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Crypto Traders and Investors Beware: Paving New Ways for High-end Digital Asset Security

Security is one of the most crucial components in the financial domain, and the cryptocurrency industry is no different. As hackers are highly incentivized to gain access to funds which an exchange claims they hold, the measures to protect these assets need to be extraordinary. Here are some top tips to help you keep your […]

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Security is one of the most crucial components in the financial domain, and the cryptocurrency industry is no different. As hackers are highly incentivized to gain access to funds which an exchange claims they hold, the measures to protect these assets need to be extraordinary. Here are some top tips to help you keep your funds out of the reach of malicious actors.

Top 10 Security Tips

1. Beware of phishing scams

Phishing is a type of intentional deception designed to steal your private information. A malicious actor tries to get passwords, account information, private keys, or other personal information from you by trying to catch you off-guard. Phishing schemes usually come via spam, email, or pop-up windows. Don’t click on anything you weren’t expecting or that looks unauthentic. There are lots of criteria to verify whether a link or email is authentic.

2. Don’t click on any links you don’t recognize

We already mentioned this in the first point, but it definitely deserves a second mention. A well-known and strict rule here is: think before you click. Who is the sender? Was I expecting this email? How is the message written? Does the message contain lots of mistakes or does it have an incoherent structure? If anything, be suspicious.

3. Don’t store any passwords or seed phrases in the cloud

Don’t be naive by thinking you have the most intricate password storing system in place. The most damaging thing you could do to yourself is think you can outsmart a hacker and let your ego tell you you have “everything under control”. Storing any passwords or seed phrases in the cloud is the biggest of no-no’s and simply a question of “when not if.”

4. Buy a cryptocurrency hardware wallet

A hardware wallet is a type of wallet where you can store your private keys on a secure physical device. The cryptocurrencies stored in the wallet are kept offline, meaning that they can’t be hacked. If however, you store your seed phrase in the cloud, this beats the entire purpose of the hardware wallet. So write it down on a piece of paper instead.

5. Avoid public WiFi

If you are going to interact with exchanges, wallets, public addresses, and whatever kind of crypto information, you want to be 100% sure that no one is looking over your digital shoulder. Public WiFi offers hackers the ability to position themselves between you and the connection point. So, instead of talking directly with the hotspot, you could potentially be sending your information to the hacker. Be very aware of this, and avoid public WiFi, no matter what.

6. Ensure device safety – (anti-virus)

Viruses, trojans, botnets, ransomware, malvertising, riskware, hijacks, and other types of malware – you can be exposed to all of these if you maintain bad security management behavior. So why not use a tool to protect yourself? Protect yourself against a malicious actor who has managed to install malware that crawls your device for 12-word seed phrases.

7. Enable two-factor authentication (everywhere)

No-brainer incoming. Having any account which contains private or valuable information without 2FA activated is equivalent to using password1234 as your password.

8. If it seems too good to be true it probably is

“You have won 10K! You are going to receive a 100K transfer! You are a magical winner of some free crypto!”

If it seems too good to be true it probably is. Cybercriminals don’t discriminate when they try to socially engineer you. This includes invites on LinkedIn with requests to open documents and to click on links. Respectfully refuse and request to communicate within the platform itself. Sometimes there will be a request for you to refer someone you know or they will attempt to lure you in with something that flatters you. It will be something you know, deep down, simply cannot be true. So, don’t be naive.

9. Become a password-manager ninja

Who doesn’t have 200+ passwords to manage nowadays? That number will only increase in this digital (quarantined) age. Reusing the same password is a big no. Only using numbers is also a big no (even though you think you are being smart with your 26 digit password). You will get humbled by a brute force attack. Check if your email has been breached on haveibeenpowned.com. Learn how to make strong passwords; there are techniques to do so, using a combination of all kinds of digits, numbers, numerics, and special characters. Research password managers.

10.The ultimate and final security measure

Make sure your exchange has had an audit conducted by a professional accounting and business consulting firm to prove the presence of (your) collateral. Users need to know how their assets are stored in an exchange. They trust an institution with their funds. If on top of a conducted audit, your exchange provides you with extra features and tools within the platform to check the presence of collateral, it reflects that they are taking extra efforts to protect your assets.

Here is a detailed infographic that depicts the cycle of these measures.

Trust is the new crypto-criterion

Central to the relationship between any financial institution and the customer is trust. You trust your institution or middle man to do the right thing, day in and day out. When you walk into your bank, for instance, you trust that your banker will greet you with a smile, and when you are not there, you trust that the bank will keep your personal information and your assets safe.

But what if trust isn’t enough?

Security remains a super-hot topic in the crypto space. Whereas banks ensure that all deposits (in Europe) up to €100.000 are protected through national DGs (deposit guarantee schemes), the crypto space doesn’t have such a system in place yet. This means that the entire responsibility for the management of funds comes down to the responsibility of the user. And as crypto allows for huge profits amidst those losses, this means that wealth and asset preservation is a controversial topic all around.


Patrick Velleman
Patrick is a Community Manager at Gate.io. He is passionate about blockchain technology and how it has fast-tracked innovation not only in fintech but in various other sectors too. At Gate.io, he is responsible for updating the community about ongoing campaigns, novel features, overall development, and making sure everyone is happy. He facilitates the creation of appealing visual and written digital content across various channels, keeping users informed about all of Gate.io’s achievements along the way. 

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Crypto Traders and Investors Beware: Paving New Ways for High-end Digital Asset Security appeared first on The Daily Hodl.

Source: https://dailyhodl.com/2020/06/14/crypto-traders-and-investors-beware-paving-new-ways-for-high-end-digital-asset-security/

Blockchain

Bitcoin transaction value sees 500% upswing in 4 months

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Bitcoin’s average transaction has now climbed to over $150,000, translating to a 500% jump since July

The average value of Bitcoin transactions was around $25,000 in July. The last few months have since seen this value skyrocket sixfold to $150,000. The average value peaked on October 20 with a yearly high of $151,800 per transfer. Overall, the increase in average Bitcoin transaction values stands at slightly over 500%.

BTC average transaction value history. Source: BitInfoCharts

Bitcoin had two momentary peaks before the October 20 high. The first on August 17, where the value peaked at almost $121,000 — before being surpassed exactly a month later by an average of almost $130,000.

The latest surge comes around the same time as when Bitcoin’s trading dominance is increasing to heights that have not been witnessed for the past three years when the crypto hit its all-time high.

It is worth noting that Bitcoin’s current average value at $151,800 is about 190 times greater than Ethereum’s.

The average value of ETH transactions has been relatively flat compared to Bitcoin. The value has remained between an extreme of $800 and $1,500. The only significant surge was in the last week of August and early September.

ETH average transaction value history. Source: BitInfoCharts

During this period, the average transaction value rose to a high of $2,562 on September 1 that hasn’t been surpassed as of writing. There was one brief spike on September 18 that saw the value surpass the $2,000 mark and settle at $2,100. The current average value of ETH transactions are $793.

The huge disparity between the average transaction value of Bitcoin and Ethereum indicates a stronger presence in BTC markets.

Bitcoin Cash’s average transaction value has spiked several times in the same period. The highest average recorded in the three months was on August 12 where the value rose to $28,544. The value surged again to $26,093 on September 3 marking the last time the value was above the $20,000 mark.

Both cryptocurrencies have had flat trends in terms of the number of transactions over the last three months.

BTC and ETH transaction history. Source: BitInfoCharts

The only notable swell was on September 17 where the number of Ethereum transactions rose to a peak of 1.406 million. Prior to this, the highest number of transactions within the three months was 1.29 million posted on August 10.

Source: https://coinjournal.net/news/bitcoin-transaction-value-sees-500-upswing-in-4-months/

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Indian crypto industry leaders push for a regulatory sandbox.

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Indian crypto industry leaders push for a regulatory sandbox. – Coinnounce



























India’s crypto exchange, BuyUcoin, and industry leaders have come together to propose a regulatory sandbox for cryptocurrency businesses in the country.

Crypto industry leaders in India have come together to push for a regulatory sandbox for crypto regulations in the country. The draft for the proposed sandbox demands a taxation framework for cryptocurrencies. The Supreme Court of India earlier this year overturned the central bank’s blanket ban on cryptocurrency. In collaboration with industry stakeholders, thought leaders, entrepreneurs, developers, and regulators, crypto exchange BuyUcoin introduced an open initiative that seeks to form a regulatory sandbox– a well-defined framework to regulate cryptocurrencies in the country. With the Supreme Court’s decision to overturn the crypto ban, startup jobs in India have increased in the crypto sector. 

The regulatory sandbox establishes clear ground rules for the crypto industry. 

The draft document titled “Regulatory Sandbox: The Key To Cryptocurrency Mass Adoption In India” establishes clear ground rules for the crypto industry. The regulatory sandbox could legitimize the industry and bring it under the general financial regulatory umbrella. The recent draft document recommends that crypto traders and investors declare their yearly crypto income under a separate provision than the Income Tax Act. The crypto exchange also introduced a whitepaper that prescribes open-source APIs to track crypto transactions and maintain a technical framework for AML and KYC compliance. 

Crypto regulations remain in a grey area in most countries. 

Crypto-related regulations in most countries remain in a grey area. However, some countries have embraced the tech and innovation behind crypto and have provided the industry with favorable regulations. South Korea earlier this year passed legislation making crypto trading legal in the country. Crypto regulations in the United States are also unclear in the most number of states. Earlier, US CFTC said that they are planning on making a ‘holistic framework’ for the crypto industry. Earlier, it was reported that Indian lawmakers are planning to ban the use of crypto entirely in the country. 

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Jai Pratap

Jai Pratap

A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.


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Source: https://coinnounce.com/indian-crypto-industry-leaders-push-for-a-regulatory-sandbox/

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Blockchain

Crypto.com Integrates PayID Offering 5M Users an Easy and Unique Way to Send & Receive Crypto

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[PRESS RELEASE]

HONG KONG, October 19, 2020 — Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.

Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.

cryptocom_PR

PayID solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open and common protocol that allows for interoperability between any payment network or currency.

Starting today, Crypto.com is offering early access for select customers to register their unique Crypto.com PayID. To be eligible:

  • Stake 10,000 CRO or more in Crypto.com Exchange; or
  • Stake 10,000 CRO or more in Crypto.com App

On 2 November 2020 all Crypto.com App users can register their own Crypto.com PayID within the Crypto.com App.

Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other members in the Open Payments Coalition.

About Crypto.com

Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com

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Source: https://cryptopotato.com/crypto-com-integrates-payid-offering-5m-users-an-easy-and-unique-way-to-send-receive-crypto/

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