As with any product in the financial markets, cryptocurrencies need high-level protection in terms of security. Although it is a secure system with its decentralized structure and infrastructure, some risks arise as its availability increases.
Cryptocurrency is a fully digital, encrypted virtual currency. It is produced after a wide variety of mathematical verification processes using computers, i.e. “mining” . It can be exchanged and transferred, as well as stored in digital wallets and converted into different currencies on cryptocurrency exchanges . All these transactions develop on the blockchain, and it is precisely here that the powerful and secure technology behind cryptocurrencies emerges. A blockchain is a ledger where all transactions related to a cryptocurrency are kept. In this system, each data entry creates a transaction, while these sequential transactions form the block. A peer-to-peer distributed system is used for the verification of blocks, and confirmed transactions are added to the system. While blockchain technology offers a very secure technology to the transactions made due to its structure, it becomes more usable with faster systems with the developments made.
Here are some of the ways to secure your cryptocurrencies:
1. Beware of Phishing
While most payment systems monitor cases of theft such as misleading payment information and phishing, the security of your transfer and storage transactions with malware in cryptocurrencies can be blocked. In crypto money transfers, you may be asked to obtain your wallet and passwords with phishing methods such as a software that changes the wallet number during the transaction or a router e-mail . For this reason, it is very important to be very careful in crypto money transactions and to use a secure network or device.
2. Storing Cryptocurrencies
It is also useful to be very cautious in the storage of crypto coins. One of the most common problems is the loss or theft of the wallet. Many people store cryptocurrency wallet files on their computers. This brings risks such as malware or hard disk corruption. For this reason, we know that most of the top cryptocurrency investors have storable copies of their private keys and use USB hardware wallets. So what is this USB hardware wallet? USB hardware wallets, known as Ledger Wallets, are hardware offline wallets that allow you to keep your crypto assets (Bitcoin, Ethereum, etc.) safely. The safest of the options where you can store your crypto coins is this hardware wallet. Inside your hardware wallets is a secure chip that stores your private key. In this way, while you can keep your key safely, you can safely store your crypto coins offline by separating your device from your computer after performing your desired crypto money transaction.
It should not be forgotten that the care taken during storage must also be shown during the process; Crypto money transactions should be carried out by double-checking details such as address, amount or transaction fee. Therefore, when relying on crypto coins and cryptography technology, it is useful to be extra careful and cautious during the transaction and in storage.
3. Use a Strong Password
We can’t underestimate the importance of a strong password when talking about security. According to a study, three-quarters of millennials in the U.S. use the same password on more than 10 devices, apps, and other social media accounts. It was also noted that most of them use the same password in more than 50 different places. Make sure you have a strong, complex password that’s hard to guess, and change it regularly. If you have more than one wallet, use separate passwords. For added security, choose two-factor authentication (2FA). At ICRYPEX, you can trade with 2FA or SMS authentication, which offers a multi-layered level of security.
4. Secure Internet
When trading or trading cryptocurrencies, use only a secure Internet connection and avoid public Wi-Fi networks. Use a VPN for added security, even when accessing your home network. A VPN allows you to monitor your browsing activity by changing your IP address and location; Keeps it safe and private from threat actors.
