Again, Don't Ignore Security

[Joseph Lee]

In 2023, scammers managed to steal a staggering $4 billion in crypto. Now let's do our best to ensure that when they tally up the numbers for 2024, you won't be a part of that statistic.

Based on my firsthand experience, there is a tendency to disregard basic security practices when the market is generating profits and FOMO sets in. It's astonishing how our minds can become consumed during these times, leading us to jump from one protocol or website to another in search of the next major opportinity. This post serves as a friendly reminder that while pursuing such, we must not forget to:

- Never reuse passwords
- Stop downloading sketchy content from the internet
- Consider using hardware wallets for enhanced security
- Safely store away seed phrases
- Avoid visiting suspicious websites
- Verify contracts in the explorer

These measures may seem elementary, yet it is astounding how easily they can be disregarded when one is fixated on chasing the "next 100x" gain.

[Gurujebs]

- Never reuse passwords
- Stop downloading sketchy content from the internet
- Consider using hardware wallets for enhanced security
- Safely store away seed phrases
- Avoid visiting suspicious websites
- Verify contracts in the explorer

These measures may seem elementary, yet it is astounding how easily they can be disregarded when one is fixated on chasing the "next 100x" gain.

I'm of the opinion that no matter how you try to avoid all of this from the internet, as long you are using a software wallets, there will always be an open door for scams and hack attempt that's why it's alwsy recommended to use a hardware wallet if you are going to store your coins for the long run, your wallet is not connected to the internet, so all the thing you mention will be your least worry after you back your seed phrase or recovery phrase.

However, software wallets are good too for frequent spending and sending of your transactions that involves small amount of money.

[robelneo]

Here in Cryptocurrency, we are our own bank and since we are, security should be our topmost concern, even if we are good at trading, investing, and holding we are still at high risk if we do not know how to secure our wallet and our coins properly.

So the moment you first buy your Bitcoin or altcoins you should start your journey in protecting your wallet, your password, and your machine.

[Sim_card]

You should also avoid offers from platforms that looks to good to be real, because they are scammers. Just stay away from any offer, and don't allow greed make use lose what we have being accumulating over the years. Also you should only download apps from their official site to avoid downloading a fake app that can be used to drain your wallet. Avoid clicking on random links.

[jeraldskie11]

- Never reuse passwords
- Stop downloading sketchy content from the internet
- Consider using hardware wallets for enhanced security
- Safely store away seed phrases
- Avoid visiting suspicious websites
- Verify contracts in the explorer

These measures may seem elementary, yet it is astounding how easily they can be disregarded when one is fixated on chasing the "next 100x" gain.

I'm of the opinion that no matter how you try to avoid all of this from the internet, as long you are using a software wallets, there will always be an open door for scams and hack attempt that's why it's alwsy recommended to use a hardware wallet if you are going to store your coins for the long run, your wallet is not connected to the internet, so all the thing you mention will be your least worry after you back your seed phrase or recovery phrase.

However, software wallets are good too for frequent spending and sending of your transactions that involves small amount of money.

That is true. But so far, I have no any issues about using software wallets since the beginning of my journey in crypto. I experience scam but not about wallet hacked. I wish to buy a hardware wallet but unfortunately I can't afford to buy and I feel like I would rather invest my small funds in a good coin than to buy a hardware wallet which is not so useful for me because I only have a small funds. I've been using electrum wallet for many years now and I haven't experience any problem from it.

[Z-tight]

Using hardware wallets is very good for security because it stores your keys offline, however, for those who cannot buy a hardware wallet for one reason or the other, they can set up their own airgapped wallet which would still store their keys permanently offline.

Though take note that before you set up your airgapped wallet, you must really know what you are doing, in order to be able to set it up in a safe environment, this is why a hardware wallet is the 'easier' choice for newbies.

[Captain Corporate]

Unfortunately the cyber security is not something that laws and cops could help at a high level yet. Even in the fiat world we are seeing so many people end up with a lot of trouble, and that's why its not really all that complicated to assume why we would not be able to actually come up with a good result, because if they are not managing something as centralized as fiat, then it is definitely not that easy to make sure that they could save something that is getting greater in the end because that's a lot harder to protect people in the crypto world, I believe that will not be easy to make sure they are doing their best. I think its going to be easy job for sure, its not going to take that long, but we just need to wait it anyway.

[Baofeng]

Why not as well separate your machine with your crypto dealings, i.e. trading, wallet and others so what you do regularly like visiting websites. I know it could be expensive to have 2 separate laptop or pc, but it's a better precautions than having one and doing it all.

Or use OS like Unix flavor or maybe Mac OS as most of the malwares and trojans are Window base.

And think before you click, so that you can avoid being compromise, like in emails, be sure to verify the source. Do not download free softwares, as they are laden with a lot of backdoors.

[KingsDen]

You should also avoid offers from platforms that looks to good to be real, because they are scammers. Just stay away from any offer, and don't allow greed make use lose what we have being accumulating over the years. Also you should only download apps from their official site to avoid downloading a fake app that can be used to drain your wallet. Avoid clicking on random links.

You have mentioned alot in these few lines of yours. Trying to double out money by connecting our wallet to websites is one good way to be hacked;
Again, when an offer is so good to be real, it is a scam, run away from it, don't gamble it.
Downloading a fake app will not only open doors for you to be scammed, but it will also open doors for all your activities to be monitored.

[TomPluz]

These measures may seem elementary, yet it is astounding how easily they can be disregarded when one is fixated on chasing the "next 100x" gain.

Honestly speaking, the cryptocurrency industry has become the hotbed of innovations as well as scams and frauds...and we are witnessing it almost everyday when we heard of news of this platform and that site hacked and millions of dollars worth of assets were stolen - some were recovered while many were not. Sad to say, this industry is really representative of the phrase and the idea of the "fruit of both good and evil." We know that the blockchain and cryptocurrency can be the next step for humanity most especially when it comes to money, finance, banking and here we are talking of empowering people to decide their future right on their fingertips but there are so many dangers around with twisted people all fantasizing and planning to steal as many coins and tokens as they can and bringing chaos and havoc to many victims. With the new technology comes the very risk of being exposed to frauds with the aim to steal from platforms and people their digital assets. And it is so vital that we must be on our toe in making sure everything is secure so these evil people will not have any chance to get to us. Certainly, there is no point of experiencing the next x100 gains if one day they will all be gone to someone else we never authorized.

[Gladitorcomeback]

You didn't mention anything about phishing attacks, they are one of the most famous and widely used scamming methods in any industry and not only in the crypto sphere. Scammers use a lot of tricks to get their victims to provide them with their personal data and credentials, but phishing links seem to work the most for them because I have seen and heard a lot of people getting scammed through this means.

So people need to be vigilant about this and never click any links they get from an unknown source, especially if a link is posted somewhere online or has been sent to them through a private message in any messaging apps such as Telegram which is full of scammers.

[Vx1]

Cryptocurrency is very vulnerable to hacking, in whatever form thieves will continue to try to find ways to steal our money. And in this cryptocurrency we are required to be extra careful, because they always find our ways or weaknesses.
We have to be as careful as possible, especially when opening new websites that they send via email or posting on Twitter.

[dkbit98]

Consider using hardware wallets for enhanced security

Hardware wallets and other things you mentioned for security are all good, but they will not mean much if you share your private keys and passwords online.
I just saw one of the campaign managers getting scammed in telegram, so it's better to be suspicious to all received messages, and limit the use of Telegram and similar messangers.

[SmartGold01]

You really got it rightly that most people disregard this aspect of their investment especially in terms of wallet security and the forms of places they should be visiting while surfing the internet. And there is one thing I will like to encourage cryptocurrency holders to always use another phone whenever they download wallet or any other crypto exchange as app in their phone, it's better to used another device than using same device they have already used for wallet download and any other necessary information where seed phrase are stored in the phone.

[ajiz138]

You really got it rightly that most people disregard this aspect of their investment especially in terms of wallet security and the forms of places they should be visiting while surfing the internet. And there is one thing I will like to encourage cryptocurrency holders to always use another phone whenever they download wallet or any other crypto exchange as app in their phone, it's better to used another device than using same device they have already used for wallet download and any other necessary information where seed phrase are stored in the phone.

Caution is something that is very important, because scammers roam everywhere and look for careless users. Don't be careless in clicking on untrusted sites because it carries a very high risk.

If we store assets, it is best to keep them separately, especially if we often hunt for free tokens or coins from airdrops. Many users have lost their assets, that should be a lesson for us. We can avoid this as long as we are careful.