If you are new to the crypto space, the first thing you ought to know is that being ignorant about security measures is not an option. One of the first steps you should take on your journey to getting a full grasp of the crypto space is coming to terms with the risks involved and putting measures in place to protect yourself from them.
In this post, we’ll be sharing some of the things you should know to ensure that you are protected from anything that may lead to any form of loss. These are some of the things you should have at the back of your mind when going about your activities in the crypto space.
Double-check bitcoin addresses
Addresses on the bitcoin blockchain are anonymous which means that it is difficult to trace users in cases of theft or missing digital assets. This is why you should double-check bitcoin addresses before you click the send button. When bitcoin is sent to the wrong address it is almost impossible to retrieve them.
Minor mistakes often come with high costs
It could be that one has only just misplaced their private key or that they accidentally sent some crypto to a wrong address. Or, that they have painstakingly pilled some significant amount of crypto only to lose every single one of them in a senseless hack as a result of carelessly clicking a fake URL.
Whatever the case may be, remember that small mistakes can be very costly.
Always ensure that you only click on URLs that are secure with the ‘s’ at the end of ‘Http’ and a locked padlock indicating that the website is secure. Look again and again at the website of the exchange in your browser before you type in your information. Also, ensure that you don’t download just any type of software. And, use a secure internet connection at all times.
Beware of Phishing
Phishing is done by cybercriminals. It is a fraudulent activity where an attacker pretends to be someone or a company of repute in order to have access to your funds or information and this is mostly done via emails and other communication channels. What this cybercriminal does is include links and/or other attachments to a message sent to you. Clicking these links or files allows them to access sensitive information like your login details.
To spot a phishing email, check to see if there are spelling and punctuation errors. If there is a misspelt URL, if the message ignites feelings of fear or a sense of urgency, and/or if it asks you to verify sensitive information like financial details.
Google’s 2FA simply takes an extra step to ensure that your accounts are secure. Enabling it on your cryptocurrency account is an additional effort in ensuring that only you can have access to your account.
If someone else, unfortunately, gets a hold of your login details, for example, they would still be unable to access your wallets if you have 2FA activated.
The market is volatile
The crypto market is still tender. Things aren’t quite stable yet. You could make an immense profit or record some loses. When you trade or invest, do not put in money that you are not prepared to lose.
Also, ensure that you always carry out your research before you invest and only invest in cryptocurrencies that are listed on popular exchanges in order to avoid getting your fingers burnt.