure.
Hiding Your IP Address and Real Location:
Cryptocurrencies have over the years become very valuable digital assets. It is not uncommon to see hackers going to the extent of tracking your IP address, location and any other information that can help them access your data. A VPN hides your location and makes it easier for you to transact crypto anonymously, especially when you’re using no-KYC casinos.
Preventing Data Logging:
Internet service providers can see and log all the activities you carry out online. This means that a malicious third party can also access that information, which would compromise your crypto transaction safety. Superior quality VPNs don’t store your data logs. They also come with a kill switch that ensures your data stays safe when the connection gets interrupted.
Which VPN Should I Use for Cryptocurrency Transactions?
Choosing the most reliable VPN for first time crypto transactions can be challenging. However, we’ve come up with a list of the 6 most trusted and reliable VPNs according to user experience reports and ratings. Here are the five most recommended VPNs:
- Cyberghost VPN
- SurfShark VPN
- IPVanish VPN
- Private Internet Access
Here’s a summary of the key features for each of the VPNs to help you choose the most appropriate one for your needs:
|VPN Name||Number of servers||Speed||Number of countries||Encryption protocol||Customer support||Cost|
|Nord VPN||5000||282.39+ Mbps||60||IKEv2 IPSEC Open VPN||Excellent support||From $3.29/Month|
|Express VPN||3000||327.6+ Mbps||94||AES-256 (Military grade)||Great support||From $8.32/Month|
|Cyber Ghost VPN||7400||548+ Mpbs||91||IKEv2 WireGuard||Good support||From $2.29/Month|
|Surf Shark VPN||3200||58.46+ Mbps||100||WireGuard IKEv2 OpenVPN||Very responsive support||From $3.49/Month|
|IP Vanish||2084||252+ Mbps||50||AES256-bit||Good support||$2.49/Month|
|Private Internet Access||35000||129.55+ Mbps||25||AES256-bit||Reliable support||$3.33/Month|
Choosing the right VPN can completely transform your crypto trading and crypto gambling experience. Connecting to a private network before accessing the internet protects your data from hackers, keeps your private details secure, and protects your crypto assets from theft. Compare the recommended VPNs for crypto casinos and choose the one that helps you protect your cryptocurrency assets, and also stays abreast with the ever-changing cyber security protocols.
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