How to maintain the security of your encryption and here are the basics of security?

Bitcoin and Ether are cryptocurrencies and are lines of code on a server.

Since the encryption is completely digital and there are no physical assets, protecting it requires some technical knowledge. It is important to be aware of where you store your digital work so that it is not vulnerable to hacking.

Here we will talk about some cryptocurrency wallets and some useful security basics for you

Too many risks in using virtual exchange wallets:

Many newcomers buy cryptocurrencies from the exchange such as Coinbase or karken and leave their possessions in the custody wallets of those sites, but like anything else, they are exposed to hacking and espionage as a way to many currencies with billions of dollars every day.

2018 close call at Binance showing the risks associated with leaving coins in an online exchange wallet.

2017 Stolen NiceHash worth $60 million.

2014 Mt. Gox lost 750,000 bitcoins to its customers

Hot wallets and cold storage:

The conventional wisdom is that if you have more virtual currency than you feel comfortable carrying with yourself or if you intend to keep it for a long-term investment, you should keep it in a cool place. Dedicating a computer to store your cryptocurrency or buying a hardware wallet is not a good for everyone, given the cost of knowledgeable devices such as Trezor and ledger, which reach between $120 and $220. Usually we find software wallets free and can be accessed quickly and easily, although they are less secure in the end.

3 types of software wallets:

The primary function of a cryptocurrency wallet is to store the private and public keys you need to perform a transaction on the blockchain. Software portfolios can be roughly divided into 3 types, such as mobile, online, and desktop.

Mobile wallets are optimized for retail transactions, but because your crypto-keys and information are stored on your mobile, you may lose your coins if you lose your device.

But if you keep your private keys somewhere else, you may be able to get your wallet back on a different device depending on the type of mobile crypto wallet you are using.

Desktop wallets are programs that you install on your computer, as they give you a large amount of control over your assets, but if you are connected to the Internet, you will remain vulnerable, such as taking over your computer remotely or by some malware.

Even if your computer is connected to the Internet, your hard drive could be a disaster. It is best to keep track of your private keys and store them somewhere else.

What are the basics of safety?

Whether you choose a hardware device, software, or a paper wallet to manage your private keys and password, there are a few tips that you must follow in order to be able to maintain your inventory.

You have to be wary of any online service, because any device connected to the Internet is at risk, so encrypt your wallet with a strong password, use a hardware wallet that is disconnected from the Internet, back up your wallet regularly, store backups in multiple locations, and use security Multi-signature, which helps you maintain control of your coins even if one of your devices is compromised Create, write and hide a mnemonic seed for your wallet and use a set of words to recover your wallet in the event of a hardware failure and do not share your keys or password.

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