As cryptocurrency continues to increase in value, scammers are actively hunting for any account to have access to and steal their investments. As humans, there are many mistakes we can make that could compromise our crypto security. This means that if we don't observe safety, we could lose our fund one day. This is why it is important to be deliberate when it comes to securing our crypto to avoid potential losses in the future.
Talking about mistakes, let's look into passwords: The use of an extra-strong password looks better when you are setting up a wallet if you want your account to be secured. Through my research, I found that scammers get easy passwords, such as dates of birth or even using your name as a password. Also, ensure to enable two-factor authentication where possible. This includes your email account, bank account, social media accounts, etc. A lot of people's social media accounts have been hacked because of their inability to set up two-factor authentication, and these scammers will gain access and start sending messages to contacts and scamming people along the way. I was once a victim, which is another reason why I am stressing over this safety aspect. Recently, I learned that using your phone number as a form of two-factor authentication can be dangerous, as scammers can steal your phone and do sim swapping, enabling them to reset your password, gain access, and withdraw funds from your account.
Another important aspect of securing your crypto is having multiple exchange accounts, ensuring they are safe and reputable. Since the ban on binance in my country, I have been researching other exchanges that have reputations to avoid waking up to a loss of funds one day because, for sure, there are exchanges where you can lose access to your coins if one fails to observe security. The idea of having multiple exchange accounts is to spread your funds across them. I see this safety measure as important so that if anything should happen to one exchange, you still have another one to fall on. Even though you have your crypto spread across different exchanges, you should never leave the bulk of your crypto on any exchange account. I was reading from Nonsorites the other day, and he said the minimum he can keep in one exchange account is $500. Left for me, I will leave a lesser amount; I can't even afford to lose $500 if anything negative happens.
Still on crypto security, clicking on any strange links imposes danger to our wallets. It becomes important to abstain from clicking random links in texts and emails. There are things the scammers are looking for, and when they get them, you risk losing your funds. These are your wallet seed phrase for those of us that engage in crypto airdrops and the like, your login details, and your phone number. I think the scammers can easily use these details to reset your account and have full access to your funds. The need to double-check any sites you are accessing before clicking the URL can never be overstated. We should always keep in mind that there's no free money anywhere.
Finally, on crypto security,you should bear the responsibility for keeping your crypto safe offline. Offline security means that we embrace hardware devices. These are physical wallets where we can save our private keys and connect to our PC through USB cables. This is to ensure that your private key is never exposed to the internet. You can get a flash drive and save it there as well. Copying and pasting your password online can be risky. The best is to write them down manually on a piece of paper and keep them safe somewhere in your home. Personally, I have a big book where I write down most of my passwords, seed phrases, usernames, keys, etc.
Let me also add that it's important that we become careful of permissions. Sometimes, we can be quick to permit long grammar that pops up on our phone without knowing that it could make our asset vulnerable. When it comes to crypto safety, being deliberate about it can save one from unnecessary loss.
This post was inspired by the #inleo community and my entry to the Day 7 #MarchInleo monthly topic about safety, crypto security, and online security. Please check out the announcement post to get involved.