How to Secure your Cryptocurrency?

By CIOReview | Monday, April 30, 2018
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While Bitcoin and Ethereum along with a flurry of other cryptocurrencies flooded the news in last few years, it is bound to instigate cybercrimes in the grand scheme of events. One of the features that have skewed the interests of many toward cryptocurrency is its virtual nature. Unlike other forms of financial transactions, cryptocurrency is absolutely bereft of a physical embodiment. However, even this virtual element can also be rendered vulnerable. As cryptocurrency run on internet network, securing it is a mammoth task, as an attack through the giant internet network is not easy to trace. Therefore the need for crypto security is of utmost significance in the current context.

Drawing the wisdom of experienced campaigner in the cryptocurrency domain, most people prefer to store in a cold storage. This can be a computer, disconnected from the internet or an encrypted USB drive. Dedicating a solo computer can be arduous and at times inconvenient for users, therefore, software programs that give a holistic view of the asset can also be used. Despite being away from the internet network, a majority of software isn’t safe and can easily be traced and hacked. Cryptocurrency users must be able to demarcate the good, bad, and the ugly part of cold storage to secure their assets. Asides that, desktop, online, and mobile app wallets also offer secure cryptocurrency storage options.

In the end, it all boils down to adhering to security fundamentals while dealing with cryptocurrency. Ensuring that every device, online wallet, or software program is password protected and encrypted is the step in the right direction. Also, use of multi-signature security that assists in controlling the coins can be incorporated keep cryptocurrencies safe.