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How to secure cryptocurrency? Do's and Don'ts

How to secure cryptocurrency? Do's and Don'ts
04 Sep 2017
  • Cryptocurrency is rapidly emerging as one of the most exciting avenues to invest due to the great return over investments.
  • However, it's not without problems. According to a Reuters study, almost one-third of the Bitcoin trading platforms have been hacked and half of them have been shut down over the years.
  • So what can you do to protect your investment?
  • Well, here's more!

  • Two-factor authentication should be the first step
  • One of the basic things to do is something that we need to apply in all things online, when it comes to security: two-factor authentication.
  • This may sound rudimentary and often a nuisance if you are in a hurry, but this is the first barrier that you can set against hackers. This makes it hard for them to hack and that's what you want.

  • Choose wisely
    Bitcoin client
  • It's advisable that you use a Bitcoin client that gives you the freedom to change to a new IP address with each transaction you make.
  • What you can also do is separate transactions, according to their importance, into different wallets. Keep one wallet to carry out your day-to-day transactions and top it up when you need to.

  • Don't place your trust in everything
  • Another basic thing to do is conduct all the transactions via your personal devices.
  • No matter what, avoid using a computer that you don't own, because even if you have cleaned your tracks, there is always someone better out there.
  • Also, keep your wallet address and your password separate, like you do with your ATM cards.

  • Be updated
  • Keep yourself in sync with things. Always make sure that your wallet software is updated and you have a know-how of the new features.
  • Make sure you have an offline backup of your wallet. So, even if anything happens, you will have something to fall back on.
  • As for the password, make it as complex and unpredictable as possible and change it often.

  • If you don't need it, chuck it
    Virtual wallet
  • One should ideally avoid using mobile devices to access wallets and it's recommended that you keep it offline.
  • Make sure that you have encrypted your wallet. This is mandatory when you are storing it online.
  • Destroy the virtual wallet that you don't need. Locate all the copies of it that might have been created and get rid of them too.

  • Use hardware ledgers
    Hardware ledgers
  • Make use of hardware ledgers to store your cryptocurrencies. Some of the common ones out there are Ledger Blue, Ledger Nano S, and Trezor.
  • These hardware ledgers are usually like USB dongles and are nearly hack-proof.
  • They mainly support Bitcoins but some of them also support other cryptocoins. Storing your private keys in these can give you peace of mind.

  • This post first appeared on NewsBytes: Latest News, Breaking News India, Today News, Current News, please read the originial post: here

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    How to secure cryptocurrency? Do's and Don'ts


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