HOW TO SECURE YOUR CRYPTOCURRENCY FOR DUMMIES - MnTrendsNews

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Wednesday, 28 March 2018

HOW TO SECURE YOUR CRYPTOCURRENCY FOR DUMMIES


Cryptocurrencies are currently the trending stuff in our modern world, and due to its climbing prices and the bright future it promises, many wan to own at least one relevant cryptocurrency, and that includes sadly, hackers.

How does one protect his cryptocurrency from the hands of these 'bad guys' given the nature of cryptocurrencies, that once a coin has been sent, it cannot be reversed given that there are no centralized authorities monitoring it.


Here's a run down some of the steps highlighted that even dummies can conveniently follow.

Step1: Secure Your Devices


Inasmuch as it concerns financial transactions, being sure that your money remains safe and secure should be and remain top priority for you and your trade partner. And cryptocurrency is an asoect where one should especially take care.

Devices that have anything to do with your cryptocurrency should be especially taken care off and should be treated the way Debit Cards, and other  bank details are treated.

Step2: Protect Your Private Keys

To prevent your cryptocoins from being stolen, private keys must be protected. If anyone else gains access to your private keys, they can and will spend you Cryptowealth for you. So be one guard.

Using strong passwords, two-factor authentication, and unlock code for phones can help to keep cryptowealth even safer.

Step 3:Use Trusted CryptoExchanges

There are 2 types of cryptoexchanges, but the concern will be on the centralized cryptoexchange.
Using a centralized cryptoexchange means trusting them with your private keys, crypto-funds and you trade for what amoiunts basically to IOUs. So the security of your funds lie in the hands of the exchange. If the exchange is whack, chances are they can be hacked.

So, guys we know you have struggled hard for your crypto-wealth. Don't lose them because of some silly preventable mistakes, share this article with friends who you think might need it.

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