This week @Indiaunited contest topic is Different Ways To Secure Your Crypto
The air is all about Crypto volatility these days. So much panic and trust issues with people right now that it makes the whole situation very gloomy. It becomes very important that we are cautious about our assets and not get a victim of any scams and frauds because of which we have a risk of losing out. I believe that with this growing market and more and more people getting into the market these scams are going to increase further. Some will be clear and some we may not be able to anticipate just like this FTX one. But for the ones where we can control things from our end, we should make it a point to follow.
These are some ways which I think are important in securing our Crypto Assets.
Store your Coins in a Hardware wallet and secure the password - It is very important for every crypto holder to buy a hardware wallet of their own and secure their assets in that wallet with the password kept very secured. Because that again can be a challenge. If the password is not secured, then someone can take advantage of it. It is best not to leave your stakes on the exchange. Being in the wallet means it is in your control.
Do not fall prey for Ponzi schemes- This is the most common one. There are many people who will try to lure us by giving fake talks like I will make your investments double triple or 10 times in short period of time. The fact is that this market has its own moods and swings and it never works with one's anticipation. People who are ignorant of this market can easily fall prey to these kinds of fake promises. If one is a lay person, it would be good to take some knowledge and then invest in the most appropriate way without any middle man and commissions. After all it is our hard-earned money so it would be worth spending some time to educate our self and not trust anyone blindly.
Do not get into Trading if you do not have knowledge - A lot of people lose their Crypto assets in trading and while I write this very sadly I will like to confess that I have also been a prey to this particular one and have lost a huge amount of my Crypto assets in it. It was very foolish of me, again here I had no knowledge and in ignorance I lost a huge value of my investments. It was a very hard lesson learnt.
- Do not click on any unknown links with false claims - This is again becoming a very common concern. We keep getting these links click and claim your free tokens, earn so many dollars and all. One should never click on these links. I know sometimes even after being very cautious we get caught into these kinds of things. Nowadays not only related to Cryptos but even on our mobile phones we keep getting some random messages of clicking on links and then our phone gets hacked and our bank account is hacked and funds get withdrawn.
I was watching a documentary on this, that in Israel there are actually legal office set ups to run these kinds of scams. It is scary and we should be careful to not become victim of these false claims.
- Have levels of authentication - I have not been operating much on the wallet and exchange as that my hubby takes care of all the transactions, but he does educate me and from that I understand some aspects of it. Nowadays there are levels of authentication to login to your accounts on exchange and make transactions. There will be a security code multiple level authentication done on your phone and email ID. It is good to activate all of those levels' of authentication no matter how tedious it may look.
Then there are some other very common ways to protect like not making any crypto transactions in any public network. All transactions should be done in a secured network environment in your own place of security. Be careful with your passwords, do not leave them loosely. Do not be greedy to make a quick buck and in return just putting at stake what you already have and increasing your chances of losses.
These are some of my thoughts on securing the Assets.
What do you think are some other ways of securing your Cryptos? Please do share in comments.
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