We talk about crypto’s here at the TOE from time to time. It is important to remember that the technology that backs these systems is in its infancy. While the networks are designed for security, it is important to remember that we are dealing with software. And as anyone who develops software knows, there are always bugs in software. Now, there has never been a breach in bitcoin that I am aware of, people nonetheless suffer a loss of their cryptos from dishonest and unscrupulous actors who use nefarious means to steal people bitcoins.
These folks may try to hack your computer, get control of your crypto wallet and snatch you cryptos before you know what has happened. It is important to take measures to protect yourself. Be sure you need a password to log into your computer and be sure your crypto wallet(s) are password protected. You also need to make sure you back-up your wallet. You do not want to lose your cryptos because your hard drive crashes.
Leaving your cryptos with an exchange has its plusses and minuses. On the one hand, you do not need to be a personal computer security expert to keep your cryptos safe. But the exchange has to be. These folks are getting up to snuff at a rapid pace, but they are also constantly under attack by bad actors. A hack like the one suffered by Mt. Gox would be devastating.
Part of doing protecting yourself is knowing some of the nasty tricks hackers use to execute their crypto-theft. The infographic below provided by CryptoGo.Com explains some of the fundamentals of how to keep your cryptos safe.
Source: CryptoGo.com
Image Source | David McBee, Pexels.com
