Securing your digital currency

we will learn how to secure digital currency, about potential security breaches when using the digital coin and what to watch out for.  the importance of backups on the Bitcoin network and how to implement them.  will also learn about advanced security methods and how to store our Digital Currency.

Securing Your Digital Currency – Why Is It So Important?

One of the most difficult problems facing digital currency users every day is the need to protect their digital currency against malicious programs, viruses, embezzlement on commercial sites, hackers and many other entities whose purpose is to take the money. The almost total anonymity of digital money allows potential thieves not to fear being caught and ventured much more than they would dare if it were a regular bank account. Moreover, the rise in the rate of digital currencies and the interest in digital currencies over the past year attract more and more greedy hackers who are thirsty for easy money and are looking for new victims.

When a hacker manages to steal your digital currency, there is no reason to call the police. All you have to do is monitor the movement of money between the various addresses on the network. Unless you have the means or technical knowledge of computers, you have no chance of locating the person behind the addresses.

The digital nature of these currencies is to make it easier for thieves to reach metaphorically, shamelessly, into your wallet and disappear with the loot. There is no safe to break through and no need to enter through the window. The thief can rob them through his laptop while he sits drinking coffee.

But the digital currency not only affects the thieves’ side. Sometimes holders of digital coins are a bit confused. The way the digital currency is held and stored, and the ease and speed with which it moves from place to place, as well as the fact that it is all digital, succeeds in misleading many people into thinking that this is a kind of virtual money – not real. Until he disappeared.
So it is important to refine this detail over and over: a digital coin is real money for all intents and purposes. And if you have a digital coin, you should treat it as such and trust it accordingly.

Users of dual-digit digital currencies educate themselves and fellow network members on how to protect their digital currency in a proper manner from those attackers, and prevent as much as possible cases of theft from occurring.
First, no one wants them to take the money, that’s obvious. But the many potential security breaches also have a collective price that permeates the media and across the network and gives Bitcoin a bad name. One that links the innocent digital currency with criminal organizations, money launderers, and other dubious types, and discourages the general public from using it.

So after we understood why it’s so important. Let’s learn the best ways to keep our digital currency:

Using passwords correctly
Do you know that you are signing up for a website and are asked to enter your username and password? And if you know that this is not the smartest thing to do, most of you will use the same familiar password again and again that you have already entered in all the other sites and services you use. The sophisticated in you will make minimal cosmetic changes in the password and will be sure that they have succeeded in confusing the burglars lurking in the corner. It’s not smart when it comes to signing up for just a random site and certainly not when it comes to your money.

Never use a password you previously used on the Internet to protect your digital currency.

You have to understand that the brains that might try to steal your digital currency are not the average company from the street. They are mostly people with a deep understanding of programming languages, computer penetration capabilities, Trojan horses, killers and other unpleasant surprises. If a person with these skills decides to attack you and try to steal your money, it is very likely that he will succeed unless you protect your wallet securely and smartly.

Each digital wallet must be protected with a password. But not every password will give you real protection. When choosing a password that protects your digital wallet, it is important to choose a good and strong password. A good password usually consists of a combination of letters and numbers and also includes special symbols (such as: & ^ * $ #) and includes at least 8 characters. The longer your password is, the better. The less logical it is the better

A strong password will help you feel safe and sleep well at night, but even a strong password has one weakness common to all passwords: you have to remember it. For obvious security reasons it is not recommended to leave a note with the password on the table and certainly not on a file on your computer so it is very important to choose a password that you are able to remember. But that’s not enough either.
It is very important to keep a written copy of the password, not digital media (page and pen), in a safe and secure place.

What usually happens is that when you choose the password you are sure that you will never forget this password. “What’s terrible is simple, it’s” hdhdhdhdhdn “How can you forget about it ?!” So listen to an experienced man. Allow. Do not secure your digital currency properly and fall victim to this annoying theft, no doubt about it. If the amount is large enough it is also probably quite painful. But knowing that the coins are right there next to you but you can not access them because you forgot your password, it’s much worse.

  Backup and restore purses

One of the biggest advantages of cryptocurrency is the fact that it is completely digital. By chance, this is also one of his biggest drawbacks.
At cryptocurrency, the digital wallet software manages the digital addresses and private keys that hold your balance for them. If something happens to the wallet software or hardware on which the software is installed, without backup, the private keys of the addresses will be lost and with them access to cryptocurrency.
Therefore, backing up a digital wallet is a very important step and is an integral part of managing and maintaining a wallet. Any digital wallet software will allow you to back up the wallet and also allow you to restore access to your fishing if necessary.
Hardware malfunctions, human errors, operating system crashes caused by viruses or malware, and even accidental short circuits can all cause information on your hard drive to be erased and you will lose access to your cryptocurrency. And as in the case of losing a password, here too you will have to live knowing that the money was not stolen, but simply locked in a safe and you do not have the key.
In the case of cryptocurrency maintenance of cell phones, you can add to the list of potential disasters, theft of the device or immersion in the toilet (mainly for women who are with us for some reason) or just a crash of the device on the sidewalk. All of which, in addition to the obvious distress caused by the damage to the device, can also result in significant financial loss. A simple wallet backup that usually takes a few seconds can save your Bitcoin and make the event much less traumatic.
For all the above reasons, and certainly a few more, always back up your wallet and keep the backup in a safe place and separate from the place where the wallet is installed. If this is a backup file, it is recommended to save a copy on the cloud (Dropbox, Email, etc.) and if the backup is printed on paper, print several copies and save them separately and in a protected place.
It is important to note that, as in the case of a regular wallet, the backup file must always be protected and encrypted with a password. An unprotected backup file is equivalent to an unprotected wallet and will allow anyone who holds the backup file access to your BitTorrent. Remember to use a strong and secure password and stick to all the rules mentioned above.
Each wallet software enables its own unique backup and you can easily find the backup option in the software interface (Backup / Export / Export).

Posted on July 5, 2017 by yaki