How to properly protect your cryptocurrency
How to protect your cryptocurrency As understanding how to store and protect your cryptocurrency is an essential step for a user who wants to secure their virtual currency in fact, making use of an excellent storage wallet becomes essential to avoid risking your investment.
How to properly protect your cryptocurrency
Obtaining cryptocurrencies is an interesting project, but you also have to make sure that you protect them. In fact, many cybercriminals have appeared on the web with the sole purpose of stealing virtual currencies. Find out how your cryptocurrency is stored and what are the best ways to secure it.
Why do you need to secure cryptocurrencies?
How to protect your cryptocurrency Anyone who wants to buy cryptocurrency must open an account with a brokerage platform and make the purchase.
However, storing cryptocurrencies on a simple transaction platform presents many risks, for example hacking your account and stealing your wallet.
In addition, the cryptocurrency platform or the computer used may be the target of computer attacks. Below is a comparison of the different tools that should be used to secure cryptocurrencies.
different types of Crypto Wallet?
Crypto Wallet is the software for storing public and private keys to send and receive digital currencies and demonstrates how to protect your cryptocurrency.
It allows you to monitor balances and interact with different block chains. In order for a client to manage and secure their cryptocurrency, they need a specialized wallet. There are many models, but the main difference between them is whether they are hot or cold.
Also known as a “hot wallet,” this method stores a small to medium amount of bitcoin for spending and roaming. As a rule, this wallet is online and can be accessed at any time on a mobile device.
How to protect your cryptocurrency Cold wallet or cold wallets are offline and allow offline storage of funds.
It contains the majority of the user’s bitcoins, which will sometimes be used to top up the hot wallet. Allows you to receive funds at any time, but it is not possible to transfer.
Most cryptocurrency owners use these two types of wallets. In fact, cold wallets are suitable for frequent trading, while hot wallets are more for long-term storage of crypto assets. How can an internet user then use them to secure their cryptocurrency?
Storing Cryptocurrency Offline
How to protect your cryptocurrency Offline or offline storage is the best solution for cryptocurrency storage.
It is one of the tools used by most of the wealthy in the sector. This solution turns out to be the most secure because it is offline and is also distinguished by the fact that it does not require any proof of identity to store cryptocurrencies unlike online wallets.
In addition, offline storage is offered as an IT tool and as a reminder, the most recent version marketed is a USB key.
This appears to be the preferred method for securing the storage of many cryptocurrencies such as Ripple, Ether or Bitcoin. In addition, it is practical in everyday management.
Ledger is one of the leaders in offline storage This French company in 2018 raised around 75 million euros in donations for its international expansion It has sold several million offline wallets similar to USB keys today.
Ledger has forged his notoriety with a wired wallet called Nano S, the latter of which has been officially certified by ANSSI.
The company also unveiled its first offline storage wallet powered by Bluetooth. In fact, the Ledger Nano X offers the ability to secure cryptocurrency storage while ensuring it is properly managed via Bluetooth via a mobile app.
Store your cryptocurrency online
Although offline storage is known to be the most secure, the online solution is easier to implement.
Its principle is to require the services of a mobile bank capable of securing cryptocurrencies for its customers. Today, this solution is still the most exploited because it is the simplest and fastest way to protect funds.
Security best practices for securing cryptocurrency
After choosing one or more wallets, the user should also follow some good practices to secure their cryptocurrency.
select address IP authorized
Depending on the platform used for transactions, the system may offer to specify which IP addresses are authorized to buy, exchange or withdraw cryptocurrency.
Using this solution turned out to be an excellent option to avoid being trapped by hackers on the web.
Use antivirus software
Any device where bitcoins are stored must have antivirus software Hackers use all kinds of viruses to infiltrate a remote terminal In this regard, the antivirus can detect and eliminate viruses and malware.
In fact, it provides increased protection against the various methods used by the program while preventing malware from stealing cryptocurrencies, whether the wallet is connected to the Internet or not.
Update the software used
Software updates should be done regularly as soon as they are available In fact, outdated software can be an easier target for hackers.
Enable two-factor authentication
Two-factor authentication, or A2F, means that to access a Bitcoin account, one must enter a passcode that is sent to another device.
So it must be activated. If possible, the code should only be sent to the SIM card used for this purpose, not to the phone.
Since many internet users are content with using their phones for 2FA, they are more likely to be hijacked by hackers.
Choose a strong password
Whenever possible, it is essential to secure bitcoins with passwords ideally, which should be at least 16 characters long and contain a unique combination of numbers, letters and punctuation.
To find out if the password used is reliable, you just need to check its security Furthermore, you must make sure that the Bitcoin access token is not linked to any other online account.
Create a recovery contact
In order to secure their cryptocurrency and know how to protect your cryptocurrency, the user must find a trusted person and tell them the location of the province and their passwords.
Should something happen to her, she can always get a refund. For maximum privacy, an email address for a Bitcoin account should be used.
In other words, this address should not be linked to a social network profile or PayPal account to ensure complete anonymity.
Set up multiple signature
Another option is to require the consent of three to five people to allow transactions to occur. This means that a single server or console cannot conduct transactions, which greatly reduces the risk of theft.
Avoid posting confidential data on social networks
Many Internet users are not aware of how social networks can be accessed by the public and contain information that allows their identification.
This not only puts them at risk of identity theft in general, but also makes them more vulnerable to bitcoin theft.
Therefore, you should never publish the email address, or even contact details because of the social network. It is also better to make all your social media profiles private.
Adopt a secure network
How to protect your cryptocurrency from the Internet It is better to use a secure private network rather than a public Wi-Fi.
However, if it is absolutely necessary to use a public network, it is better to connect to a hotspot or use a VPN to encrypt your web activities and IP address.
Additionally, preference should be given to websites that are secure with a valid HTTPS certificate. Most legitimate websites have one. For extra security, try browser plugins like “HTTPS Everywhere”.
In addition, you should avoid connecting to your online wallet, trading account or any other important security point via public WiFi.
Even when a site is assumed to be secure, make sure the WiFi access point uses strong encryption, such as WPA-2.
For added security, all crypto assets should never be kept in one place. The best way to go is to use one or more cold rooms for long-term holdings, and at least one wallet for trading and transactions.
Also, one has to trade on multiple small exchanges to make sure that they are working properly.
Check encoder addresses
How to protect your cryptocurrency Some malware can modify and paste a wrong transaction address every time you send a transaction The new address usually belongs to the attacker Prevention is better than cure.