Cryptocurrency Security Guide For Beginner. The cryptocurrency market growth becomes high all over the world so Cryptocurrency Security is very important for all people. Now we will provide a basic guideline Related to Account management if you follow this you will save your money.
A question that I get asked frequently whether I am at small meet ups or large gatherings such as weddings – have you invested in Bitcoin?
On one hand, investments can be very lucrative, but on the other hand, you can lose all your funds overnight when the market is at a high.
10 Basic Cryptocurrency Security Guide
- Do not self-custody keys.
- Ensure vendors provide indemnity.
- Know the current regulations that apply to you and your vendors.
- Ensure appropriate governance
- Concern with insurance broker.
- Spread assets across more than one digital wallet.
- Use cold wallets and hot wallets.
- Implement basic policies to reduce risk.
- Hire specialty vendors to help protect assets.
- Conduct your due diligence on cybersecurity.
Security is a growing concern facing the cryptocurrency community today. The new wave of hackers, malware, ransomware and scams has turned the virtual world into a war zone that is battling financial threats.
This situation is simple in essence. If you don’t know what you are doing, you are leaving your money on the table.
Security Guide for Crypto Baby Boomers:
Security begins and ends at passwords. Because there are so many cryptocurrencies you can choose to invest in, you can use multiple wallets at the same time. I use no less than four wallets.
Managing multiple accounts means having multiple passwords. You may not have the same password for all accounts. In today’s time, even a ten-year-old person would not make this mistake.
Also, the need to remember multiple passwords can cause one of them to slip from your mind.
A password manager is needed in these situations. That requires you to remember only one password – which is known as the master password. All other passwords are randomly generated, are strong, and are, therefore, highly secure. You can also change these passwords if there is a cyber attack on your wallet or exchange. Moreover, your data is encrypted and only you can access it with your master password.
You can go with Dashlane here, as it is a powerful choice for this purpose. It integrates with your browser to enter passwords directly. They also offer iOS and Android app. Of all the password managers I’ve tried over the years, Dashlane clearly stands out.
Dashlane password manager
After installing Dashlane, you can also import existing passwords into your browser. Another cool feature of Dashlane is secure note storage. Because a lot of crypto websites require us to copy-paste the private key to log in (which is not the best thing to do but we have limited options for now), you can use Evernote or Google Docs. You can store it on Dashlane instead. There are some other features in this app as well. However, I’ll let you figure it out yourself.
Two Factor Authentication
Although it is necessary to have a strong password, but it may not prove to be sufficient in the case of sophisticated cyber attacks like Brute Force.
Two factor authentication
Two-Factor Authentication (2FA) helps in dealing with such scenarios by adding another layer of security to the login process. The act of entering the password is clubbed with a piece of information that only the user will have. This can be a token number that they can view on their smartphone or it can be a one-time password (OTP) sent to their email.
This makes the task of stealing your data very difficult for potential attackers as they require physical access to the smartphone or log-in details of your email address.
There are 3 types of authentication factors that can be used:
Knowledge Factors: Something that only the user knows (assuming that he has not shared it with anyone else). These may include a password, PIN, or the answer to a secret question.
Possession Factors: Something that is physically present with the user, such as an ID card, smartphone, or token number.
Biometric Factors: Something that is a user. These are also known as inheritance factors, these are personal characteristics that are unique to the user such as a fingerprint, face, or voice. It may also include behavioral patterns such as keystroke dynamics.
Here is how you can implement Two-Factor Authentication or 2FA with the help of Google Authenticator. Follow these steps:
- Log in to your cryptocurrency wallet or exchange account and enable two-factor authentication from the respective options in Settings.
- Download the ‘Google Authenticator’ app on your smartphone from Google Play or App Store.
Launch the app and click on the Red Plus sign in the lower right corner.
- Choose from the option to scan the barcode or manually enter the key provided. Select the appropriate option that matches with the option you see on the website of the wallet or exchange.
- Enter the 6 digits token number you see on the exchange/wallet website or app.
- 2FA Authentication now for your