How to protect cryptocurrency?

The word cryptocurrency came from two words cryptography and currency.

Currency: Currencies can be defined as some sort of economic buffer that someone earns in exchange for their service or goods provided. They can again later use these to get the service or products of their desire.

Cryptography: Cryptography, on the other hand, concerned with the protection of data provided to it by converting the ordinary texts into unintelligible text. And if needed to be reaccessed they can be converted back into plain texts. Modern cryptography deals with integrity which means information cannot be altered, the confidentiality that stands for information cannot be understood by anyone and authentication which sums up into the fact that the sender and receiver can confirm each other.

So now if we try to get the above definition mixed and try to understand cryptocurrency.

Cryptocurrency: Cryptocurrency stands as a medium of exchange value that prevails in the digital world and depends on encryption, which makes transactions secure. Cryptocurrency is a substitute for payment through cash, credit cards, and checks. The technology behind it lets you send it straight to others without going over the 3rd party like a bank. You don’t have to apply your social security or credit score as collateral. It is allowing you to be moderately pseudonymous.
In simpler words, cryptocurrencies are like virtual accounting systems. They keep a history of all transactions. The transactions are grouped into blocks, which are cryptographically signed from where it got the name “cryptocurrency,” and the client doing the signing receives some number of units of virtual currency as remuneration for doing the work of calculating the cryptographic signature.

Today we will be discussing some tricks to better protect your cryptocurrency from getting lost or being stolen. Every week there appears to be a new doomsday prophecy for bitcoin and the cryptocurrency market. I can’t safeguard your money from a crashing market, but I can assist you with some pretty straightforward, but often overlooked advice to protect your investments from theft and accidental destruction. I like focusing on the things that I can control, and one of those things is portfolio security. This article is not about buying or selling advice. These are some simple advice to keep you from having your funds stolen or lost.

ALWAYS SET UP 2 FACTOR AUTHENTICATION: Two-factor authentication is the best possible way to fight with hackers. When 2FA is established, no one can reach your accounts without submitting a 6-digit key. These codes are always changing each time you need them. So, it becomes almost impossible for someone to assume them and get access.

NEVER STORE COINS ON EXCHANGES LONG TERM: If an exchange is hacked, you can lose all the money, and no one can give you the guarantee if any exchanges can compensate their members for the lost coins in reality. So, my suggestion is that use a safe cryptocurrency wallet that is available right now.

AVOID SHARING INFORMATION ABOUT WHERE YOUR COINS ARE OR HOW MUCH YOU HAVE: I know it’s very tempting to boast about your coins to anyone who will listen. Many investors quickly found themselves “crypto rich” and can’t wait to tell everyone how much they made. But in today’s world where trusting a person is so difficult given the fact that they always want to put you down is very dangerous to give them access to your cryptocurrencies.

NEVER USE THE SAME USER NAME AND PASSWORD TWICE: If it was any other accounts then it’s a strict no to use different username and password every time you make a transaction but when it comes to cryptocurrency its what I will recommend to protect your money. A there is no mail account attached for recovery there can not be anything better to use a new username and password every time you make a transaction.

TRIPLE CHECK WALLET ADDRESSES BEFORE TRANSFERRING FUNDS: Before transferring always ensure you are sending the proper coin to the appropriate wallet type and that the wallet address is complete and matches correctly otherwise soon you will find yourself in big trouble.

DON’T STORE LARGE AMOUNTS OF COINS ON MOBILE WALLETS: Mobile wallets are the same as your real regular wallet. So, if you do not store a large amount in your actual wallet because of theft, why should you put that much in e-wallets for the hackers to loot us virtually.

ALWAYS LOG OUT OF YOUR DEVICES, EXCHANGES, AND WALLETS WHEN YOU’RE FINISHED WITH THEM: This is the most crucial part to protect your money. Always log out after finishing a transaction. It will help you big time in protecting your crypto assets.

I hope these simple tricks will make your life much more comfortable and happier as you can now better protect your cryptocurrencies. Maybe some of you were already following, and some of you learned new things. Do leave your comment about any other tricks that we missed out or how much this post helped you.

10 Bitcoin Platforms you Need to Try This Year

 

Bitcoin is a creative payment network and a new kind of money. Peer-to-peer technology is used by Bitcoin to run. There is no central authority or banks. Doing transactions and the issuing of bitcoins is supported collectively by the network exclusively. Bitcoin is open-source. The design of Bitcoin is public; nobody possesses or regulates Bitcoin, and anyone can take part. Through most of its unique properties, Bitcoin allows fascinating uses that could not be covered by any previous payment system. If you’re going to start with Bitcoin, there are some essential things you should know. Bitcoin allows you to exchange money and transact in a separate way than you usually do. Due to these reasons, you must take time to gather information about various aspects of Bitcoin before using Bitcoin for any serious transaction. Bitcoin should be handled with the same care as your regular wallet, and they need even more responsibility in some cases. The main points you have to keep at the back of your mind every time you do a transaction are:

• Bitcoin price is volatile
• Bitcoin payments are irreversible
• Bitcoin is not anonymous
• Unconfirmed transactions aren’t secure
• Bitcoin is still experimental

With those being said now we will be focussing on the top platforms where you can buy or sell Bitcoins.

Binance: Binance is a swiftly growing exchange that finished its ICO a few months back. It is based in China, but you can access it from almost all over the world, making it one of the most loved Bitcoin exchange platforms. To get registered in Binance, you need your email ID, and the process is straightforward and fast. Also, you will get 1 QTUM coin as a kind gesture for registering which is for the first 10,000 QTUM coins buyers.

Bittrex: The clean design and its easy usability make it a personal favorite for many. The exchange is based in the USA and offers you the opportunity to trade more than 190 cryptocurrencies at a time. The security of this platform is also very high. The registration process is straightforward, but you will need KYC and phone numbers to withdraw funds. But the good thing about Bittrex is that the process does not take long to get approved.

Poloniex: If you need the trust trading volume and supported cryptocurrencies, you are on the right track with Poloniex. The easiest of all the platforms as you can deposit with any cryptocurrency and even with tether dollars and start your trading thing right away. The best cryptocurrency exchange in this platform, in my opinion, is Altcoins.

HADAX: Hadax is an exchange launched by Huobi pro. Huobi Pro is one of the ruling global digital asset exchanges serving global traders since 2013. Named as the world’s first autonomous token listing exchange, they have introduced HT tokens to make themselves a decentralized governed platform. HADAX stands for ‘Huobi Autonomous Digital Asset Exchange.’

Kraken: One of the largest Bitcoin exchanges in the USA based in San Francisco. With the help of Kraken, you can trade other cryptocurrencies like Etherium & Zcash. Getting started is very easy and typically takes about 1-2 days for verification. The first wire transfer will take many days which can be strenuous for new users. But once the first deposit is made successfully, things will become a lot smoother.

Bitstamp: Another popular Bitcoin exchange that assures to be the first fully licensed exchange. Users can buy bitcoins using their credit or debit card on this platform. They also have a pretty interface with iOS and Android apps that help users to maintain their accounts from phones. Bitstamp is greatest for traders who are looking for an advanced exchange for buying/selling bitcoins to make a profit. Some other features of Bitstamp are Sub-accounts, SMS price alerts, High security, 8% fees for credit card purchasing.

Gemini: Gemini is a New York City-based exchange that also operates in Europe, North America, and Asia. They offer two types of accounts, individual accounts, and institutional accounts. Their price is pretty competitive, and their interface is easy for beginners’ use. If you are looking to open a corporate account for Bitcoin trading in the USA, Gemini is a great option.

OKCoin: OKCoin is another China-based Bitcoin exchange platform. They allow you to use USD for trading purpose. They also have an easy interface and great support. It will take not more than two days to verify your details and get you started. Once you get all set, you can start trading your money. The transfer fees they charge are 0% that makes it a great platform to work. They also offer a dedicated account manager.

Coinbase (GDAX): The most popular platform to exchange Bitcoins in America. They provide you with iOS and Android apps to handle the exchanges from your phone. They also have the neatest interface. Coinbase lets you buy and sell Bitcoins, but for trading purposes, you have to get GDAX for their official exchange. They also offer you a USD 10 for the first transaction of USD 100.

Here I have mentioned the top Bitcoin exchange platforms, but as I have mentioned earlier Bitcoin market is volatile, and so are the exchange platforms. That means soon some other will overtake this or some new will come in the race. But a warning for all the Bitcoin users that is fine to use these platforms for trading but to use as wallets you need to switch to something like LedgerWallet, Coinomi or Trezor.