Security and cryptocurrencies: what you should take into account to protect your digital assets
Everyone talks about cryptocurrencies. Like it or not, we’re going to have to live with them in the coming years. We are not required to use them, at the moment. But knowing about cryptosecurity, cryptocurrencies and/or cryptoactives will help us understand the world of cryptocurrencies. Not only that, it will also help us to know a little more about cybersecurity.
And it is that the cryptocurrencies are based on cryptography, encryption, to make secure transactions, create more virtual currencies and verify those transfers. Based in turn on the blockchain technologytranslated as a chain of blocks, an encrypted and decentralized database records who owns such amount of cryptocurrencies. While that user is anonymous. We will have access to these cryptocurrencies with a code or key that we will store in a cryptocurrency wallet or crypto wallet.
But although everything is very secure, in cybersecurity there is always the possibility of human error, an oversight or a vulnerability that someone will take advantage of to get hold of such precious merchandise as cryptocurrencies. It is not something that happens often, but for our part we can take several precautions to protect our crypto assets or digital assets.
The importance of a good password
Cryptocurrencies are based on an encryption technology that, to date, is unbreakable. Cryptosecurity advocates say that Bitcoin has not been hacked so far since it was created in 2008. So, in principle, cryptocurrencies are safe. Where is the weak part of the chain? In the user and in the platform that holds the digital assets.
So the first advice that is usually done in cybersecurity is have a good password. That is, one that is difficult to guess. It is usually recommended combine letters, numbers, uppercase and lowercase. There are no foolproof passwords, but the more complex it is, the more difficult it will be to crack it. We can help ourselves with password generators. Password managers usually come with one. The most popular password managers are 1Password, LastPass, Dashlane Y Bitwarden.
In relation to the password, always try to activate the two step verification. Many current Internet services require it to be activated by default. It is a second layer of security for when you log in to a web page or mobile app. Simply entering the password is not enough. You will have to confirm it in a second step. More security, harder for cybercriminals.
And of course. nothing to share passwords or credentials. They are private, so it is convenient to keep them safe and use them only us. If we want to share them, it is better to exchange the cryptocurrencies instead of sharing the virtual wallet at the risk of losing its content if it falls into the wrong hands.
Cryptocurrencies and phishing scams
Many of us call it social engineering. What some media outlets attribute to the cybercriminal’s computer expertise is actually something as old as deception. There has always been someone who has made a living by deceiving others. And with the Internet, telephony and emails, this continues to be the case.
Fraudulent emails, WhatsApp or Bizum messages, phone calls… There are many methods. Today they are known as phishing or identity fraud. Someone pretends to be someone they are not so that you can provide them with information. You can ask for your ID, your bank account, your credit card or your password.
Focusing on the world of cryptocurrencies and cryptosecurity, messages are usually sent to potential victims with links to fake web pages. Its appearance resembles that of a legal cryptocurrency platform, so if you fall for the trap, you enter your data as you always do. The bad thing is that this data goes to someone who wants to steal your wallet of cryptocurrencies.
If you access your virtual wallet or exchange or exchange platforms from the browser, access from the official page. Usually encrypted by default, that is, you will see a padlock in the browser bar. Save those links in your browser to always enter from there and not from a link you receive in a message.
Another important detail of cryptosecurity is that of the addresses to send cryptocurrencies. Try not to make a mistake. Copy and paste the address instead of doing it by hand or you will send money to the wrong address and risk not getting it back. Addresses can usually be copied to the clipboard or even incorporate a QR code to facilitate the exchange.
Attacks on cryptocurrency platforms
The above tips are aimed at users and holders of cryptocurrencies. But it is not always within our reach to defend ourselves against cybercriminals. Cybersecurity also affects those who hold our cryptocurrencies. That is, the exchange or exchange platforms.
It’s not often, but from time to time we read that someone has lost their cryptocurrencies because a platform has been attacked by cybercriminals. Sometimes they can be recovered, but this is not always the case. And that the owner took security measures.
One of the advantages of owning cryptocurrencies is that you can hold them yourself. That is, by default we can have a cryptocurrency wallet whose content is monitored and saved by a platform such as Binance, Coinbase, Crypto And a long etcetera. But we can also choose have that wallet in our collection. The risk is that if we lose the keys we will not have access to the cryptocurrencies. The good thing is that we will avoid that if the exchange platform is attacked, we will lose our cryptos.
More cybersecurity tips for everyday life
We have seen the three most important cryptosecurity tips to protect our digital assets. But in cybersecurity there is many dangers and many precautions to take For example, we should avoid connecting to public Wi Fi networks if we are going to make purchases online or manage our cryptocurrencies. It is not frequent, but that WiFi network may not be secure. Better to do these procedures from home.
More safety tips:
- Keep your devices updated
- Use security tools like firewalls
- Do not open links or files of unknown origin
- Do not visit pages of dubious reputation
And as always, the best cybersecurity advice, the common sense. Cryptocurrencies have a value, so let’s take the precautions adequate to protect and safeguard that “object” of value.