The one question I keep hearing overheen and overheen again irrespective of gatherings spil puny spil casual meet ups overheen coffee or spil large spil weddings – Have you Invested ter Bitcoin yet?
It doesn&rsquo,t just zekering there. Cryptocurrencies like Ripple, Ethereum and Litecoin are instant go after ups te such conversations.
The entire world seems to be driven towards the financial revolution that Satoshi Nakamoto (the alleged founder of Bitcoin) once dreamt of. But spil wij gear up for this leegloop from fiat money to virtual currencies, wij need to indeed halt and introspect – how much do wij understand about the world of cryptos?
On one palm, it goes without telling that investments can be very lucrative, but on the other, you can end up losing all your funds overnight, even when the market is at a high.
Sounds bruusk, doesn’t it?
Security is a majorly growing concern that the cryptocurrency community faces today. The plucky fresh wave of hackers, malware, ransomware and scams has converted the virtual world into a war zone that is brimming with financial threats.
The script is elementary ter essence. If you don&rsquo,t know what you are doing, you&rsquo,re leaving your money on the table.
This blog aims to bridge the skill gap inbetween cryptocurrency security and what is required to invest responsibly te thesis tokens. Here are some crucial weapons that you need to have te your arsenal before you start flashing around your hard earned money on the crypto trading platforms!
Security Guide for Crypto Zuigeling Boomers:
Security starts and finishes at passwords. Since there are a lotsbestemming of cryptocurrencies that one can choose to invest ter, you might also end up using numerous wallets at the same time. I use no less than four wallets and exchanges to play ter the virtual token market.
Why do I have numerous sources to invest te the same commodities? That is because it gives mij a range of rates and hence, a chance to go for the best ones. People also use numerous exchanges to earn through positions of arbitrage, that is, making profits through the price difference of tokens at different exchanges.
Whatever may be your reason, managing numerous accounts means having numerous passwords. You just cannot have the same password for all accounts. That is a rookie mistake even a 10-year-old won&rsquo,t make te today’s day and age.
Additionally, the need to reminisce numerous passwords may cause one of them to slip through your mind. Consider the case of Mark Fraunfelder from Wired who lost $30,000 worth of Bitcoins when he left behind the password to his wallet!
It is situations like thesis where a password manager comes into the picture. It requires you to reminisce only a single password – known spil the master password. All other passwords are randomly generated, are strong te nature, and hence, very secure. They can even be switched ter an example ter case your wallet or exchange has bot subjected to gegevens theft via a cyber attack. More overheen, your gegevens is encrypted and only you can access it with your master password.
You can go with Dashlane here, since it is a powerful choice for the purpose. It integrates with your browser to inject passwords directly on websites with the click of a button. They also suggest iOS and Android app and all your passwords are te sync. Of all the password managers I have attempted overheen the past duo of years, Dashlane clearly stands out.
After installing Dashlane, you can also invoer existing passwords from your browser. Another cool feature of Dashlane is secure notes storage. Since a loterijlot of crypto websites require us to copy-paste the private key for login (which is not the best thing to do but wij have limited options for now), you can store those on Dashlane instead of using Evernote or Google Docs. There are few other features that make this app worth having. However, I’d let you find it out yourself.
Two. Two Factor Authentication
Albeit having a strong password is a voorwaarde, it may not prove to be enough te the case of sophisticated cyber attacks such spil Brute Force.
Two-Factor Authentication (2FA) helps combat such scripts by adding another layer of security to the login process. The act of coming in the password is clubbed with a lump of information that only the user would have. This can range from a token number that they can see on their smartphones or a one-time password (OTP) sent to their email.
This makes it much firmer for potential attackers to steal your gegevens since they also need to have physical access to your smartphone or login details to your email address.
There are Trio types of authentication factors that can be used:
- Skill Factors: Something that is known only to the user (assuming he/she has not collective it with someone else). Thesis can include a password, Speld or an reaction to a secret question.
- Possession Factors: Something that is physically present with the user, such spil an ID card, smartphone, or a token number.
- Biometric Factors: Something that the user is. Also known spil Inherence Factors, thesis are private attributes that are unique to the user such spil a fingerprint, face or voice. It can also include behavioral patterns such spil keystroke dynamics.
You can also witness this movie to build up a deeper insight.
Here&rsquo,s how you can implement Two-Factor Authentication or 2FA with the help of Google Authenticator. Go after thesis steps:
- Loom ter to your cryptocurrency wallet or exchange account and enable two-factor authentication from the respective option ter settings.
- Download the app &lsquo,Google Authenticator&rsquo, on your smartphone from Google Play or the App Store.
- Launch the app and click on the Crimson Plus sign at the bottom right corner.
- Choose from the option of scanning barcode or by hand injecting a provided key. Select the adequate option that is te tandem with the option you see on the webstek of the wallet or exchange.
- Come in the 6 digit token number that you see te the app on the exchange/wallet&rsquo,s webstek or app.
- 2FA Authentication has now bot set up for your account. Go after this proces every time you loom ter.
Te case you&rsquo,re looking for an alternative, Authy is another superb 2FA app that is available for both Android and iOS app stores.
Trio. Cryptonite Google Chrome Extension
If you are not aware of phishing websites yet, it is time you do your homework.
A Phishing Webstek, also known spil a Spoofed Webstek, is a fake webstek that tricks you into believing that you are on a legitimate webstek. It has all the features of the webstek that you intended to visit, including the vormgeving and the login feature.
Do you see where I am going with this? I hope you do!
Spil soon spil you attempt to loom ter to such websites, you are handing out sensitive information to cybercriminals on a platter. Same is the case when you visit fake social media accounts of acclaimed wallets, exchanges or cryptocurrency experts.
A dedicated Google Chrome extension known spil Cryptonite can give you round the clock protection from such fraudulent websites. It comes with a MetaCert icon that is installed on the browser&rsquo,s toolbar and turns from black to green every time you visit an authentic cryptocurrency webstek or social media account that has bot verified by MetaCert. This gives you accomplish peace of mind and saves you the trouble of conducting the background check yourself.
Te case the icon does not turn green, this indicates that the particular webstek or social media account does not exist te the database of Cryptonite and hence, you should be enormously wary of proceeding any further.
This extension is very secure and reliable to use since it has bot developed by the same set of engineers who developed the official Google Chrome extensions for Yahoo, Paypal, eBay and Google.
One significant point to note here is that this extension works only for cryptocurrency related websites and social media accounts. Any regular webstek would not trigger the icon. On the other forearm, it also maintains a database of known phishing websites and automatically blocks them.
All thesis features make it a one of a zuigeling and dedicated browser extension that is a must-have for both new-comers and experienced cryptocurrency enthusiasts.
Here is a quick demo on how you can install and use this extension:
Four. Adblocker chrome extensions
Do you know about Segwit 2X, the proposed hard fork which gathered momentum back te November but wasgoed eventually canceled?
I recently spotted an advert which claimed that the fork is being resumed and will take place on Dec 28, 2018. Like any other crypto investor who understands the market, I expected large investments ter Bitcoin to go after the news since the hard fork would create a fresh virtual token which would be passed out for free to bitcoin holders at the block where the Blockchain splits, just like at the time of Bitcoin Specie.
Excited about the news, I hopped at the chance and invested some of my savings ter Bitcoin.
What&rsquo,s the takeaway? The news turned out to be fake and a paid PR stunt from a team of random developers. Even if they succeeded at creating a fresh token, the entire exercise eventually felt like a enormous sham, especially with mainstream media not covering it.
I lost 16% of my investment within a duo of days.
What does this tell you? There are a loterijlot of scams going on out there and you need to close the doors on them spil soon spil possible. One wrong click or misleading trading information can cost you a fat chunk of your investment overnight.
The Internet is utter of fishy advertisements and this makes it mandatory to install an Adblocker on your browser. You are corded to see unending adverts related to bitcoin investments and wallet sign-ups if your browsing history consists of visits to authentic online cryptocurrency resources.
The Adguard Adblocker is one of the most very rated Google Chrome extensions that can be used for the purpose. It works not only with search engines, but also blocks advertisements on social media platforms and YouTube.
Thus, this gives you a higher sense of security spil well spil a better user practice.
If you want to level up your security, you can switch your browser and commence using the Courageous browser.
Courageous is one of the most reputed browsers that respects our privacy. It comes in-built with adblocker, HTTPS everywhere and few other features that make it the best for your cryptocurrencies related activities.
Five. VPN or Tor Browser for staying anonymous
So far you have learned about password management, saving yourself from trackers, ads and phishing sites. Now, the next and most significant thing is securing your IP. Even the smartest of people don’t truly concentrate on this and becomes a victim of a wise hacker. Your IP address is one of the very first things a hacker will require when attempting to hack your system. Using a contraption to hide or randomize your I.P is one of the best things you could do for yourself, especially for people like us who travel a loterijlot and use public wi-fi to connect to the Internet. Using a VPN or Tor browser will help you hide the websites you are browsing. This way, you stay safe from the preying eyes of a hacker who is perpetually on the look out for ignorant crypto users.
Tor is the best browser/network ter the world when it comes to maintaining anonymity on the Internet. While a Virtual Private Network also does a satisfactory job of hiding your IP address, the VPN provider knows your IP address at the end of the day and can point to your Internet traffic on the VPN Server.
Tor, however, takes the spel to a different level altogether. It routes your signal through a number of knots. Each knot knows the IP address of only the adjacent knots. Hence, at no point can someone exploit the details of the entire chain and reach your IP address.
Let&rsquo,s look at a finish comparison inbetween TOR and VPN ter the table below which will help you make the onberispelijk choice spil vanaf your requirements:
Albeit transactions on the blockchain are anonymous, the IP address of the pc through which the transactions are carried out can give away your details. VPN or Tor helps combat this by masking your IP Address and making you fully anonymous on the Internet.
You can visit the official webstek of Tor here to download the browser package.
If you are looking for a reliable VPN,IPVanish, ExpressVPN and NordVPN are excellent options to go for.
6. Hardware Wallet for storing cryptos
If you have bot using built-in wallets provided by cryptocurrency trading platforms and exchanges, you are making a grave mistake. Such wallets are always susceptible to cyber attacks.
Take the latest breach of the popular cryptocurrency wallet NiceHash, where cyber thieves stole $63 million dollars worth of Bitcoins ter a single heist! And there wasgoed nothing that their users could do speciaal from watching their investments vanish within seconds.
Very first things very first – let&rsquo,s look at the basics.
There are mainly two types of crypto wallets:
The wallets on crypto exchanges and trading platforms are the hot ones. Albeit they are effortless to transact with, they are also very insecure and you don’t have access to your private key. If that exchange gets hacked or they determine to shut down, you lose all your crypto assets stored on that particular exchange.
What makes mij say so? Statistics!
The total value of cryptocurrency hacks and fails spil of January 1st, 2018 stands at a staggering $1 billion te valuation.
I&rsquo,m sure you don&rsquo,t want your cryptocurrency portfolio to add to this mayhem.
Cold wallets come to your rescue here spil they are not connected to the Internet. And something that cannot be marked on the ordner cannot be stolen.
Albeit there are different types of cold wallets, hardware wallets are the most popular ones. A hardware wallet is a tangible physical device that is kept offline but can be connected to the Internet and used whenever needed. They are downright hack-proof since each transaction requires you to press a button on the device. I have never heard of a hardware wallet being hacked.
If you are looking out for the best hardware wallet, Ledger Nano S is the most popular choice ter the market. It supports numerous currencies such spil Bitcoin, Ethereum, Dogecoin, Ripple, Litecoin, Dash, Fresh, Ethereum Classic, Zcash and few others. You can see the finish list here.
The device is known to be totally tamper-free and water-proof, and also comes with a sturdy vormgeving. It uses some powerful cryptography standards to give you round-the-clock protection.
You can also check out our resource on the best Bitcoin wallets to make a more informed decision.
Let&rsquo,s wrap up the postbode with the basics – using an antivirus! You will be astonished to know how undervalued this step is among traders.
Spil discussed earlier, the virtual world is plagued with powerful malware and ransomware that can steal your coins before you know it. Even a basic key logger can track your keystrokes and figure out the password to your email or cryptocurrency wallets.
Thus, having a proven antivirus to back you up can do more than just saving your portfolio. It can protect you from an entire identity theft altogether.
Kaspersky and BitDefender are leading choices when it comes to paid antiviruses. Their databases are permanently updated to provide voorkant against all the latest vulnerabilities.
When it comes to the volatile market of cryptocurrencies, mere investments are not enough, however ingenious they seem to be. You have to be wise. It makes no sense to build a pile of fortune if it can be taken away ter a 2nd, literally.
The future of cryptocurrencies is brighter than the zon and the tale is just getting embarked. This is the flawless time to get into the market and an chance that, if missed, can render you remorseful for the surplus of your life.
After all, ter the words of Bill Gates, &ldquo,The future of money is digital currency.&rdquo,