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5 Simple Tips to Stay Safe in the Wild West of Bitcoin

Maybe the Call of the Bitcoin Ecosystem & # 39; The Wild West & # 39; ; is a little exaggerated because the environment has become much safer and comes a lot more in the light of the mainstream. However, its decentralized nature always leaves it open to attacks that can lead to a loss of fortune and there is almost no recourse.

However, some simple tips and tricks can help those who are serious about cryptocurrency to keep their digital currencies much safer and secure. From cold portfolios to second authentication, cryptocurrencies become much more difficult to steal if they are behind some protective walls that users can set up.

Threats continue to grow and become more sophisticated. seeks to attack sensitive, credulous and vulnerable people. To avoid phishing scams, Trojans, fake wallets and even hacks, a few steps can make the difference.

A sense of security

Crypto-events walk on a delicate line when it comes to their security. They began their lives in the shadow of the dark web and, for this reason, have gained a reputation that has remained to this day

However, the cryptocurrencies and their inherent makeup are designed to be without confidence and ultimately immutable and unshakeable. They are decentralized, they depend on a public registry inviolable and they are transparent.

However, it is not the Blockchain or the Bitcoin that are involved; it is the people who benefit from the people and the ecosystem in which they live. So, it takes a little common sense, and some simple steps to stay safe.

Cold Cash

One of the most surefire ways to keep safe digital currencies is to remove it from the clutches of pirates and clutches. potential thieves. Hardware portfolios are the answer to that.

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A hardware portfolio is essentially a USB key that stores private keys and digital currency on a physical drive that is disconnected from the Internet. It is a good idea to store any significant amount of digital currency on any of them.

Storing a large amount of coins on the public Internet, especially on exchanges that are honeymooners for hackers, simply invites attack. The only problem with a hardware portfolio is that it can be damaged or lost, but at least that can not be blamed on anyone other than yourself.

Spending Small

Another disadvantage to keeping all your hard coins earned on a hardware portfolio are essentially chests, and if you are looking to spend digital currency for small transactions, this becomes a chore.

So, it is prudent to store the majority of your coins on cold storage, but also wise to keep a small amount you would be willing to lose on an online wallet.

You can, of course, use interoperable portfolios with popular hardware portfolios. make your installation more transparent.

When it comes to using your wallet online, one of the biggest rules is to try to keep your private key. However, some of the larger and more popular exchanges and portfolios do not allow it.

Stay Legitimate

Another way to avoid losing your investment is to not invest badly. There are hundreds of new ICOs popping up all the time, with the goal of tempering more investors, but a vast majority of them are gadgets or even fake.

The best example is OneCoin, which sells as a competitor for Bitcoin, attacking $ 350 million in investment, but it turned out to be a Ponzi scheme.

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Stick to common sense

Like everything, especially when it comes to being smart about money, it is important to show good sense and do things right.

"We encourage all customers to take some basic and free steps to put them on a much more stable security basis." Philip Martin, Security Manager at Crypto Exchange Platform coinbase. "Use a password manager, use two-factor authentication, leverage enhanced security protocols for your e-mail address."