Here are five important steps you must take to minimize your risk of falling victim to the increasing number of scams in the cryptocurrency space.
Scams. Scams Everywhere.
Fake Vitaliks. Fake McAfees. The twitter handles you are commenting on, are they even authentic? Is the blue tick even real? In an average quick skim of your feed, are you susceptible to missing the “i” in @vitalkbuterin?
Adding to the ever rising list of scams, there’s a ton of other schemes designed to siphon off all your crypto returns overnight.
Don’t be hard on yourself just yet – virtual currencies always have, and always will, face the wrath of issues beyond your control and be prone to hackers, cyber attacks, or lost due to a single piece of faulty code.
While the industry is built on the premise of banks getting replaced and the power of money to be handed back to people, we have too long trusted external organizations with our resources and hence have grown very comfortable with financial security.
But as a crypto holder, it’s time you take security into your hands.
We have complied a list of cautions and advices, so that you be smart and do the right, and enjoy financial security in the truest form.
1. Have a Very Strong Password
Yes. The most obvious point which also happens to be the one people least follow !
You can’t use your crush’s name, your dog’s favorite food, your favorite city, or that line from the Elvis song. Adding a couple of numbers at the end doesn’t help much either. Did you know that for as less as $30 dollars, there are password crackers that can iterate 300 BILLION passwords per second ?
Ask yourself about how much time will password123 take to crack. Be wise and choose a very strong password like XcomBiT#3wel1@#45. A combination of random Capital and small letters, symbols, and numbers.
Our tip is to keep 2FA on at all times, using Google Authenticator or Authy at every log-in. It is recommend to use different passwords for all the sites and writing them all down on a paper, which you keep stored safely.
Do not click pictures of the passwords and save it on your phone, cold storage is the way to go. Invest in a hardware wallet and use it for generating powerful keys and signatures.