A Crypto Primer: For those of you who are new to crypto and want to learn more, this is a great introduction.
Bitcoin vs Bitcoin Cash: A comparison of the two crypto currencies.
Monero vs Zcash: Which is better?
The Problems With Proof of Stake: Proof of stake (PoS) is a system where the miners are chosen based on how much they have invested in the system. The idea being that they would be less likely to cheat since they have so much at stake. Bancor (BNT), Tezos (XTZ) and EOS are three projects that have recently raised hundreds of millions of dollars with PoS systems. This article discusses some serious problems with such systems and questions their viability.
Simple Steps To Keep Your Crypto Secure: Some basic steps to keep your crypto safe. (Think of recent headlines.)
What Is an ICO? Initial Coin Offerings Explained: ICOs are a popular way for new projects to raise capital. Essentially, an ICO is a crowdfunding campaign where instead of getting equity in the project, investors get new tokens or coins that will supposedly increase in value once the project is launched.
Cryptocurrency is going to change the world in ways we don’t yet understand. But it’s important to remember that it’s still a new technology, and just like any new technology, it comes with some risk.
There are a few common mistakes people make that can compromise the security of their cryptocurrency. (Think about all of those recent headlines.) It’s easy to avoid these mistakes if you know what they are. I’ve put together this list to help you avoid them.
Here are five simple steps to keep your crypto safe:
1. Write down your seed phrase and store it safely
2. Keep your software up-to-date
3. Use a hardware wallet
4 Go fully open source
5. Never give out your private keys
1. Be aware of your online habits and practice good cyber hygiene
When it comes to the security of your cryptocurrency, one of the most effective things you can do is simply pay attention to your online habits. You don’t need to be a security expert or an IT professional to do this – if you just stay mindful of how you use the internet, that’s already a big step toward protecting your digital assets.
Here are some things to keep in mind:
Isolate your crypto activities: always use a unique, strong password for any account related to cryptocurrency. Store it in a password manager such as LastPass so you can generate and store complex passwords without having to remember them.
Give out as little personal information as possible: don’t share unnecessary personal details with strangers (even if they claim to work for a well-known organization). Don’t fall for “social engineering” scams that try to trick you into giving away private information (passwords, pins, etc.). And never share your recovery phrase with anyone!
Beware of links: hover over links (don’t click) before trusting them, especially when using social media. If something looks fishy or out-of-character for someone you know and trust, don’t click
If you’re reading this, then you’re probably already interested in Bitcoin and other cryptocurrencies. If you’ve bought some or are thinking about buying some, congratulations! You’ve taken the first step toward participating in the future of money.
And if you plan to hold on to any significant amount of crypto for any length of time, I recommend taking a few extra steps to keep it secure. After all, if your crypto is stolen from you, there’s no insurance company that will reimburse you for it.
This post isn’t meant to be comprehensive; it’s more like a quick checklist of things to do once you have some crypto.
Set up a cold wallet
A cold wallet is one that has never been connected to the internet and never will be. This makes it much less likely that anyone will hack it and steal your crypto. There are plenty of resources online where you can learn how to set up a cold wallet; I recommend this one. The process should take no more than an hour or two, even if you go slowly and carefully. And once you’ve done it once, it’ll be much easier next time (though hopefully there won’t be a next time!).
Set up a hot wallet
If your cold wallet is a savings account, then your
1. Don’t keep all of your crypto in one wallet.
2. If you don’t need to cash out, don’t.
3. Use a hardware wallet like Trezor or Ledger Nano S if possible.
4. Have a decent password and don’t reuse it.
5. Never give anyone access to your private keys, even if they claim to be from support at an exchange or someone claiming to be Satoshi Nakamoto himself!
6. Don’t be afraid to use the 2-factor authentication options available on most exchanges, including Google Authenticator, Yubikey, Authy etc.
7. If using a site that doesn’t have 2FA, consider using transfering your coins from the exchange wallet to a hardware wallet and back when trading or withdrawing, depending on your needs and how much you’re storing in each wallet type (see