Protecting yourself while trading Bitcoin ,Ethereum, Alt-coin cryptocurrencies

in #bitcoin7 years ago (edited)

In the digital transformation age, the crooks are invisible and security is everything! Our concern for security shouldn't be limited to the sites we visit, the exchanges we trade on, wallet we choose, or the platforms we use.

Once a transaction is made it cannot be reversed. A breach of an exchange or security flaw could result in lost coins. Bad security habits ( which, by the way, is 99% of all users) will result in many users losing their private keys. Protecting yourself while investing or trading in Bitcoin, Ethereum, Alt-coins is essential. In addition to using good security habits ( Google secure you mac or windows ) below are some tips I have used .

  1. Create separate email accounts for your banking, social media, and Exchanges. Use different Email providers.

    FaceBook/Twitter:[email protected]
    Bank:[email protected]
    Coinbase:[email protected]
    
  2. Apply Two-Factor Authentication when login in to Exchanges, Bank Accounts.

    I recommend installing Duo Security Application ( https://duo.com/) onto your mobile  platform.
    
  3. Use GPG Encryption for your emails and secure the file. If someone tries to reset your password and has access to your email they would still need the GPG

      Facebook allows you to setup Encrypted notification emails. 
      ProtonMail, found online at ProtonMail.com, is an online  email platform that offers secure, privatized email 
      service with end-to-end encryption and other security features.
      GPG Keychain is  a GUI base GPG KeyChain Generator 
    
  4. Use a password generator to store your passwords.

  5. Use Reputable Exchange like Coinbase.

  6. Store your crypto assets with hardware wallet sometimes known as hard wallet.

    https://www.ledgerwallet.com/products
    https://wallet.trezor.io/#/
    
  7. To surf to access the Internet safely and securely use VPN Server. For those who are tech savvy you can leverage Cloud Provider to deploy OpenVPN Server.

    You can use a free VPN Service or paid service like  GhostVPN (https://ghostvpn.com/ )        
    But I recommend building your own VPN server as little as $ 5 month on Digital Ocean (www.digitalocean.com)       
    
  8. Protect all your passwords with a password generator.

  9. Protected your passwords and keys on external USB.

  10. Protect and store your Hardware Wallet , external USB, any printed out passwords in a small fireproof safe .

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