Crypto Security Guidelines (Part 1)

dr.Gachet

dr.Gachet

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If you have managed to make good money on bitcoin, hold off on rejoicing. Your money can easily get in the hands of hackers. To maximally secure your crypto-state, follow these 10 rules.

Do NOT use SMS 2FA on Your Accounts

To register on any digital platform, you must enter your e-mail address. It is also used to recover the account password. If hackers take possession of an electronic mail, there is a high probability that you will not be able to restore access to it. Thus, any email-related account will be compromised.

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In most countries it is very easy to copy a sim card, so hackers can access your phone number and forward calls and SMS to a new device. Once the hacker succeeds, he, knowing only one e-mail address, will be able to use the procedure for password recovery via SMS and get full access to your account.

Setup 2FA or U2F on Your Accounts

A safer alternative to 2FA is U2F, a universal two-factor authentication developed by the FIDO alliance. It combines openness, safety, security and ease of use. The U2F device is connected to the USB port and sends a signal confirming the user's login when the button is pressed.

This standard is more secure than the normal 2FA, because it is an independent material device. If a hacker gets remote access to a device with the 2FA application, he can easily open all attached accounts of the user. But in order to access accounts with U2F authentication, he will have to possess the device himself. This greatly reduces the risks for the user, since it is impossible to open such a key remotely.

Use a Hardware Wallet

A hardware wallet is the safest way to store cryptocurrency. even such a saying has appeared in the cryptocommunity: "If you do not control the keys, you do not control the cryptocurrency as well."

This very accurately reflects the essence of the risk. An investor who keeps the currency on the exchange does not control the private keys from his accounts — they are owned by the exchange. In the event of a hacker attack, he risks losing all his assets (it is enough to recall the hacking of Mt. Gox, Coinrail, Bithumb, Bitfinex and other exchanges).

Remember: Do not store secret keys on Evernote or Dropbox — use hardware wallets. In the worst case, write them down on a sheet of paper. In this case, hardware wallets, such as Ledger and Trezor, can be used for U2F authentication.

They not only protect secret keys and provide two-factor authentication, but in the event of theft, an hacker will not be able to access them without knowing the PIN (unlike traditional U2F devices like Yubico that open access immediately when connected to a computer).

Do not Boast about Your Income

Frrquently, you can see how someone talks about their successes on social networks, and then complains that they hacked him. In this case, the cause and effect are obvious.

Show off your crypto gains on the Internet is like writing on the forehead "I have a lot of money with me!" and go for a walk in the dark alleys. Talking about profits or posting screenshots of wallets, you encourage hackers to search for vulnerabilities in your environment. And they will find them and will take advantage of it. Do not be frivolous.

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