How to protect your crypto wallet?
In addition to precise risk management when investing, another important factor in the crypto market is the use of security programs to protect your money if you decide to store them in a digital crypto wallet. , according to Coinlist.
No matter which wallet you choose, there are standardized good practices to protect your cryptocurrency from hackers.
SECURITY TIP TO PROTECT E-CASH WALLS
1. WHEN MAKING A TRANSACTION, PLEASE INCREASE YOUR ACCOUNT SECURITY BY 3 TIMES
Cryptocurrency trading is a way for users to store their digital currencies and it is an ideal arena for you to buy / sell and even trade with Platform compatible with futures contracts or CFDs.
The wallets used by these types of platforms are called hot storage wallets, operating on the principle of being constantly connected to the Internet, so they are very convenient but also more vulnerable to network attacks. The development of cryptocurrencies has continuously promoted the improvement of exchanges, but there are still thefts and scams on many popular platforms like Mt. Gox and QuadrigaCX.
You need to take many steps to protect your crypto wallet from hackers and scams.
If you trade with cryptocurrencies, here are some key tips for security. First of all you must avoid using duplicate passwords on different platforms at all costs.
A very common mistake that cryptocurrency investors make is using the same password for social networks, email, trading platforms and other online services. This is a real "hole", providing opportunities for hackers.
Besides, you should also try to avoid scams from enhancing your security so that hackers cannot take over your personal data. Whenever you visit a website check URLs, SSL certificates and make sure there are no errors.
There are add-ons for browsers and online services like isPhishing that let you check the authenticity of a website if you are still in doubt.
In the end, two-factor verification is also perfect for you. If this feature is available on your cryptocurrency platform, please configure the option to penetrate an additional layer of security into your account and prevent others from accessing your device or account from other locations. friend.
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2. IF YOU HAVE A BIG AMOUNT IN THE E-CASH WALL: TRANSFER MONEY TO THE HARDWARE
Many crypto investors have bet on the game with a long-term strategy and have achieved impressive results. A Fortune article in December 2017, the period when bitcoin was at its strongest, supported this hypothesis: A $ 100 bitcoin investment made in July 2010 would be worth more than $ 28 million by date. publish the article.
Although the market has not appeared in a similar situation, many people expect their crypto assets to achieve long-term value. If this is the case for you, or if you have a larger investment, the ideal option would be to move them to a hardware wallet or custody service like Coinbase Custody.
3. PUBLIC LOCK, PRIVATE LOCK AND SEED
Another important note to help you protect your crypto wallet is that you must know the differences between the keys to avoid mistakes. The premise is simple: Never share your private, public or seed key with any other person or third party service provider.
A typical scam in the crypto industry is that promises to get you many times more profits if you share this personal data. The private key creates a unique element of asymmetric cryptography and serves to access your money in the wallet and sign blockchain transactions of a particular cryptocurrency. If someone holds it, they will have full and unlimited access to your crypto wallet.
Meanwhile, seed is a unique combination of words that some crypto wallets often use as a secondary backup in case the user loses access to the private key.
Finally, the public key, as the name implies, is something that you can share with other individuals because it's your identification number in the network to receive money and similar to a bank account number.