Using public WiFi has always been considered a security risk in one way or another, which is why experts would never do it.
However, the average citizen often falls into the trap set by hackers, and this time, it is an unsuspecting 36-year-old man whose device was compromised when he connected to the internet service provided by a restaurant in Austria.
Little did he know that the public WiFi setup was actually hosted by a hacker in the nearby vicinity. After connecting to the network to check the value of his digital currency, he then realized that he lost a massive sum of $117,000 worth of Bitcoin.
Authorities who investigated the Bitcoin theft case suggest that his account may have been compromised even before he logged on the public wireless network. In total, he lost Bitcoin funds topping more than 100,000 worth of Euros.
In recent times, digital currencies like Bitcoin and Ethereum have acquired massive support from users around the world. The anonymity that cryptocurrencies provide is one of the biggest appeals that created such hype for them.
People are not answerable to the government or their own banks when they make a transaction. After all, their hard-earned money is supposed to be easy to spend buying things they like, right?
When currency is not regulated by the government or any other body, it does provide anonymity and makes it easier to buy things in the real world or on the internet, more specifically the dark web.
However, when there is no one watching over transactions of such large quantities of cash, individual users often become easy target for hackers who simply make use of careless behavior in order to take hold of victims' Bitcoin funds.
The problem, in the end, is that they are completely untraceable, and even ethical hackers have no means to track down where the Bitcoin funds are transferred.
For the average person who is using public WiFi, one of the main practices you need to adopt in order to protect yourself from online theft is to make use of a VPN service. The best services often involve a paid monthly subscription package with full support.
The entire world is moving towards a digital system where governments are increasing their iron fist on privacy law in order to regulate what users do. On the other hand, hackers are exploiting innocent civilians.
You can choose to safeguard yourself against all these external forces by using a Virtual Private Network, which will always hide your original location and make it extremely difficult to know what you are really up to.
Similarly, if the person had made use of VPN when he was accessing the public WiFi at a restaurant located in Austria, the hacker may have never had the opportunity to hack into his computer and steal his Bitcoin funds.
The private network gives out random details while throwing your original IP from one place to another, making it impossible to track-thus shielding your financial details and privacy from prying eyes.
The threat of exposing online funds to hackers is also a problem for large companies and organizations which have lost large quantities of cryptocurrency funds due to a lack of proper security measures to safeguard their privacy.
Surprisingly, despite all these issues, the worth of virtual currency continues to grow as Bitcoin is now valued at above $10,000 per coin.
Analysts predict it will not fall in value as it did earlier because of the support it receives from users. Bitcoin is being frequently used in transactions even though most governments are unaware as to where or how it is being used.
The advantages of using a VPN is not only to provide you security against such hacking attempts but also to safeguard yourself from people who are spying on what you're doing using your computer.
It also makes it easier than ever to access blocked websites without creating a fuss.
Owing to copyright claims and government policies, plenty of websites are getting blocked on a daily basis. When entertainment sites, movie websites and news pages are blocked, it becomes essential to use a Virtual Private Network to conduct your online activities.
And if you use Bitcoin, you should employ a VPN on your system in addition to making sure you connect to a secure public WiFi network.
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