The cryptocurrency world offers many hopes and possibilities for its users. Compared with our existing financial institutions, this is a relatively new way to make money, but its explosive rise has attracted a lot of attention. These concerns come from enthusiastic people who want to try mining and trading, as well as bad actors who want to profit from these enthusiastic people and the system itself.
This is why you need to learn how to protect assets and how to store cryptocurrency. Don’t worry, behind crypto supports this issue in this article and many other articles. Now, let us look at what you can (and should) do to ensure that no one but you can enjoy the fruits of your crypto labor.
#1. Forever DYOR
DYOR stands for “Do your own research”. So, yes, basically, you should always consult and double-check any information about encryption in the article or post. Very simple suggestion, isn’t it? Yes, now, let’s see why we do this.
Although compared to other financial markets, cryptocurrency is a new thing, but it has attracted widespread attention from the public, politicians, and media. There are thousands of materials about it, including countless blogs, columns, email newsletters, and more. However, not all information is accurate. The form of the error may be an honest error, an oversight, or even just some outdated information, and the editor has no time to resolve it. For whatever reason, the fact is that you may find incorrect information, and this may affect your operations and therefore your assets.
To avoid this, you need to carefully check the information obtained and pay attention to any other data that may be found. Whether it’s historical price charts of cryptocurrencies, new features of the trading platform or additional fees for transactions, everything can be useful. Not to mention it can prevent your losses and increase your profits. Keep this in mind and you will be able to prevent problems before they happen.
#2. 2FA and strong passwords
A more direct suggestion might even be obvious: use strong passwords and 2FA for accounts. Any account, even an account you are not using to store cryptocurrency, should be protected. After all, you don’t know which part of your personal data can help hackers control your funds.
A strong password is required and must contain uppercase and lowercase letters, symbols, and numbers. Ideally, they should be more than 10 characters long and have nothing to do with your personal life. After all, no one can guess your password based on your favourite show or personal preference about coffee blending. A good idea is to use the password randomizer together with the key archive program. This way, you can use a different strong password for each account and keep it in hand.
2FA stands for two-factor authentication. What does it do? 2FA allows you to connect your account to email, mobile devices, or special devices. After this connection is established, a security key will be sent to you every time you try to log in. It can protect your account to prevent others from accessing your password because hackers also need this special key to log in to your account. Therefore, even if the password protection fails, you can still protect your assets.
Different media provide different degrees of protection, and email offers less protection than other media, simply because you may lose your password. You can also enable 2FA for your email account, so this is not a difficult task.
#3. Choose a powerful wallet
Another seemingly obvious suggestion has hidden deep. What is a powerful wallet? How do you find and choose one? Well, the first criterion for a strong wallet is that it comes from a reputable source. With a large number of cryptocurrencies, exchanges, and companies that work with them, it is difficult to track who is doing what and whether this stylish desktop wallet comes from an honest developer. Or just a developer who can create a secure wallet.
A good step in this direction will follow our recommendation 1: Do your own research. Check the wallet reviews to see if there are any problems. Reddit is a great option, if it appears in Google Play or App Market, you can check its reviews there.
Also, check the developer’s response to these comments: are they actively trying to interact with the community or are they just ignoring them? If it is an open-source project, please check its GitHub to see if it is in active development. Although these things do not prove the honesty of the developer, they can show you different signs that this wallet may be foggy.
It is also useful to choose the desired wallet type. Different types have different advantages and disadvantages. Cold storage wallets are basically invincible to any hacker (because they are disconnected from the Internet), but at the same time, they are not as easy to access as web or desktop wallets.
#4. Choose a reliable exchange
This is very obvious: after all, if the transaction disappears on the way, it doesn’t matter what password is used or where it is stored. And the platform you choose to use. To avoid this, you need to make sure that the exchange you choose is trustworthy.
You can check some criteria to see if a certain platform should be used. Reputation is one of them, and you can find it on Reddit’s crypto-oriented community and social media such as crypto blogs. The other is security, which includes whether the exchange uses 2FA and whether it stores your transactions and other information on the platform.
If you want to learn more about how to choose a reliable cryptocurrency exchange, the behind crypto team recently published an article about this. Check it out to see how you can evaluate the reliability of the exchange.
#5. Avoid phishing
A phishing attack is a scam in which criminals contact victims via email, phone, or text messages and try to persuade them to hand over personal information. Usually, it is bank account information, social media, and email passwords or credit card details. In this case, it may also include your wallet address, security key, and exchange account password. You should be able to guess why this would be a bad thing.
There are several ways to avoid this situation.
Check the email address of the person who sent you the email. Its address may be similar to that used by a bank or service, so you won’t notice it at first glance. Look for irregular symbols, such as “1” (not “i”), other letters, etc.
Find out whether the sender’s address belongs to the company domain, or whether the sender has a company phone number. Normally, phishers cannot but have these, so they send attacks through ordinary addresses and phone numbers.
- Do not disclose your personal information to anyone who requests it. No one has the right to ask you to provide your personal data in any message or phone call.
- Do not download any files sent to you by suspicious accounts, especially if you have not requested any files. Doing so will jeopardize your network security, because you may get malware that can (and may) steal your data.
- Do not click on links in such messages. It may send you to the wrong login page that asks you to fill in your login information. This will be where you lost your account.
The above are just a few angles of attack. Scammers continue to come up with more plans and methods to obtain data, and phishing continues to improve and adapt to the new environment. Therefore, please note that even the best security systems cannot save you money.
With these, you now have the basic knowledge of how to protect and store cryptocurrency. These basic rules will be useful to anyone using cryptocurrency, no matter what they are doing: mining, trading, or receiving payments in BTC only. As long as you store and want to keep cryptocurrency, you need to keep these tips in mind.
Of course, there are more ways to store currencies and tokens safely, such as cold storage. So yes, please do your research to ensure the safety of yourself and your money, and stay tuned for more articles related to encryption and security on behind crypto!
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