A crypto currency as the name suggest is a secured virtual or digital currency. Crypto currency is secured by using cryptography techniques, which makes it highly secure and nearly impossible to forge or replicate. Crypto currencies are based on block chain technology on decentralized networks—a distributed ledger enforced by a disparate network of computers.

As crypto currencies become more popular worldwide, there’s concern that cyber criminals or hackers will try to use them to masquerade their illegitimate activities in other platforms, particularly when it comes to laundering funds.

The digital currency using principles of cryptography to secure transactions. Where the regulators and governments are still trying to figure out appropriate legal structures and business norms governing crypto currencies., hackers and cybercriminals are finding intelligent ways to exploit that window of opportunity by identifying the vulnerabilities in crypto currency business.

 Since Cyber Security of crypto currency is a concerning issue and it is obvious that the cyber security industry has to significantly consider crypto currency security and the issues surrounding it. The crypto currency being untrack able and irreversible transactions leads to many potential issues for consumers and organizations alike who occupy crypto currency.

Despite the cyber security threats and risk, many individuals still want to participate in the crypto currency market and would want to acquire it – few of them are technology enthusiasts who would want to be the part of new wave of technology and another big number is of those who wants to become a millionaire in quick span of time. If you’re either of the category of those people, these tips may help secure your crypto currency account.

There are few To Do’s on which the security experts agree to keep crypto currency out of the hands of cyber criminals or hackers-

Use of Hard Wallets

The first and foremost thing to consider is to keep cyber security the topmost priority, since an individual’s private key is the way to access crypto currency, therefore it’s essential to keep it safe. Do not keep your keys online in safeguard yourself. One may use a hardware wallet — an item that looks like a USB and contains their private code. Your key will be kept in an encoded format in hardware wallets and one can simply plug the wallet to your system in case of any transaction, code will always remain in the device and hence there will be hardly any chance that it would be accessed or stolen from your system by cyber criminals or any other unauthorised users. One can make duplicates of the wallets which can be kept another safe place, so that there would be a backup always available with you. It is highly recommended to use crypto currency hard for the strong security.

Use unique and strong Passwords/Passphrases:

Use of strong passwords will help to keep crypto currency security safer, the passwords/passphrase used for crypto currency accounts should not resemble any passwords/passphrases utilized for other types of logins. Passwords should always be considered as security and not as a convenience. Long and complex phrases with digits and letters and special characters that would be impossible to guess are recommended to use. A good password should be non-guessable by cybercriminals or hackers. Avoid using personal information like name, age, date of birth and spouse name as password. Also don’t share too much personal information online. Try to remember your password, in any case if you want to stored it at some place, better to keep it offline and out of reach from any unauthorised person.

Create Separate encrypted email accounts

Next recommendation is to create a separate encrypted email account for the communication regarding crypto currency. There are ample of secured and encrypted email services which offers free accounts which are often best to use, one can get extra premium features by paying a small amount which enhances the security of the account. Commonly free available email servers can be easily compromised and can leave important information accessible to unauthorized personal or cyber criminals. Having a separate encrypted email account which is not connected to other types of activities especially social media, keeps confidential & critical information and communication separate from each other and less prone to cyber-attack.

Use Ad Blocker Software:

Use of ad blocker software for computers and devices utilized for crypto currency is vital, now a days many anti-viruses are providing ad-blocking services. The ad blocker features on the browsers shall also be enabled for extra security. Keeping your systems free of malware and other types of cyber-attacks automatically reduce the risk. Restarting the computer and cleaning the cookies after each is highly advisable in conjunction with the software.

Validate the URL:

While you are dealing with crypto currency it is very important to validate the URL (Uniform Resource Locator) of the site you were utilizing before entering any critical information. Phishing attacks are very common attacks regarding crypto currency websites. Avoid clicking on any link received on mail or message without verifying it. Phishing attacks can be avoided by confirming the web address is correct address associated with the desired account or platform.

Unlike paper-based currencies which are controlled by governments, crypto currencies or digital currencies are fully decentralized and operate independently of any regulation. Crypto currency is still not regulated in many countries, so there are no security audits assessments or controls when it comes to crypto currency systems, In spite of that a lot of media coverage and high returns are luring customers to invest in it. The security risks, however, are real and that can be financially disastrous for those who don’t pay attention towards them and not keen to know how to safeguard themselves from the dangers associated with digital currency.

Crypto currency is certainly providing an ease of use and globalisation of currency, however the improper and insure   can lead to a catastrophic result. Technology if not used properly can results into disaster.

Undoubtedly, acquiring crypto currency is both extremely interesting and filled with risk. Knowing what the threats are and how to safeguard digital assets will help you make an informed decision to determine if investing in digital currency is the right choice for you or not.

Keywords: Cryptocurrency, cybersecurity, digital currency, cybercriminals, hackers, password protection, ad-blocker, digital keys, cyber attacks.

What is Block Chain? People usually connect Block Chain with Bitcoin, but the fact is Block Chain is a technology and Bitcoin is a Crypto currency. Crypto currencies are using Block Chain Technology to come into existence and grow its usage.

Block Chain actually has given a solution to a problem. People think it’s a product, software or hardware… Of course they are supporting ingredients to make Block Chain work. But my recommendation is to treat Block Chain as a Technology Solution that’s makes decentralized process possible.

Block Chain will change the way Organizations work.

Block Chain is the only solution to moving Organizations and Industries from a Centralized system to one that is Decentralized in order to bring Trust, Integrity & Security.

Cyber Security

Let’s take an example of an online virus attack – whenever the world faces online virus attack, within a very small span of time, the whole internet faces problems.

In this scenario most of the antivirus companies start marketing their product, saying that they have the patch or solution upgrade, which can secure your computer.

How can Block Chain solve this problem? There are many solutions that come up around the world at the same time. Hence we can start punching these patches with the help of Block Chain and within a very small span of time, the whole world will be updated with a perfect security patch.

Hence this problem can be solved by decentralizing the update for antivirus and the perfect solution will be delivered at very low cost.

 Voting

Now-a-day’s countries follow a voting system that uses electronic voting machines. These voting machines have now come into the radar of being hacked. This has happened because voting is centralized. If countries use voting systems with the help of Block Chain, then there is absolutely no chance of hacking, because this will take support of decentralized mechanism.

 Media & News

We are experiencing fake news on many platforms of social media … This fake news harms society, people, community etc… Block Chain can solve this problem. Before sharing any news, if every media checks the news index provided by Block Chain, then fake news can be suppressed within minutes, and true news will keep on getting high index and will be validated.

Moreover this can help society vice versa i.e., most of the governments suppress news for their vested interests but after successful indexing of news via Block Chain, this problem will also be solved.

Legal Industry

The biggest problem in the Legal Industry is that it has many areas, like security of documents, forensics… etc. Over a period of time, Legal Industry is the domain and this has been in news. Block Chain can solve the problem of making it centralized to decentralized.

 Real Estate Registration

When a person buys a home, there are three parties involved – (a) Buyer (b) Seller (c) Registrar.

Whenever this deal takes place, papers are made and are registered with a centralized registrar which could be any Government Department. But Block Chain will solve this problem by making the centralized control to a decentralized one, hence making it more transparent, secure & cheap.

Money Transfer

In order to send money across borders, three parties are involved, i.e., Sender, Receiver and Company (Bank). In This case you will register a deal at the Bank or Company’s Server which is centralized… and they charge huge commissions on this transfer. Block Chain makes it secure, simple and even free of charge.

 Healthcare

Let’s talk about the Healthcare Industry. There is a big need to keep health records universal and secure. This can be achieved by using Block Chain Technology, again making it decentralized from centralized.

 Some of the below industries will also get affected by the new process implementation in future Education , IPR Industry, Telecom, Share Markets, Genetics, Medical Research, Space etc.

(Note: “Centralized” – This is The word hated by Block Chain … That’s why the concept of Block Chain came into existence. Block Chain is De-centralized, that means many registrars and once the deal is finalized, every registrar updates their register and shakes hand. Please note – This Deal can’t be changed at all…By anything! Once punched, its registered..! This is Actually the Beauty of the Block Chain Concept.

This actually has solved the problem and the trust has increased….Business will become simpler, less expensive, cross border)

How does BITCOIN support the BLOCK CHAIN Concept?

Bitcoin is a crypto currency and it was in existence, but was finding its way to spread all around. It took the help of Block Chain to make it robust and go on … proved history.

 What is Crypto Currency?

It’s a Digital form of Currency which has some value attached it.

Types of Crypto Currencies?

After success of BITCOIN, there is a wave of crypto currencies in the world, some of being Litecoin(LTC), Ethereum (ETH), Zcash (ZEC), DASH, RIPPLE(XRP), Monero (XMR), Peercoin, Namecoin…

A more interesting fact is that the internet has come up with a new Crypto Currency Exchange also, which keeps giving live information regarding Market Capitalization, Exchange Price in ($), Supply, Volume  etc  and it’s Live..!

Who are Miners?

Mining is the process of solving some mathematical problem.

Cloud Mining or Cloud Hashing enables users to purchase mining capacity of hardware in datacenters.

Bitcoin cloud mining enables people to earn Bitcoins without managing hardware, software, electricity, bandwidth or other offline issues.

Hence all Bitcoin mining is done remotely online.

What is wallet?

Its a software which can be installed on computer or mobile. Functionality of the wallet is to store, send and receive digital currency.

Most of the crypto currencies have their own wallet. We can use third-party wallets for this also.

Wallet actually acts as a personal ledger for all transactions.

Security of the wallet depends upon the source of the wallet developing company. It is always recommended to download from known sources.

Every Wallet will give you a key to access as a user. You should never forget or lose that key. If you lose that key, then you will lose your coins also.

Types of Crypto Currency Wallets:

Cryptocurrency wallets are available in different forms. We have Desktop Software Wallet, Mobile App Wallet, Online Wallet, Hardware Wallet, Paper Wallet etc.

Relevant Links

https://bitcoin.org/en/

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