Crypto Safety

Crypto

4 min read

Crypto Safety

Gawing safe at secure ang cryptocurrency mo

Crypto

4 min read

Crypto Safety

Gawing safe at secure ang cryptocurrency mo

Cryptocurrency theft

In 2022 alone, $3.8 billion in cryptocurrency was lost due to malicious attacks, security bugs, and human carelessness1.

Now, more than ever, it's important to keep your crypto wallets safe and secure.

Here are 10 tips on protecting yourself and your coins from losses.

12022 Biggest Year Ever For Crypto Hacking with $3.8 Billion Stolen, Primarily from DeFi Protocols and by North Korea-linked Attackers. Chainalysis. Published February 1, 2022. Accessed November 21, 2023. https://www.chainalysis.com/blog/2022-biggest-year-ever-for-crypto-hacking.

I-secure ang password at seed phrase

Your seed phrase is the master password to all your crypto wallets. Keeping it safe and sound should be your number 1 priority!

Backup and keep safe

Do not share your seed phrase with anyone.

Unlike other passwords, experts advice that you should write your seed phrase in a notebook and make several backups. Keep this notebook in a safe place.

Cryptocurrencies rarely come with customer service. If you lose your seed phrase, you will lose access to your wallet.

No digital or cloud storage

As long as your seed phrase is kept in a digital device or online storage, there's always a risk that hackers might get to it.

Avoid keeping your seed phrase in a file in your phone, computer, or cloud-based storage. Anything that can connect to the Internet can be a potential point of attack.

Ingatan ang iyong crypto wallet

Use a cold wallet to hold your crypto and avoid hot wallets like the plague. Make sure your connections are secure every time you go online with your wallet.

Avoid public networks

Don't use public WiFi networks to connect your wallet to the Internet.

Additionally, don't access your wallets from someone else's computer. There's always a risk that there are invisible malicious software in the background making you vulnerable.

Choose cold versus hot

Cold wallets are physical devices that connect to the Internet only when in use. On the other hand, hot wallets are connected 24/7 which can be inviting to an attack.

Cold wallets need physical confirmation for transactions using crypto. This adds another layer of protection against threats. Experts recommend keeping a majority of your crypto in a cold wallet.

Consider burner wallets

Burner wallets are separate wallets created for transactions such as sending and receiving crypto. Once a transaction is completed, you can transfer coins to your main wallet. If the burner wallet is compromised, the rest of your crypto can stay secure.

If you use crypto frequently, it's a good idea to spread your funds over multiple wallets.

Stick to trusted sites & apps

It's risky to let an app or a website send or receive crypto for you. You want to keep as few programs with direct access to your wallet as possible.

Connect your wallet to trusted sites and apps only.

Maging maingat sa sariling kilos

Human errors account for a major percentage of cryptocurrency theft and losses. You should always be extra careful and vigilant with your own transactions!

Check it once, check it twice

Sending crypto to a new address? Try sending a small amount as a test first. If it succeeds, you can now proceed with the full amount.

As always, check the address before sending.

Buy your wallets from trusted sellers

Cheap faulty wallets are prone to malfunction. Second-hand wallets may be infected with malicious programs. Make sure you buy your crypto wallets only from trusted and authorized sellers.

Mind your basics

The basics of cybersecurity apply to crypto as much as they apply to everything you do online.

Turn on your firewall when you're online.
Use multi-factor authentication for all logins.
Keep up with the latest wallet and app updates.

Click with care

It's unbelievable how many tech-savvy people still fall prey to simple phishing attacks.

Don't click popups.
Be wary of download links.
If possible, run links through a scanner before you click them.
Stay away from sites that don't use HTTPS.

If you can dedicate a separate device for your crypto transactions, then better!

It's dangerous to go alone.
Take this.

Web3 and the whole world of crypto is a vast universe. There is as much promise as there are threats.

These 10 tips are by no means comprehensive, but as long as you keep them in mind, you're on your way to safer crypto trading.

Crypto Safety

Crypto Safety

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