Simple steps to keep your crypto safe

Simple steps to keep your crypto safe

As the cryptocurrency market is in the midst of a major bull run with Bitcoin (BTC) approaching its all-time highs, the security concerns of cryptocurrency self-storage are becoming more relevant than ever.

On Nov. 12, Bitcoin — the world’s largest cryptocurrency by market cap — surpassed a $16,000 threshold for the first time since the 2017 rally landing BTC price at an ATH of $20,000. After hitting $16,300, Bitcoin has only ever been above this price for 12 days in its entire history.

As Bitcoin is now sitting at its highest historical levels and the crypto community is anticipating more records in the near future, it is important to remember that the safety of crypto holdings very much depends on the user.

Here are some simple steps to ensure that your cryptocurrencies like Bitcoin are safe in this bull market.

1. Use paper wallet or hardware wallet

As Bitcoin essentially allows to “be your own bank,” the responsibility of storing crypto mainly lies with users. A popular expression in the crypto community says “Not your keys, not your Bitcoin,” meaning that whoever holds the key phrase to a wallet, controls the coins contained therein.

Wallets come in many forms: software, hardware, and paper, each with different security considerations.

As their name suggests, software wallets are based on software, allowing users to access their crypto by installing applications on their mobile devices or a computer. As such, software wallets come in many different types like web, desktop, and mobile wallets.

While software wallets are often free and easy to use, they are not completely safe as most of them are somehow connected to the internet, which can make them vulnerable to hacking attacks or security breaches. Users should keep their apps up-to-date in order to reduce risks of possible breaches.

A paper crypto wallet is essentially a piece of paper containing a printed out crypto address and its private key in the form of QR codes generated through paper wallet websites. These codes can be scanned to execute crypto transactions. A paper wallet is highly resistant to online hacking attacks and is often considered an option to cold storage.

A hardware wallet is another sophisticated method to store crypto, isolating user private keys from the internet by keeping them offline in a USB-connected device. Also referred to as cold storage or a cold wallet, a hardware wallet is often associated with an increased level of security as private keys remain completely offline, which is designed to make them immune to any type of remote hacking. Trezor and Ledger are considered the most popular hardware wallet providers.

2. Check whether your 2FA verification is on

Don’t ignore a key additional layer of security by forgetting to turn on two-factor authentication, or 2FA, in the security settings of your wallet account. 2FA sends an additional password request to your phone or email every time you log into your wallet. By activating 2FA, a user prevents a hacker from getting immediate access to a crypto wallet account as the hacker will also need physical access to the user’s phone or email.

Google Authenticator is the one of the most popular 2FA applications providing users two-step verification on a phone.

3. Never share your private keys

Don’t ever give your private keys or a seed phrase to anyone. By doing so, you’d be essentially giving away the keys to the castle. Remember that reputable crypto companies will never ask you for your keys even when trying to help you resolve issues.

4. Be sure the recipient wallet is correct

Always check a recipient address before proceeding with a transaction. A simple one letter mistake could direct your transaction to another wallet. In contrast to some traditional financial services, most crypto transactions are irreversible. Some malware is also capable of changing the right destination of your crypto, so a double-check of transaction details is never redundant.

5. Don’t fall for giveaway scams

Don’t ever fall for offers sounding like “send us Bitcoin and get double your Bitcoin back.” This type of attack is quite commonon Twitter, with attackers frequently impersonating celebrities, politicians, or crypto personalities promising to double user’s crypto fortune.

As this type of attack is often associated with crypto newcomers, it might get even more exposure with an increasing crypto adoption. In July 2020, online hackers managed to collect at least 12 BTC in a high-profile hack of Twitter accounts like Elon Musk as well as 2020 U.S. presidential candidate Joe Biden.

6. Use smaller transactions and different exchanges

Don’t send a bunch of crypto in one single transaction when you need to buy or sell crypto on a crypto exchange. If you need to transact a big amount of money in crypto, better break it up into multiple transactions to be sure that an exchange is working properly.

While all of these security layers and double-checking might seem tedious, they’re the key to making sure your funds remain secure. 

Source: inula.org

Author: About The Author

admin


Simple steps to keep your crypto safe – BITCOININNEWS.COM

Simple steps to keep your crypto safe – BITCOININNEWS.COM

As the cryptocurrency market is in the midst of a major bull run with Bitcoin (BTC) approaching its all-time highs, the security concerns of cryptocurrency self-storage are becoming more relevant than ever.

On Nov. 12, Bitcoin — the world’s largest cryptocurrency by market cap — surpassed a $16,000 threshold for the first time since the 2017 rally landing BTC price at an ATH of $20,000. After hitting $16,300, Bitcoin has only ever been above this price for 12 days in its entire history.

As Bitcoin is now sitting at its highest historical levels and the crypto community is anticipating more records in the near future, it is important to remember that the safety of crypto holdings very much depends on the user.

Here are some simple steps to ensure that your cryptocurrencies like Bitcoin are safe in this bull market.

1. Use paper wallet or hardware wallet

As Bitcoin essentially allows to “be your own bank,” the responsibility of storing crypto mainly lies with users. A popular expression in the crypto community says “Not your keys, not your Bitcoin,” meaning that whoever holds the key phrase to a wallet, controls the coins contained therein.

Wallets come in many forms: software, hardware, and paper, each with different security considerations.

As their name suggests, software wallets are based on software, allowing users to access their crypto by installing applications on their mobile devices or a computer. As such, software wallets come in many different types like web, desktop, and mobile wallets.

While software wallets are often free and easy to use, they are not completely safe as most of them are somehow connected to the internet, which can make them vulnerable to hacking attacks or security breaches. Users should keep their apps up-to-date in order to reduce risks of possible breaches.

A paper crypto wallet is essentially a piece of paper containing a printed out crypto address and its private key in the form of QR codes generated through paper wallet websites. These codes can be scanned to execute crypto transactions. A paper wallet is highly resistant to online hacking attacks and is often considered an option to cold storage.

A hardware wallet is another sophisticated method to store crypto, isolating user private keys from the internet by keeping them offline in a USB-connected device. Also referred to as cold storage or a cold wallet, a hardware wallet is often associated with an increased level of security as private keys remain completely offline, which is designed to make them immune to any type of remote hacking. Trezor and Ledger are considered the most popular hardware wallet providers.

2. Check whether your 2FA verification is on

Don’t ignore a key additional layer of security by forgetting to turn on two-factor authentication, or 2FA, in the security settings of your wallet account. 2FA sends an additional password request to your phone or email every time you log into your wallet. By activating 2FA, a user prevents a hacker from getting immediate access to a crypto wallet account as the hacker will also need physical access to the user’s phone or email.

Google Authenticator is the one of the most popular 2FA applications providing users two-step verification on a phone.

3. Never share your private keys

Don’t ever give your private keys or a seed phrase to anyone. By doing so, you’d be essentially giving away the keys to the castle. Remember that reputable crypto companies will never ask you for your keys even when trying to help you resolve issues.

4. Be sure the recipient wallet is correct

Always check a recipient address before proceeding with a transaction. A simple one letter mistake could direct your transaction to another wallet. In contrast to some traditional financial services, most crypto transactions are irreversible. Some malware is also capable of changing the right destination of your crypto, so a double-check of transaction details is never redundant.

5. Don’t fall for giveaway scams

Don’t ever fall for offers sounding like “send us Bitcoin and get double your Bitcoin back.” This type of attack is quite commonon Twitter, with attackers frequently impersonating celebrities, politicians, or crypto personalities promising to double user’s crypto fortune.

As this type of attack is often associated with crypto newcomers, it might get even more exposure with an increasing crypto adoption. In July 2020, online hackers managed to collect at least 12 BTC in a high-profile hack of Twitter accounts like Elon Musk as well as 2020 U.S. presidential candidate Joe Biden.

6. Use smaller transactions and different exchanges

Don’t send a bunch of crypto in one single transaction when you need to buy or sell crypto on a crypto exchange. If you need to transact a big amount of money in crypto, better break it up into multiple transactions to be sure that an exchange is working properly.

While all of these security layers and double-checking might seem tedious, they’re the key to making sure your funds remain secure. 

Source: www.bitcoininnews.com


Bitcoin Climbs Above $16,000; What Biden’s Win Means For Crypto Regulation

Bitcoin Climbs Above $16,000; What Biden’s Win Means For Crypto Regulation

Get Forbes’ top crypto and blockchain stories delivered to your inbox every week for the latest news on bitcoin, other major cryptocurrencies and enterprise blockchain adoption.

Joe Biden could have finance experts acutely familiar with bitcoin and blockchain in his cabinet and … [+] on his team of advisors.

Bitcoin climbed above $16,000 Thursday morning, reaching a new milestone seemingly every week on its march toward its record high near $20,000. Crypto investment manager Tim Hennekin says the typical bitcoin investor has become “much more institutional,” resulting in less volatility and less attention to psychological resistance levels.

Crypto and blockchain is a more robust industry than it was the last time prices rose this high in the 2017 bubble, though there may still be unintended consequences. The rapid price increase may make mainstream Wall Streeters less likely to consider cryptocurrencies as a medium of exchange, though it could bode well for the eventual mass adoption of stablecoins.

Source: Messari. Prices as of 4:00 p.m. on November 13, 2020.

Some hedge fund investors are shedding their wariness of bitcoin as it continues to soar. Stanley Druckenmiller, who built his $4.4 billion fortune as the head of Duquesne Capital Management and claimed in 2018 he “didn’t want to own bitcoin,” revealed on CNBC that he did buy some bitcoin and thinks it could perform better than gold, though he still holds more of the precious metal.

Famed value investor Bill Miller also “strongly” recommended bitcoin to CNBC at its current prices and called it the “single best performing asset class” of the last year, five years and 10 years.

With Joe Biden defeating incumbent Donald Trump in last week’s presidential election, rumors have started to swirl about who will make up his cabinet. Federal Reserve governor Lael Brainard, the central bank’s de facto spokesperson on all things blockchain, is considered a leading contender for Secretary of the Treasury. She has given speeches open to challenging the definition of money and what it can be in the future, though she has also said bitcoin has “limited throughput capacity, unpredictable transaction costs, limited or no governance, and limited transparency.”

Gary Gensler, the former chairman of the CFTC, was tapped to lead Biden’s financial policy transition team. He has spoken about his “blockchain duck test” in the past to determine whether a token is a security and has concluded that XRP and ether should be regulated as securities.

What future awaits cryptocurrencies?
GOODBAD

The SEC issued a statement on Monday responding to the letter from the Wyoming Division of Banking that allowed wealth management firm Two Ocean Trust to serve as a qualified custodian for cryptocurrencies. The SEC letter did not take a definitive stance on the issue, but instead requested input on several questions regarding how to define qualified custodians and said it would make responses publicly available. Custody providers Coinbase and Gemini both weighed in on the technical question following the SEC’s statement. 

A Big Chinese Bank Is Selling Bonds That Can Be Bought With Cash or Bitcoin [Wall Street Journal]

Family Offices May Now See Bitcoin as Alternative to Gold: JPMorgan Report [CoinDesk]

Busted Hedges, Alleged Fraud Bankrupt Crypto Firm Cred Inc. [Bloomberg]

Source: www.forbes.com

Author: Crypto Confidential


Pakistan's SEC Discusses Cryptocurrency Regulation, Central Bank Confirms No Crypto Ban | Regulation Bitcoin News

Pakistan’s SEC Discusses Cryptocurrency Regulation, Central Bank Confirms No Crypto Ban | Regulation Bitcoin News

Pakistan's SEC Discusses Cryptocurrency Regulation, Central Bank Confirms No Crypto Ban

The Securities and Exchange Commission of Pakistan has published a paper discussing cryptocurrency regulation in the country. Meanwhile, the central bank has reportedly confirmed that there is no cryptocurrency ban.

The Securities and Exchange Commission of Pakistan (SECP) has published a position paper on the regulation of cryptocurrency trading platforms.

Besides discussing definitions and concepts of cryptocurrencies, the paper outlines different regulatory approaches adopted globally, including the recommendations by the Financial Action Task Force (FATF), and regulations in Malaysia, Hong Kong, and the U.S. It also details how cryptocurrency could be recognized in Pakistan and regulatory proposals. “This consultation paper focuses exclusively on non-government or non-central bank issued crypto assets and not on central bank digital currencies [CBDCs],” the paper notes.

The paper discusses two approaches available for regulating cryptocurrencies. Firstly, cryptocurrency can be regulated and restricted according to existing regulations “and may in some instances even entail outright banning,” the SECP wrote.

Secondly, cryptocurrency can be regulated “based on the conjecture of ‘let-things-happen’ approach, described by the Commodity Futures Trading Commission (CFTC) as the ‘do-not-harm’ approach … where the financial sector is considered as dynamic and the associated need to innovate is strongly emphasized.”

The SECP says its position paper “is mainly prepared based on [the] second approach,” adding that it “intends to hold multiple discussion session and welcomes any input/comments.” The position paper can be found here.

Meanwhile, the State Bank of Pakistan has reportedly clarified that cryptocurrency is not banned. The central bank’s lawyer recently told the Sindh High Court that the bank issued a warning about dealing in cryptocurrencies, including bitcoin, but did not ban them.

Pakistan’s central bank issued a circular dated April 6, 2018, advising financial institutions, including banks and payment service providers, “to refrain from processing, using, trading, holding, transferring value, promoting and investing in virtual currencies/tokens.” It further states that financial institutions “will not facilitate their customers/account holders to transact in VCs/ICO tokens. Any transaction in this regard shall immediately be reported to [the] Financial Monitoring Unit (FMU) as a suspicious transaction.”

This circular is similar to the one issued by India’s central bank, the Reserve Bank of India (RBI), which imposed a banking ban on the crypto industry. The RBI circular was quashed by India’s supreme court in March and the banking ban was lifted in India.

Waqar Zaka, a television presenter who has been actively petitioning to lift the ban imposed by Pakistan’s central bank, said that the country’s crypto ban has been misreported by the media and the Federal Investigation Agency (FIA) has falsely been arresting people for possessing bitcoin. Emphasizing that the arrests must stop, Zaka explained that “Parliament has not passed any law to ban” bitcoin or other cryptocurrencies in Pakistan.

What do you think about Pakistan regulating cryptocurrency? Let us know in the comments section below.

Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: Regulation

by
Kevin Helms


Simple steps to keep your crypto safe


Previous
Crypto newsBig Macs for stacking Sats: Bad Crypto news of the week
Next
Crypto newsCRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, DEFI News, RIPPLE News
Did the article help? Rate it
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...
Add comment

Get Awesome Reviews

Coins, exchanges, wallets, crypto games, crypto cards.
Search for reviews and share your own experience.

GO TO REVAIN