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Crypto caution: Safeguard your crypto investment

Anshuman Dutta
30th Nov 2017
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Bitcoin has taken the world by storm and as Dennis Gartman has said. “Bitcoin is a market for criminals and millennials. If you one of the many investing in bitcoin or the altcoins, it would be prudent to follow security measure so that you are not at the risk of scamsters and criminals.

Here are the quick steps to be followed while managing your crypto wallet, tokens and safeguard your investment:

CryptoCaution 1:

Do not share your private key with anybody. Your private keys with some else mean your wallet is at the mercy of someone else.

CryptoCaution 2:

Never compromise on the security of the wallet that stores your private key. Make sure to spread it over say 2-3 platforms. Eg. If you are investing $300. Spread it $100 or $150 over 3 or 2 platforms.

CryptoCaution 3:

While signing up for a wallet or exchange always use two-factor authentication (2FA), instead of SMS use Google authenticator and do not compromise on the quality of the password.

CryptoCaution 4:

Remember never to send your coins with the wrong crypto choice on exchanges. A slip between the cup and the lip can be disastrous for your coins.

CryptoCaution 5:

While copy and pasting addresses always paste it into a notepad. Cross check if there is any unwanted activity of change in the address while copying. As for being sure to read it and cross check to make sure of accuracy.

CryptoCaution 6:

While participating in an ICO make sure you use a wallet have complete control over the wallet as when ICOs release their tokens they will usually sent it back the tokens to the address you used to send your investment.

CryptoCaution 7:

Always, if you have a large number of tokens store it in a hardware wallet such as ledger, trezor etc.

CryptoCaution 8:

Beware of email phishing scams where scamster may try to send an email asking you to click on a link and update your details. Don’t fall for it. Check the email address for continuity and coherence of the email address with those you receive from the exchange etc. before. Look for the change in spelling, or a new number or even an extra letter.

These are some of the cautionary steps I take while making my transactions. Let me know if there is anything else that you would like me to add to this list and make this article a running document for crypto security.

(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)

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