Cryptography, as we know, is the study of techniques for secure communication. It is highly impossible to hack a blockchain, or a private key as trying to break an algorithm protected by cryptography would require an unfeasible amount of computational power

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Top 10 Cryptocurrency Security Tips For 2019
While buying a cryptocurrency is one thing, storing it safely requires entirely
different knowledge and skills as those possessed by crypto experts.
Cryptocurrency security ideas are much needed for today’s world.
Cryptocurrencies are based on cryptography. Cryptography, as we know, is the
study of techniques for secure communication. It is highly impossible to hack
a blockchain, or a private key as trying to break an algorithm protected by
cryptography would require an unfeasible amount of computational power. In spite
of such a safety aspect, there have been countless cases of cryptocurrency theft.
This may happen especially to those who are just starting out in cryptocurrency
investment.
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This article will throw light on the best 10 crypto security tips to protect
your digital assets and avoid the common hazards of crypto security.
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1. Beware of Phishing Scams
Phishing can be defined as a fraudulent attempt to obtain sensitive information
from a user by disguising themselves as a trustworthy entity. Hackers make use of
a very common scam technique which involves creating a fake, identical version
of the exchange or the web wallet page used by cryptocurrency holders. They mail
the link to the victim with a convincing message.
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This message will convince them to log in and take instant action. There have
been a lot of instances where people give in to this, access these sites, and enter
their details. The hackers then use this data to do whatever they want. To avoid
phishing, make sure that the link displayed in your browser is the same as the one
in your exchange or web wallet.
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2. Avoid Storing Cryptocurrencies on Exchanges
Though you may be taking the right actions towards crypto security, it does not
mean that your cryptocurrency exchange may also be doing the same. There
have many cases in the past about large exchanges losing their user’s funds or
freezing. This may be because of technical errors or hacks.
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If you are planning to trade your funds any time sooner, transfer the funds in your
exchange to your wallet. If you are still keen on storing cryptocurrency on an
exchange, you can check out some of the popular exchanges such as Coinbase,
eToro, Changelly, Coinmama, etc. These are trustworthy, and your coins will be
safer in these exchanges than the many other options out there.
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3. Buy a Cryptocurrency Hardware Wallet
A hardware wallet refers to a very safe method for storing your digital assets. A
cryptocurrency hardware wallet refers to a physical device that keeps your
private key safe from the eyes of criminals and gives the user easy access
to their cryptocurrencies. The three popular hardware wallets are Trezor,
Ledger (Nano S), and KeepKey. The private keys are stored inside an
impenetrable circuit. It allows users to sign transactions with a single click. A
hardware wallet also comes with a ‘seed.’ A seed is a physical paper that allows
the users to transfer keys to another wallet if the device is stolen or lost.
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4. Avoid Public wi-Fi
Wi-Fi can divert your browser to any page. This may sometimes be a mimic
version of your exchange or wallet. They will also be able to gather the data
transmitted through the network, in case it carries the password you had typed. If
you are accessing your wallet from a public Wi-Fi, be sure to use a Virtual
Private Network (VPN). It is a method used to add privacy and security to private
and public networks, like the internet and Wi-Fi hotspots. VPN is mostly used by
businesses to protect sensitive data.
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5. Ensure Device Safety
It is important to have a firewall and an updated antivirus in place. Make sure you
don’t install any software if you are not entirely sure about it. You must never
download any suspicious attachments. Before you install any software on your
system, make sure that you do thorough research about its reputation. You
can use Google or social media platforms such as Reddit or even ask your friends
whom you feel would have more knowledge about this topic.
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6. Enable Two -Factor Authentication
It refers to an extra layer of security added to the validation procedure. This
makes it difficult for hackers to invade your wallet or exchange account, as only
providing the password isn’t enough for them to gain access. This is a good
cryptocurrency security idea. A majority of the exchanges and wallets require two-
factor authentication. It may need a random pin number that was sent to you
through email or SMS.
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7. Beware of Bitcoin Gambling Sites
Many people are attracted to Bitcoin gambling due to the anonymity it offers. This
anonymity may sometimes be disadvantageous. Many Bitcoin gambling sites do
not disclose the identity of the site owner. This makes it tedious to check if the
platform has the appropriate licenses. For keeping your cryptocurrency safe, you
must use trusted Bitcoin gambling sites that have good reviews online and are at
least a year old.
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8. Don’t Get Entangled in Pump and Dumps
Pump and dump is a tactic used by a group of people or an influencer to generate
hype to make many people buy cryptocurrencies at the same time. By doing so,
the price of cryptocurrencies increases greatly, and this enables the organizers of
this tactic to dump all the people who are buying at a higher price. This practice is
illegal in cryptocurrency markets and traditional markets. You need to stay away
from it to keep your cryptocurrency safe. The organizers may lure you into
participating by promising great returns. But the fact is only the organizers will be
benefiting from this.
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9. Use Difficult Passwords
When creating a wallet or a cryptocurrency exchange account, you need to use a
very secure password. It can be a combination of numbers, uppercase, and
lowercase letters, symbols, etc. You can also use online password generators for
getting a secure password. Passwords Generator is one such online password
generator that helps in the instant creation of secure, random passwords. The
password must be stored in a safe place. The best thing to do would be to store it
offline or on a piece of paper.
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10. Keep Your Holding Private
There have been many previous instances of people being assaulted or even
murdered by bad actors in the attempt to steal their cryptocurrencies. Stealing
cryptocurrency looks attractive for both criminals and hackers due to their
anonymous nature. In case of money stolen from a bank account, it can usually be
tied to an entity and retrieved, but Bitcoin and other cryptocurrencies cannot be
traced to an identity.
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Therefore, you must never tell anyone how much cryptocurrency you hold. You
must keep this in mind when you talk to people in blockchain conferences and
cryptocurrency meetups. Another crypto security tip is to add a cryptocurrency
portfolio tracker. You can make use of this feature if you want to avoid someone
discovering your holdings if your phone is stolen.
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Conclusion
Over the past few years, cryptocurrency theft has become an incredibly popular
business. Their increasing popularity is the main reason for gaining the attention
of many hackers as the cryptocurrency market is growing more profitable each
day. There is no need to panic. Keeping these cryptocurrency security ideas in
mind will help you secure your cryptocurrencies and become a crypto expert.
To know more about cryptocurrencies, check out Blockchain Council
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