link3381 link3382 link3383 link3384 link3385 link3386 link3387 link3388 link3389 link3390 link3391 link3392 link3393 link3394 link3395 link3396 link3397 link3398 link3399 link3400 link3401 link3402 link3403 link3404 link3405 link3406 link3407 link3408 link3409 link3410 link3411 link3412 link3413 link3414 link3415 link3416 link3417 link3418 link3419 link3420 link3421 link3422 link3423 link3424 link3425 link3426 link3427 link3428 link3429 link3430 link3431 link3432 link3433 link3434 link3435 link3436 link3437 link3438 link3439 link3440 link3441 link3442 link3443 link3444 link3445 link3446 link3447 link3448 link3449 link3450 link3451 link3452 link3453 link3454 link3455 link3456 link3457 link3458 link3459 link3460 link3461 link3462 link3463 link3464 link3465 link3466 link3467 link3468 link3469 link3470 link3471 link3472 link3473 link3474 link3475 link3476 link3477 link3478 link3479 link3480 link3481 link3482 link3483 link3484 link3485 link3486 link3487 link3488 link3489 link3490 link3491 link3492 link3493 link3494 link3495 link3496 link3497 link3498 link3499 link3500 link3501 link3502 link3503 link3504 link3505 link3506 link3507 link3508 link3509 link3510 link3511 link3512 link3513 link3514 link3515 link3516 link3517 link3518 link3519 link3520 link3521 link3522 link3523 link3524 link3525 link3526 link3527

How To Secure Your Funds In Periods of Prosperity of the Cryptocurrency Economy?

How To Secure Your Funds In Periods of Prosperity of the Cryptocurrency Economy?

How To Secure Your Funds In Periods of Prosperity of the Cryptocurrency Economy?

2017 is definitely the year of crypto, as the past 4 months have witnessed the unprecedented growth of multiple coins’ markets. Bitcoin has recorded more than 70% price gains so far this year. Yet more, the altcoin market capital has exceeded $50 billion for the first time ever in 2017. This prosperity in the crypto economy acts as a magnet that attracts hackers who would try to steal some coins using one of the tricks in crypto’s black book. So, throughout this article, I will highlight some basic instructions to help you secure your coins.

Avoid online wallets whenever possible:

It goes without saying that if you don’t own the private keys of your coins, then you don’t control your coins. That being said, I can never emphasize how secure it is to keep your coins on a desktop wallet on your machine. For bitcoin, the most secure way to save your coins is to download and install Bitcoin Core; download the full blockchain; encrypt your wallet and send your coins to one of the addresses of your wallet. No matter how secure Blockchain.info’s wallet might seem, it can be no more secure than your own desktop bitcoin core wallet. Note that blockchain.info doesn’t control your coins’ private keys.

You should do the same for altcoins too, keep your coins in a wallet on your machine to have control over your private keys. If you have to use online wallets, never rely on passwords alone; use two-factor authentication as an added security measure. Also, use a randomly generated password and avoid meaningful words, as they can easily be cracked via dictionary attacks. Passwordsgenerator.net can help you generate random passwords with the length you choose; use at least 16 characters for your password.

Don’t leave your coins in an exchange’s wallet:

Many would use their exchange’s trading accounts as wallets for their altcoins. I don’t advise you to do this, as you won’t have control over your coins’ private keys this way and also, pay attention that periods of crypto economy prosperity is when most exchanges are attacked by hackers, so you don’t want your coins to be confiscated in case the exchange is hacked.

Use cold storage whenever possible:

Cold storage refers to the process of storage of bitcoin, or other cryptocurrencies, offline. By far, cold storage is unarguably the most secure way to store cryptocurrencies. If you want use cold storage to store your bitcoins, you have to download and install bitcoin core’s wallet on your machine, download the full blockchain, encrypt your wallet and then import your .dat wallet file, or your coins’ private keys, and use them for cold storage via USB drives, hardware wallets, paper wallets, physical coins….etc.

Keep the email you used for your cryptocurrency accounts safe:

For maximum security, don’t share the email you used to create your blockchain.info’s wallet, or your cryptocurrency exchanges’ accounts, with anyone and don’t use them for creating accounts on any other websites. If a hacker knows the email you used to create you accounts, this would markedly make it easier for him/her to hack your accounts.

Chuck Reynolds
Contributor

Alan Zibluk Markethive Founding Member