by Marvin Dumont
Hackers: You can’t see them but they’re everywhere. In the Wild West of cryptos, hackers are robber barons who steal programmable money.
You’re on your own because bureaucrats are inept at regulating innovation.
Don’t reward fraudsters by being careless. You can also punish them by using security precautions because they will have wasted precious time and energy in unsuccessful hack attempts.
Here are common-sense advice for protecting your digital currencies.
- Have your passphrase.
Losing passwords means losing funds.
Canadian exchange Quadriga CX cannot repay at least $250 million to users because its 30-year-old CEO (allegedly) died while traveling in India. He was the only person who knew secret keys to all the funds — though some investors are suspecting it’s a scam.
Don’t share your password. You can use “cold storage” such as writing the passphrase in paper and storing it in vault or safety deposit box. Put the paper inside a plastic bag to keep moisture out.
2. Ignore suspicious websites and links.
Two groups are responsible for 60% of exchange hacks, according to Feb. 2019 Chainalysis report. Each hack averages $90 million in stolen cryptos.
Fraudulent websites and links can place malware, viruses, and spying tools on your browser or device. These can obtain your keys by tracking your keyboard strokes or electronic screen.
3. Use a reputable wallet.
It’s a good idea to store your funds in a wallet, and not leave it inside an exchange.
Bitfi hardware wallet (bitfi.com) is among the most secure crypto wallets. It has integrated Apollo all-in-one privacy currency (APL) so you can protect your money with new DMA-2. It provides “optimized utility, fortress-like security” and is easy to use, according to Bitfi’s website.
4. Get two-factor authentication (2fa).
2fa makes it difficult for scammers to access your account.
It’s available on Apollo Wallet. The team released Android wallet app so you can take the all-in-one privacy currency that incorporates every mainstream feature wherever you go.
Download it on Google Play. The IOS version will be available upon completion of Apple Store review.
Apollo all-in-one privacy currency combines every mainstream feature into a truly private and unregulatable platform. That’s possible through tech such as private ledger, decentralized exchange, coin mixing, and advanced IP masking.
Learn more about Apollo’s groundbreaking tech: