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10 Crypto Commandments for Protecting Your Assets from Being Stolen or Lost

A guide to digital asset security

The crypto space is rebounding again, it is not news that more and more hackers and thieves are looking for ways to loot your assets. If you pay attention to these rules, you will be less prone to hackers. So, let's get in right away.

10 Ways to Protect Your Digital Assets from Getting Stolen

Always Set Up 2 Factor Authentication (2FA) 

This is an extra layer of protection, apart from password and username, used to secure an online account from unwanted elements. You can use it to secure your digital asset from getting stolen. Two-factor authentication is the best way to protect your asset. You can download the Google 2FA authentication app from play store. And if you use iOS, you should be able to get one from the app store.

Never Share Information about the Storage of Your Coins or How Much You Have 

I know it is tempting but hold your breath. Stop sharing information about your coin. Particularly, if you reveal information about how much digital assets you have, be sure to be the major target of hackers. They will do everything humanly possible to hack your account and get access to your digital assets.

Avoid Storing Your Coins/Tokens on Exchanges for a Long Time

It is better and safer to store your assets on a core wallet that only you have access and control over. In the event that an exchange gets hacked, you'll lose everything - If top exchanges like Mt Gox and Binnance could be hacked, then there's no exchange that''s immune to hacking. Some Exchange has the reserve to cover lost but never rely on it.

Avoid Using the Same Username and Password on Different Platforms

Especially when tied to your other finances, like a credit card, be care of information that can easily be lost. In the crypto space you are your own bank. If someone hack your coin, there is no support for recovery.

Be Careful of How You Transfer 

I know everyone like to test how things work. Remember your crypto asset is more or less your cash so treat it as such. The more transfer you do, the likely it slips to the wrong account and is not retrievable - Blockchain is immutable (meaning once a transaction is carried out there is no way you can retrieve it).

Always Cross Check an Address Before You Transfer Funds

There are thousands of cryptocurrencies, tokens and coins, with a different wallet address. Ensure you send the right coin/token to the correct wallet. If you sent to a wrong address there is no way you can retrieve it.

Avoid Storing a Large Amount of Assets on Mobile Wallets

The mobile phone is number one target for hackers to send bug or keyloggers. If your phone gets hacked, you get burned forever, and if your phone is lost, you are roasted. Treat mobile wallet like a regular purse that holds few quantities of cash. If my own part of the world, in particular, the bad boys now go on rampage looking for whose phone to collect; not necessarily because they need the phone. What they need is your account information to get access to the funds in your bank account. Most of these bad eggs knows about crypto, so if they see a mobile wallet on your device they will go any length to have assess to it.

Quarantine Every Email that's Related to Your Password or any Sensitive Information 

Hackers are always trying to phish your Information by sending link or attachment, quarantine before you click on it. Phishing scams remain useful tools for criminals to steal data and money, especially from businesses. Sometimes, bad guys will go all length to design a website that looks almost exactly like the one you have your asset, so ensure you check very well before you access any website. One way to do that is to check the address bar (the real website should have a sort of padlock symbol on the address bar.

Log Out of all Your Devices, Exchanges and Wallets when You're Done

Logging out will help to ensure your 2fa is effective when someone try to login other than you. Also, in the event that you lose your phone, no one will have easy access to your funds.

Be Sure to Protect all Your Devices with Reliable Antivirus and Malware Software

The least on these rules is very vital to me because it helps secures your computer or devices while you are asleep. Most Blockchain Framework relies on the internet connection to process transaction. Secure your connection  gateway with reliable antivirus/malware software from been sniffed by hackers.

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