5 simple ways to protect your crypto-currencies | TechBuzz

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While blockchain has a reputation for being a hard-to-hack technology, cryptocurrency wallets and transactions are prime targets for hackers. Several solutions exist to secure your currencies quickly.

Cryptocurrencies are based on blockchain technology and as a result, they have quickly gained a reputation as secure currencies. Paradoxically, not a week goes by without the media talking about the sometimes astronomical theft of virtual currencies. These breakages most often take place during transfers or simply by trapping the owners. Because if the decentralization of the blockchain makes attacks difficult, it is always possible to attack the holders of these currencies.

If, like the majority of crypto holders, you are using an online exchange, then at the protocol level you are not really in possession of your coins. The platform holds your funds and the keys to transfer them. When you decide to withdraw the currency, you are asking the exchange to sign a transaction on your behalf.

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However, all these services are online and assume that at some point a third party can disrupt the transfer. It is possible to transfer your crypto-currencies to your hard drive or USB keys intended specifically for this purpose. The last solution in terms of security is still the sheet of paper, but be careful not to tear it. Overview of simple methods to protect your crypto-currencies.

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Ethereum // Source : Ethereum Foundation

The hot wallet (hot wallet)

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The most accessible way is to download an application on the smartphone. Generally, the services offered are very easy to use and suitable for everyday use. They allow for example to scan an address in the form of a QR code to make the transfer faster. The apps on offer are often free, and those that specialize in security offer affordable plans.

The companies behind these apps use combinations of online and offline server storage to protect user wallets. Generally, the new tenors of crypto are also those who offer the most secure solutions.

However, you should be aware that the wallets and keys on an application are connected to the Internet and therefore more vulnerable to attacks. It is not recommended for large sums.

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Some recommended apps: Coinbase, Binance, Zen Go, Trust Wallet, Exodus, Ku Coin, MetaMask.

The cold wallet (cold wallet)

A cold wallet is a physical wallet, completely offline, to store currencies. In the majority of cases, it is a USB key. Unlike secure applications, these tools are not connected and therefore less susceptible to attack. Currencies can stay hot on the key while there is panic on a platform. In addition, some companies offer an encrypted wallet to provide even more security. This is the most recommended solution, when the values ​​held are very high.

Ledger and Trezor, the two market leaders. // Source: Unsplash

The Cold Wallet requires a signature for each transaction to certify that it is indeed the owner of the currencies who is at the origin. Exchanges therefore take a little longer than on apps. Count around a hundred euros for a key.

On the other hand, if you lose your device, you will never get your funds back. You are always at risk of having your credentials stolen, so you need to make sure that you take the proper precautions to not have it stolen.

Some recommended brands: Ledger, Trezor, Coolwallet.

The paper wallet (paper wallet)

The world of crypto offers ways, still unimaginable a few years ago, to store money. You can indeed print an address to store your currencies. The QR Code drawn on the sheet is used to receive transactions. This wallet is obviously considered extremely secure, as it is not connected to the internet.

A paper wallet can take this form. // Source: Wikimedia Commons

To make the famous wallet, you have to go to a site that creates a randomly generated key. The best known are bitcoinpaperwallet.com orbitaddress.org. You must then click on the “Generate New Address” or “Generate Key & Print Paper Wallets” tab to create a new address.

To transfer your crypto again, you must go through an application, and therefore potentially take a risk.

Use a complex password

The advice is basic, but crypto wallets are among the most targeted items by hackers. Cybercriminals have several tactics to recover your passcode. A brute force attack, for example, uses software to try as many combinations as possible until the right one is found. The length of the password is surely the most determining criterion. You can choose a phrase, such as “Jaimelatartealapomme”. Then sprinkle numbers and signs and it gives “JaIm3latartealap0mm%”. This is a password that hackers will have a hard time finding.

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Source : Google

Enable two-factor authentication

When choosing a wallet, check that double authentication is part of the security measures. This adds an extra layer of identification for your funds by requiring verification before certain operations on your account like login, withdrawals or remittances. You will be immediately informed if someone tries to access your wallet. The majority of online wallets offer double authentication. If you follow all these tips, your currencies are safe. However, it is also up to you to be careful and not fall for phishing emails from hackers.

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Bye-bye le bitcoin // Source : CC0/Mohammed Hassan pour Pxhere

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I am admin of techbuzz.asia blog & I provide tech-related news. As a part of my hobby, I make content related to technology and gadgets reviews too. I love to be a content creator apart from it, I am a full-time employee in an MNC company and manage blogs systematically. You can mail me at [email protected]

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