Absence of 2FA (Two Factor Authentication) in cryptocurrency

The cryptocurrency industry is an industry that has many opportunities but is also hazardous. One of the essential things in cryptocurrency is to increase the security of your cryptocurrency. Activating 2FA is another layer in login security. Activating 2FA on any sensitive website is an essential habit that you need to adapt to increase your account’s security. Most media that store cryptocurrency like exchange or wallet will offer you to activate 2FA.

To activate 2FA, you need to download the application, Google Authenticator and sync with exchange or wallet via QR Code. When 2FA is active, every time you log in to the exchange/wallet, you need to enter your username, password to pass code. The passcode on the application will change every 30 seconds, and when someone hijacks your account, they also need your cell phone.

Exchange is where you store coins

One of the most common mottos in the cryptocurrency industry is. If you don’t control your key, then you don’t control your coins.

Exchange is an easy target for hackers and is always at risk. When you save a coin in the exchange, then what controls your coins in the exchange. You can say you trust the security of the exchange more than your own. The best thing you need to do is save coins in your wallet

Does not have a hardware wallet

If your cryptocurrency investment is more than $ 500, then a hardware wallet is the right investment.

Why? Because hardware wallet is not connected to the internet, hackers can only take your assets when they take your hardware wallet, and they also need a passphrase to access it. This certainly makes the hardware wallet has a second level of security. If you have more budgets, then you should save your $ 500 in 2 separate hardware wallets. The second wallet can function as a backup if you lose the first wallet. Immediate Edge software is one of best bitcoin software which is liked by most of traders.

Lack of understanding about security issues on the internet

Both the wallet and website that you choose to store your assets will undoubtedly store your data. Make sure you secure the data as well as possible. When you are using a wallet, hardware, or desktop, make sure you avoid Wi-Fi in public places, avoid using software that is not guaranteed to be safe, and use a strong password. One of the most important things is not to use your e-mail every day when dealing with cryptocurrency assets. It would be best if you used a different e-mail.

There is no back up for sensitive information

Make sure you always backup 2FA and data wallet. If you lose your computer and have not backed up your private key, seed, or passphrase, you will no longer be able to access your assets. The same applies to exchanges if you lose your hand phone and have not saved your 2FA.

Wallet and exchange, in general, will direct you throughout the registration process. Just make sure you read and follow their instructions carefully. For 2FA, you should back up in writing and not store it on your mobile so that when your cell phone is lost, you can still secure your assets.

Fraud Affected

You must always be careful when investing in the world of cryptocurrency. There are many con artists in the crypto world, and they become smarter as time goes by. Make sure you pay attention to the following ways to avoid fraud:

Double-check the URL that you will visit. The URL itself can be embedded in the text where you can click on a sensitive link and end up in a different URL.

Look closely at the given domain. Make sure the domain you are visiting is correct and not typo. For example, you intend to enter coinbase.com, but it turns out the link you click is coiinbase.com. Of course, this is done by fraudsters to get your money.

Avoid opportunities that offer to get money quickly. Whenever you are offered the opportunity to get rich online, it is most likely fraudulent. An example is the Ponzi scheme implemented by BitConnect.

Share on: