How to Trade Crypto Safely – As time goes by, more and more people invest and want to have a beautiful future. Crypto trading is one type of profitable investment, so a safe way is needed to play it
Making a Backup
Back up your entire bitcoin wallet early and often. In the event of a computer failure, regular backup history may be the only way to recover the currency in the digital wallet. Make sure to back up everything in the wallet.dat file and then save the backup in some secure location (such as on a USB, on a hard drive, and on a CD). Not only that, set a strong password on the backup.
Always keep your software up to date. Wallets that use non-updated bitcoin software can be easy targets for hackers. The latest version of the wallet software will have a better security system thereby increasing the security of your bitcoins. If your software is updated with the latest security fixes and protocols, you can avoid a major crisis due to increased wallet security. Consistently update your mobile device or operating system and computer software to make your bitcoins more secure.
The multi-signature concept is gaining more and more popularity. This security system involves the approval of a number of people (say 3 to 5) for a transaction to take place. Thus, this method effectively limits the threat of theft because a single controller or server cannot perform transactions (i.e., send bitcoins to an address or withdraw bitcoins). The people who can transact are determined in advance and when one of them wants to spend or send bitcoins, they ask others in the group to approve the transaction.
Also Read :Difference between Investing and Trading
An online wallet is a software or web service that allows users to store and control their online shopping information, such as logins, passwords, shipping addresses, and credit card details. It also provides a method for consumers to purchase products from online retailers.
The system can be integrated directly or can be combined with carrier and credit card payments via a unified mobile web payment platform. Examples include Google Wallet, PayPal, Yandex.Mone etc.
These wallets store the user’s address and private key on something that is not connected to the internet and usually comes with software that works in parallel so that users can view their portfolio without compromising their private keys.