The Importance of Security in Crypto

Security has always been a major factor in our life. It spans in every scenario of our life that it became an integral part now. But with the technology improvisation and enhancement, security became an imminent part that each and every one of us needs to be cautious about. The precautions become prevalent and important when it comes to financial assets or securities we own. Blockchain has taken the financial world to altogether a new dimension that people started showing more interest in crypto trading than the normal traditional market. So, it became more important to secure a crypto asset than acquiring it. This article depicts a few scenarios as to how one can secure the crypto assets and precaution to be taken care of when using an exchange.

Wallet:

Everyone who is trading or investing in CryptoCurrency knew what a Wallet is. People use it as a safe vault for their crypto assets. But, one needs to be careful with the place they are storing the assets, whether it is a personal wallet or on exchange. If you are using an exchange, we need to be extra cautious and take extra measures for the same which we will discuss below.

  • Strong Password:

It is said that most of the passwords can be cracked with minimal effort by the hackers (well, they are crackers who steal passwords or sell goods in the dark market). So, we should always maintain a strong password. Ideally, a strong password is suggestable to contain alphanumeric characters combined with special characters. The ideal password length should be more than 8 characters with the above combination.

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  • 2FA:

People trade on crypto exchanges knew about Two Factor authentication. This is a prominent method of shielding their account with double authentication. The mechanism involves installing an authenticator app ( Google, Microsoft, etc ) and set up the required account by using the backup key provided by the exchange. Now, one wonders as to why is it required in the first place, when I have a strong password as suggested above. But if we analyze, many exchanges are prone to hack or data leakage. So, having only a password is not strong enough to safeguard your assets and need another layer which only you have access to. That is where the 2FA will come handy.

  • Hardware Wallet:

One of the prominent ways to store the crypto assets is by using a hardware wallet. Many known hardware wallets prevail in the market. Following are the factors one has to consider when choosing a hardware wallet:

  • Security level
  • Convenience
  • Cost
  • Utility
  • Design
  • Analytics

The security of a wallet depends on its exposure to the internet or potential access for third parties. Hot wallets imply constant internet access, while cold wallets minimize such access. The recommended strategy is to utilize the cold wallets for storing the long-term funds while managing the short-term funds with the hot wallets. Such an approach will minimize the risks related to the large sums of cryptocurrency while allowing flexibility with frequent transactions.

Using CryptoSouk you will have some of the industry Top Security features, but not limited to:

  • Two-factor authentication on login and withdrawals
  • A platform thoroughly pen tested from external organizations both for Infra and application
  • Distributed infrastructure with fail-over configurations
  • Web Application firewall
  • DDOS prevention
  • Know your Transaction (KYT) for all crypto transactions
  • Know your Customer (KYC) for all customer on-boarding

Disclaimer

The information contained within this website and resource section is not intended to be a substitute for financial advice or promotional offer on the investment or purchase of Cryptocurrencies, digital tokens or related assets. Although care has been taken in preparing the information provided to you on this site and in the resource section, we are not held responsible for any errors or omissions and accept no liability whatsoever for any damage or loss you may incur through the result of your own actions and decisions when deciding to purchase or invest in Cryptocurrencies or related digital assets. You should never engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. We recommend you always seek financial/or legal advice counsel relating to your investment and purchase circumstances. This material has been prepared for informational use only.

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