Many smart people are working to make using cryptocurrencies as safe and easy as possible investing in cryptocurrency.
However, there is an enemy and a vulnerability that even smart people can only turn off them. The biggest security hole in cryptocurrencies is humans themselves. Only his own fate and responsible, safety-conscious action ultimately influences his safety.
Cryptotrading requires a basic knowledge of the context, so you can act safely and responsibly and to prevent one from waking up one day and finding someone has hacked the machine and running away with CHF 10,000 of the hard earned cash.
Cryptocurrencies are organized in a decentralized way and that makes them so secure on a metal level compared to centrally organized currencies. In addition, there are no middlemen, no centralized “trustworthy” being that suddenly becomes “evil” and makes everyone’s life a nightmare.
But the decentralized organizational structure also places a lot of responsibility on each participant. So there is no one to call when the money is suddenly gone. No institutions that secured the money. One-off transactions are irreversible for cryptocurrencies and transactions are undeniable. There is no one to reset the password if you forget it.
Therefore, it is all the more important when dealing with cryptocurrencies that you are aware of the benefits but also the resulting responsibility and act accordingly safety-conscious. Here are 5 tips to help ensure safe trading.
Tip 1 Use a secure PC
Trading cryptocurrencies is a digital process that is only possible using a PC or a smartphone. What sounds trivial at first, however, should have an impact on the type of PC used for cryptocurrency transactions.
Should you use laptops or smartphones that are regularly connected to public wireless networks? Basically, such devices are at greater risk of being infected with viruses, Trojans, and malware than a home desktop PC. Therefore, using a home PC is probably more secure than using a mobile laptop or smartphone.
In addition to the selection of the hardware is also the OS to consider. Although the ease of use of Windows is an advantage, Windows is the most vulnerable to viruses and vulnerabilities. Under no circumstances should one keep his cryptocurrency on a PC, which is used daily and on which, for example, constantly new Flash games are installed.
In addition, a PC should be used, which is fail-safe and low maintenance, so that unnecessary repairs, where third-party may possibly unattended contact with the PC can be avoided.
The Swiss computer manufacturer Prime Computer offers a PC that meets all these requirements. In addition to server systems, the manufacturer primarily offers high-performance PCs. The flagship of the provider is the PrimeMini 3 .
Thanks to the fanless, non-mechanical system, the Mini-PC has no maintenance costs. The Mini PC is not only convincing by the innumerable technical advantages it brings with respect to conventional PCs, it is very environmentally friendly and according to Prime Computer helps to save up to 2330 CHF within 5 years.
Tip 2 backups, backups, backups
Even if you use a secure PC like the PrimeMini 3 something can always happen. One should always remember: without a password, no access to the cryptocurrency. One backup or several backups are therefore recommended.
What is the best way to do the backup and where to backup it?
Highly recommended is a backup on a hard drive and additional backups on a few USB sticks. The backups of Krypto Wallets do not need a lot of storage space, therefore 16 GB. The best way to keep these backups at separate locations and put one of the USB sticks, for example, in a bank safe. The more cryptocurrency you own, the more diversified the backups should be.
Tip 3 Use Encryption Software
Encryption of confidential data always makes sense. It is recommended to create multiple encrypted file containers – for wallet backups and passwords.
Tip 4 Wallets
When choosing the right wallet, remember that you may want to place your currency on a hold strategy for a long time. As soon as you want to redeem the coins – one, two, three years later – the wallet provider should still exist and the wallets also run on the latest OS versions.
Therefore, the use of so-called core wallets is recommended. Each currency has a core wallet provider. Core Wallets are designed conservatively and designed solely for durability. Especially with longer-term strategies such wallets should be preferred to those with many features.
Tip 5 Anti Virus Software
Attention: Free virus software is not virus software. The fight against new viruses employs a whole team of expensive experts. Free virus programs often do not have the manpower of paid programs. So keep that in mind and invest in virus software.
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