Cryptocurrency Security: How to Protect Your Crypto Investments?
Just like our regular assets, protecting our crypto is necessary for every investment. Some unfortunate news reported that some crypto investors lose a lot, and cannot access their funds permanently. So let us understand the basics first, on how Cryptocurrency access, trading, and log-ins works.
It has a 2-factor authentication process.
The two-factor authentication process is a security process in which users provide two different authentication factors to verify themselves so the resources can be accessed by a valid crypto user. It could be a form of a text sent to your smartphone or email, that allows you to login into your crypto account to make sure, it is you.
Let’s start treating our crypto assets like our email or social media accounts. We must not click on something unusual. Like when somebody sends you a spam email or messages on social media with suspicious links.
What do you usually do? You delete or ignore it. Make sure that you do not leave your sensitive data on a publicly used computer or device. Hackers can still get an idea of how to take advantage of such crypto traders.
If you find something unusual, disconnect it from the internet. Cold wallets that do not connect to the internet are not prone to cyber-attacks. Just like logging in to your email and social media, use a secure internet server.
Since web servers are accessible to the public, chances are big to get compromised by malicious users. So securing the webserver is very important. If you have a company or trading big crypto funds. It is very important to use VPN servers, so they can constantly track your web and apps activities,
As they analyze the data that they collect, a VPN network can prevent other users and web browsers from accessing your connection. Keeping you safe from an anonymous sender. Some VPNs also offer military-grade protection, which is a more advanced kind of security. This can be useable if you are that serious about protecting your digital wealth.
Now, a secured server guarantees safe online transactions that use Secure Sockets Layer or SSL protocol for data decryption and encryption. In addition, it is advised to maintain multiple wallets, as the old sayings said don’t just put all your eggs in one basket. Having multiple wallets is an advantage.
If you are a business owner that deals in crypto, always aim to have multiple businesses or branches. If the other branch collapses, you are always safe to have a backup.
Secure your device, whether it is a smartphone, tablet, laptop, or PC. Make sure that you always secure your hardware. Rebooting your device more often is also advisable. Moreover, always change your password every 3 months.
Changing your crypto passwords every 3 months will refresh your account. Like your password on your email and office tools access. It is always advised to change it at least every 3 months. Doing this is recommended by IT experts to ensure that password is not compromised. Making this a habit prevents cybercriminals from hacking your crypto account.
After all, If you have already proven that your email or social media accounts were not hacked for years or ever since, it means that you are doing it right.
DEX like Coinswap Space also prioritizes security and safety. And one of the reasons why Coinswap Space is secured is because it’s been verified by CertiK. And in case you don’t know, CertiK is the leading security-focused platform that analyzes and monitors blockchain protocols, DApps, wallets, smart contracts, and DeFi projects.
It uses in-house formal verification technology that conducts security audits. The said company also has a secure programming language with a stay to update security insights. It is a good company because they’ve already worked with over 1300 enterprise clients.
It also helped secure more than 90 billion US dollars worth of digital assets. As well as detected over 23000 vulnerabilities in blockchain codes. The audits they have made revealed security weak spots of blockchain outfits. And to date, there are already over 500 blockchain companies that have partnered and received auditing from CertiK — Including Coinswap Space.