Security is not only exclusive to Cryptocurrency, it virtually covers all our activities in this life. Security is necessary for protection against vices and against theft. This can come in various forms it could be security from armed robbers, burglars, scammers, rapist and so on.
In Cryptocurrency , necessary steps are necessary to protect one's assets or crypto wallet from theft and losing all of one's sacrifice to people who did not work for it at all.
For instance, recently the leofinance discord community was hacked luckily they didn't discard away with much money. Not that it is not secured but scammers always have a way, this is why we must be careful and avoid signs that would make one fall into the trap of hackers and scammers.
Just as the security and exchange commission (sec) act as an independent federal regulatory agency, they are in charge of affairs that has to do with the security markets. Hence, when registered with them as most blockchains do before the isuue securities, they also protect investors from predatory and criminal activity like scams, hackers and so on.
BAD EXPERIENCE WITH SCAMMERS
There are lots of messages with links these days claiming you have won a phone, a laptop, money or electronics. There always come with links for you to click in and input your personal details. It also happens when you use an app or the internet and ads start popping out, that you mistakenly click on it. One popular one is where fake customer care representative claim to work for a bank and they need your card numbers to complete a transaction for you. It all boils down to discipline and exposure to know the kind of tricks these scammers use in defrauding people. Even with the level of crypto education we think we have we still fall for these tricks.
RISK INVOLVED IN CRYPTO
If you are ignorant of the several ways to secure your crypto wallets and finances, you would suffer the risks involved which could affect your assets.
- risk of phishing: this is why you can't just trust any site with your wallet information, it could be an alias, false website or a false email trying to get personal information from you, which will enable them hack in to system.
- losing keys: losing your personal security keys can be disastrous and you hope that it doesn't fall into the wrong hands. This why we are advice to store or keep them where they cannot be accessible to anyone but you alone.
- scam: one could be a victim of scam in the crypto space. Most investors have been victims of investing in coins where they will be deceived and end up losing money.
- regulations : this can also bring about risks in investing in crypto. This is why people should do thorough researches on what is attainable by the government of their country. For instance, in Nigeria, crypto actives were banned for a period of time in the sense that it was connected to criminal activities. Sometimes regulations can hinder the progress of crypto.
PRECAUTIONS FOR SECURITY IN CRYPTO
To safeguard crypto accounts as it is a decentralized platform on a blockchain , precautions are set in place to protect investors from scam. This is there are keys and phrase password strong enough to protect your wallet and accessible to you alone. There are various ways of taking precautions :
- Use strong passwords: this has always been a warning, constantly resounded to both old and new members. Passwords are meant to be one that cannot be used by anyone asides you. It is not advisable to use birthdays as passwords as they can easily be detected by the enemy. Even if they are complex and cant be memorized, it should be safely stored somewhere.
- Never ever share passwords : this has put so many people in trouble, opening crypto account in other people's device can be manipulated and you will be scammed.
- DO YOUR RESEARCH : you don't just invest in Cryptocurrency blindly, you have to do a rigorous research to know the kind of investment you are getting into. Take hive blockchain for instance, it has great reviews on the internet.when you find less to nothing about a crypto coin, it could be a means to manipulate and lure you to spend money on worthless coin.
- Reputable exchanges also offer security to your crypto assets. Just like coin base and binance they have proven to be efficient and consistent, crypto trading and offer the best security for your investment.
- Avoid clicking anyhow links, this was the issue recently on the leofinance discord where the hackers dropped a link which people clicked and got hacked. It could come in any Form like fake airdrop, crypto giveaway, emails, ponzi schemes and so on.
- In web 2 and web3 platforms, it is advisable to always enable and subscribe to the 2factor authentication. This will at least secure your account as hacker will not have direct access to your account as confirmation will be sent to you.
SECURITY IN HIVE BLOCKCHAIN
Hive is a web3 platform that is safe for investing and carrying out crypto activities as it uses the Delegated proof of stake that governs the blockchain. We also know that the decentralized network has a tiered key system that offers built-in security against the compromise of user accounts. From experience, the blockchain uses the hivesigner.com for logins which is safe and friendly to use and access. On the platform, members can transact safely by carrying out crypto transactions like selling, swapping, receive and even store crypto.
Not doubt that the security of an individual account can be breached but this is why upon signing in to the hive blockchain, you get a number of keys to perform certain transactions like posting, memo, and making transactions.
These keys are so secured that all you need do is to protect them in places that no one has access to.
In conclusion, all genuine blockchains engage in use use of personal and private keys to ensure that your wallets are safe. To access a trust wallet account, you need to input your 12 phrases accordingly or you risk loosing that account forever. You can store your passwords in your head if you are that good with memorizing, in encrypted usbs, word, personal diaries and so on.
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