In the Crypto community you can make a lot of money and at the same time if you are not safety conscious you can lose it all. It is essential that Crypto enthusiasts carry out all security measures when actively trading.
This article contains how you can keep your crypto assets safe so you can ensure you’re using all the best practices to keep your crypto safe.
Key Takeaways:
- Crypto Security begins with Internet Security
- 5 principle to consider for securing Crypto Wallets
- Overall security best practices.
Crypto and Internet Security
One of the first steps to consider in safeguarding your Cryptos is making sure your Internet Security is very safe and strong and this trickles down to the kind of Crypto exchanges you use.
How It Works
- Use Good Passwords: Most times using a seemingly weak password is an Internet Security and can be considered porous which may lead to unwarranted access. So the solution is to use good passwords, and these are usually lengthy in nature, in fact the lengthier the better and ensure you don’t share them.
- Use a Good Password Manager: Password managers offer the option of generating random passwords which are complete gibberish. If you have a good password manager and can make sure to remember the one password to unlock the manager, you won’t need to worry that you haven’t a clue what your other passwords are.
- Credit Card or Bank Account Information: It’s advisable to not store your credit card information on websites. Should the website get compromised, hackers can get access. Additionally, never type your credit card information into a website that isn’t encrypted. Don’t participate in Social Media Quests rendering you to drop your account numbers for a Giveaway
- Enable Two-Factor Authentication: Please make sure you enable two-factor authentication anywhere and everywhere you can, especially for email and anything financial-related. A sophisticated hacker can potentially get around 2FA when the code is sent via email (especially if the victim does not have all of the above recommended security practices in place).
- Be careful with WiFis and opt for VPNs: For generally being security minded, some other important basics include locking your home internet with a strong password and enabling a separate guest wifi. Additionally, be cautious when joining a wifi. Most security-minded crypto enthusiasts will create a VPN (or virtual private network).
5 Principles for Securing Crypto Wallets
Here are several key principles to secure your wallet
1. Use a cold wallet
A cold or hardware wallet is a secure way to store cryptocurrency offline. A cold wallet is a device that is securely encrypted and stores your private key. Since a cold wallet is not connected to the internet, it cannot get hacked.
2. Have a secure internet connection
When making crypto transactions, use a secure, private internet connection. A virtual private network (VPN) offers extra security by changing your IP address and location to keep your browsing activity confidential. Do not trade crypto using a public Wi-Fi network.
3. Encrypt your wallet
Encrypting your wallet involves putting a password in place before funds can be withdrawn. The password should be strong, containing several types of characters. Keep your password in a secure place if you forget it, you can permanently lose access to your money.
4. Change your passwords regularly
Use a strong, complex password that does not contain any personal information. Each account should have a unique password, and you should change your passwords every six months. If you have multiple wallets, use separate passwords for each of them. You can also store your passwords in a password manager to keep track of them all.
5. Back up information
A backup wallet stores your wallet data in a safe place. If you accidentally delete something or lose your computer, your wallet will still be accessible. Backup your entire wallet regularly to save your most recent bitcoin addresses.
Overall Crypto Best Security Practises
1. Securing your seed phrase : This is probably the primary way that you will be defrauded of your Cryptocurrencies! You may be tricked into entering this 12-word wallet security phrase into what you think is a legitimate website. This allows the scammer to access your wallet on their own device and empty it of your Coins.
2. Beware of Fake Customer Support on WhatsApp, Viber, Telegram, and Reddit: No exchange, especially KOYN, has customer support agents on those platforms. You may ask a simple question on a public forum, channel or sub and moments later some ‘Support’ staff are on hand to help you! be extremely Careful!
3. Set your anti-Phishing phrase on your exchange app or website : This will appear at the top of all communication emails from the official site. Make it something unique to you and easily memorable. This makes it much easier to spot spam emails that are phishing for your information, such as your seed phrase!
4. Beware of URLS from Social Media Bots : Always visit the site yourself, from your own browser. You may think that you’re visiting the Crypto exchange site you know and love, but you’ve actually been directed to a copy of the front page of the site, designed to harvest your valuable information, such as your seed phrase! The same goes for downloading Crypto mobile apps from random sites on the internet. They may be fake apps designed to collect your information in order to steal your Crypto. Only ever download the official app from the official app store!
5. Dedicate a Smartphone or Laptop for just Crypto : For extra security, you might consider having a dedicated device just for your Crypto, and keep it offline unless you’re actually using it to make transactions. This is the lowest risk method, but it could be seen as a luxury.
6. Consider Metamask and Trustwallet : This is useful for your peace of mind and safeguards against an exchange getting hacked or going illiquid. There may not be a high risk of this happening anymore, but Crypto veterans will remember the demise of Mt.Gox and won’t take the same risk twice.
7. Buy Antivirus and Anti Phishing Software for your Crypto Devices : It pays to keep your computer or smartphone safe from outside interference by running security software regularly.
Conclusion
Majorly, when it comes to internet security and securing your crypto, the single most important thing is to always be alert and diligent. Scammers and Crypto Hackers are becoming dangerous daily. There’s always a new scam, and no one wants to be on the receiving end. KOYN majorly takes your security as priority and with our encrypted data your assets are safe at the highest levels possible and that’s why we have shared these tips with you.
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