How Safe Is Cryptocurrency – For the crypto community, security is key. We’ve rounded up some crypto security tips from our crypto and IT insiders, so you can make sure you’re using all the best practices to keep your crypto safe.
The first rule of internet security – have good passwords. Good passwords are long, complex, and difficult to guess. It’s better. Do you find it challenging? or because of it
How Safe Is Cryptocurrency
Password manager. Bitwarden is good. Most password managers offer the option to generate completely random passwords. If you have a good password manager and can remember one password to unlock the manager, there’s no need to worry about what your other passwords are.
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If you feel the need to create a memorable password, long password options include connecting words with conjunctions between them – for example:
Other password storage options include storing your password in a fireproof safe that only you can access – in this case it’s better to store your password in a password manager.
Make sure you don’t reuse the same password on multiple sites. If someone is suspicious, and your username is just an email address or something simple like first name, last name, a hacker can easily go down the list and access your information on other websites, including credit and addresses. Next point…
We recommend not storing your passwords in your browser (such as allowing Google Chrome to remember your passwords). If someone gains access to your device, your passwords can be easily accessed. Having passwords in one place (password manager) is more secure.
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Although it doesn’t make things easier, it’s a good idea to store your credit card information on websites. If a website is compromised, hackers can gain access. Additionally, never enter your credit card information on a website that isn’t encrypted – in other words – doesn’t start with ‘https’.
If you want to be extra careful with credit cards, as well as other sensitive information, some recommend turning off potential listening devices (like Alexa or Echo, or anything with the Facebook app installed if you think they’re suspicious). For an extra layer of protection.
But at the end of the day – an important point that shouldn’t be overlooked – if you want to use it, make sure you log out every time you use your admin password. On the same note, turn off your device, especially if you work in a public area. Security tools only work when properly implemented.
Another big thing is that you can see two-factor authentication anywhere and everywhere, especially when it comes to email and finances. One of our favorite 2FA methods is the YubiKey, a flash drive that generates an OTP code. A sophisticated hacker can get around 2FA when passwords are sent via email (especially if the victim doesn’t have all of the security methods mentioned above).
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Use 2FA on secure apps and websites to make sure you’re who you are
In terms of security in general, some other important basics include setting up your home network with a strong password and creating a separate wireless network for guests. Additionally, be careful when connecting to WiFi. Many crypto security enthusiasts create VPNs (or Virtual Private Networks).
One of the most important things to properly store your crypto is your seed phrase, also commonly known as a catchphrase. Your twelve word phrase allows you to restore your vault on another device. Therefore, it is very important that you keep your password safe and that no one else has access to it.
There are many different schools that fit the seeding. One way to save your conversation from being misunderstood is to memorize it.
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Additional tips include breaking the sentence into twelve words and storing them in several different places, such as several fireproof safes. Some recommend intervening to help remember a sentence – a trusted person can give you part of the sentence and break it up, while others swear against having someone give you part or all of your opening sentence.
Another possible option is to encrypt your seed phrase and store it in a password manager, or parts of it in multiple password managers. The bottom line is to be careful with your contact and remember to never give your opinion over the phone, email or solicitation. No one will approach you and ask for a dozen words.
When it comes to crypto storage, there are some general principles that most crypto enthusiasts agree on. First, don’t put all or most of your crypto on an exchange. Leaving your crypto on an exchange risks disabling or failing the exchange. A safe place to store your wallet in a non-existent wallet like wallet. With an unattended wallet, you have full control over your private keys.
As for the best wallet, opinions differ on the most secure wallets (paper wallets, hardware wallets, hot storage). One thing is for sure, don’t keep all your storage in one place, especially if you have a lot of it. If tied in this way, everything will not be lost or stolen.
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One line of wallet security is multi-factor security or multisig. This is the same concept as two-factor authentication. Crypto transactions need to be “light” from multiple devices (computers, phones) to help reduce the chances of hackers stealing crypto. It handles multisig concept.
Another important aspect for anyone in the crypto space is knowing and understanding how crypto is stolen. Encrypted transactions are irreversible – check your wallet and make sure no one needs access to your private keys. Most crypto thefts come from well-targeted scams with sophisticated bait and switch links.
Be aware of the information you give out willingly or unknowingly, especially on social media. For example, when you log into social media and say you’re at a certain location, you’re letting someone know you’re not home, opening yourself up to potential thieves.
Many social media games offer safety answers (“the way you grew up and the model of your first car to find out what kind of pasta you are”) so the best advice here is to be careful and interact with everyone at once.
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When you download new software or apps, make sure you know where they came from. Ideally, it’s directly to the app store or the company’s website. Sometimes a quick Google search for an app or program will lead you to a spam page that has installed malware on your device.
Also, while downloading an app, it’s always a good idea to ask for the app store’s permissions. If an app with a simple purpose like a timer wants to access all other apps, locations, contacts and photos, it indicates concern. If you can afford it, have a separate device for cash and cash to reduce the chance of compromise.
In general, it’s best to avoid advertising that you have a lot of crypto. Even if you’re cautious, you’re more sophisticated these days and having a password in public makes you an easy target.
Overall, when it comes to cyber security and your vault, the most important thing is to always be vigilant and diligent. Hacking is constantly becoming more sophisticated, especially in the crypto space. There is always a new scam and no one wants to be a patient. Cryptographers need to use safe purchasing and storage tools, as well as keeping security in mind and generally good security practices across the board.
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