Top 10 Cryptocurrency Security Tips For 2019

While buying a electronic money For one thing, storing it securely requires knowledge and skills completely different from that of cryptocurrency experts. Cryptocurrency security ideas are essential for today’s world. Cryptocurrency based on cryptography. Cryptography, as we know it, is the study of techniques for secure communication. It is highly impossible to hack a blockchain or a private key because attempting to break a cryptographically protected algorithm would require an unfeasible amount of computing power. Despite such a safety aspect, there have been countless cases of crypto theft. This can happen especially to those who are just starting to invest in cryptocurrencies.

This article will shed light on the 10 best crypto security tips to protect your digital assets and avoid common crypto security dangers.

1. Beware of scam scams

Phishing can be defined as a fraudulent attempt to obtain sensitive information from users by disguising themselves as a trusted entity. Hackers use a very common phishing technique that involves creating a fake, identical version of an exchange or web wallet site used by cryptocurrency owners. They send the link to the victim with a convincing message. This message will convince them to sign in and take immediate action. There have been many cases where people give in to this, visit these websites and enter their details. The hackers then use this data to do whatever they want. To avoid scams, make sure that the link displayed in your browser is the same as the one in your exchange or web wallet.

2. Avoid storing cryptocurrencies on exchanges

While you may be taking the right actions for crypto security, that doesn’t mean your crypto exchange can do the same. There have been many cases in the past where major exchanges lost user funds or froze. This could be due to a technical error or a hack. If you plan to trade your coins sooner, transfer the funds in the exchange to your wallet. If you still want to store crypto on an exchange, you can check out some of the popular exchanges like Coinbase, eToro, Changelly, Coinmama, etc. options out there.

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3. Buy a crypto hardware wallet

Hardware wallets refer to a very secure method of storing your digital assets. A crypto hardware wallet refers to a physical device that keeps your private keys safe from the eyes of criminals and gives users easy access to their cryptocurrency. Three popular hardware wallets are Trezor, Ledger (Nano S), and KeepKey. The private keys are stored inside an impenetrable circuit. It allows users to sign transactions with just one click. A hardware wallet also comes with a ‘seed’. A seed is a physical paper that allows users to transfer keys to another wallet if the device is stolen or lost.

4. Avoid Public Wi-Fi

Wi-Fi can redirect your browser to any page. This can sometimes be an imitation of your exchange or wallet. They will also be able to collect data transmitted over the network, in case that data carries the password you entered. If you are accessing your wallet from public Wi-Fi, make sure to use a Virtual Private Network (VPN). This is a method used to add privacy and security to private and public networks, such as Internet and Wi-Fi hotspots. VPNs are mostly used by businesses to protect sensitive data.

5. Ensure device safety

It is important to have an up-to-date firewall and anti-virus software. Make sure you don’t install any software if you are not completely sure about it. You must never download any suspicious attachments. Before you install any software on your system, make sure that you have thoroughly researched the reputation of the software. You can use Google or social media platforms like Reddit or even ask your friends who you feel will have more knowledge on the subject.

6. Turn on two-factor authentication

It refers to a add a layer of security to the validation process. This makes it difficult for hackers to break into your wallet or exchange account, as simply providing the password is not enough for them to gain access. This is a good crypto security idea. Most exchanges and wallets require two-factor authentication. It may need some random pin that was sent to you via email or SMS.

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7. Beware of Bitcoin Gambling Sites

Many people are attracted to Bitcoin gambling due to the anonymity it offers. This anonymity can sometimes be detrimental. Many Bitcoin gambling sites do not reveal the identity of the site owner. This makes it possible to check if the platform has the appropriate licenses. To keep your crypto safe, you must use trusted Bitcoin gambling sites that have good online reviews and are at least a year old.

8. No entanglement with Pump and Dump

Pump and dump is a tactic used by a group of people or an influencer to create hype in order to get many people to buy cryptocurrency at the same time. By doing so, the price of the cryptocurrency goes up a lot and this allows the organizers of this tactic to dump all those who are buying at a higher price. This behavior is illegal in the cryptocurrency and traditional markets. You need to stay away from it to keep your crypto safe. The organizers can attract you to participate by promising large profits. But the reality is that only the organizers benefit from this.

9. Use a hard password

When creating a wallet or cryptocurrency exchange account, you need to use a very secure password. It can be a combination of numbers, upper and lower case letters, symbols, etc. You can also use an online password generator to get a secure password. Passwords Generator is one of the online password generator tools that instantly generate secure, random passwords. Passwords must be stored in a safe place. The best thing to do is to store it offline or on a piece of paper.

10. Keep Your Corporation’s Privacy

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There have been many previous cases of people being attacked or even murdered by bad guys in an attempt to steal their cryptocurrency. Cryptocurrency theft seems attractive to both criminals and hackers due to their anonymous nature. In the event that money is stolen from a bank account, it can usually be linked to an entity and retrieved, but Bitcoin and other cryptocurrencies cannot be traced. Therefore, you must never tell anyone how much cryptocurrency you are holding. You have to keep this in mind when talking to people in blockchain conferences and crypto meetups. Another crypto security tip is to add a crypto portfolio tracker. You can use this feature if you want to avoid someone discovering your property if your phone is stolen.

Inference

Over the past few years, cryptocurrency theft has become a hugely popular business. Their growing popularity is the main reason attracting the attention of many hackers as the cryptocurrency market is growing more profitable every day. No need to panic. Keeping these crypto security ideas in mind will help you secure your crypto and become a crypto expert.

For more on cryptocurrencies, see Blockchain Council

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