Crypto has become so pervasive that you will hardly find anyone who has not heard of it. This explains why many people invest their money in these digital currencies. While this might seem to be applaudable, one issue of concern is on the safety of cryptocurrencies.
Many people have said that with the influx of thousands into the crypto space, there might not be as much safety in the system as there used to be. That aside, to lay this safety issue to rest are the representatives of Coin Dispute Network.
Coin Dispute Network is a global crypto firm that helps to trace and recover stolen cryptocurrencies and investigate disputes.
Cryptocurrency operates on blockchain technology, which is said to be very safe. Is there still a need for safety concerns? Yes, cryptocurrency is built on blockchain technology, which appears to be one of the safest.
However, this is not to say that there are no safety concerns. It is important to understand that the human factor angle, which appears to be independent of the technology, can also put the crypto account at risk and raise some safety concerns. So, more often than not, you have to worry about human activities while using cryptocurrency.
What are some of these safety concerns? Some safety concerns are peculiar to cryptocurrency. Let’s look at bitcoin, for example. One, your bitcoin is pseudonymous. This means you can’t keep your transaction from the public. Although your personal information is private, with some clues here and there, an expert criminal may be able to put some information together.
Another safety concern is regarding passwords. It gets more serious because bitcoin is decentralized, and there is no authority you can contact. Hence, if you forget your password, you can also wish your crypto assets goodbye.
Are there individual actions that could trigger a breach of one’s cryptocurrency account? Of course, some individual actions could cause a breach in one’s cryptocurrency account. A common one is not setting strong passwords.
Many people, in a bid to remember their passwords use their names or the names of their pets or even their birthdays. All these things are easily ascribed to them and can be guessed easily. The idea is to use passwords with different characters and numbers.
What measures can one take to ensure one’s cryptocurrency account is safe? To ensure that your cryptocurrency account is secure, you must first refrain from the acts that appear to compromise your account.
Hence, have a strong password known to you alone, and don’t indiscriminately click on random links or share your wallet address with merchants you don’t trust. Also, from time to time, ensure you run a malware scan on your devices. You should also keep track of your transaction history so that you can discover early if an unauthorized activity is ongoing.
If one notices that their cryptocurrency account has been compromised, what do you advise they do? There are a couple of things you can do. If you still have access to the account but notice some suspicious activities, you should change your password immediately.
After that, you should run a malware scan to determine if it’s a system dysfunction. After this, you should transfer your money for the time being to a safer account. You can then notify your exchanger or wallet provider or the authorities. You can also contact Coin Dispute Network.