Although pretty much the entire crypto industry has entered somewhat of a winter over the past year or so, it still remains a viable alternative for those looking to park their money as an investment opportunity. Nonetheless, with hacks and exchange failures seemingly abounding, it makes sense for budding crypto enthusiasts to look at ways to protect themselves and their investments from undue nefarious activity. This post will explore several methods you can utilize that should dramatically increase your safety when dealing with crypto, both with regard to mining and general usage.
Use Application-Specific Integrated Circuit (ASIC) Devices When Mining
Mining certain cryptocurrencies used to be a free for all whereby anyone with a decently powerful rig replete with an array of GPUs could overclock to their heart’s content and watch the cryptos roll in. However, those days are well behind us now, and nowadays, you need to take a more discerning approach if you want to succeed. One modern option is to utilize ASIC devices specifically designed for mining cryptocurrencies which offer higher efficiency and speed than other mining methods. If you believe these machines would be useful for your mining operations, you should be ready to do your homework to ensure you purchase the right equipment. To make life easier in this regard, you can use the information provided by ASIC Guide, amongst others, which offers a range of valuable info on manufacturers and distributors, along with other options regarding this technology. Services like that just mentioned are a vital resource because they help the average Joe acquire machines that are up to date with the latest firmware and avoid inadvertently buying counterfeit models, which can compromise the very security you aim to ensure.
Research The Trading Platform Before You Sign Up
Now we move on to the security measures you should heed when purchasing or using a token. As you are probably already well aware, you need to sign up for an exchange platform if you wish to buy and exchange fiat for crypto. While there are other ways to achieve this task, exchanges offer the most convenience and are likely used by most folks in the crypto game. However, not all are created equally, and as seen with the fall of the likes of FTX and others, you need to be extra vigilant if you are to avoid issues down the line. Consequently, the best course of action is to simply spend some time researching the exchange you would like to use and checking if it’s legitimate or has any underlying problems that might cause it to fold like the others. Although this is easier said than done, you can use online resources to check the veracity of the platform, such as parsing through news sources related to the exchange and even utilizing UGC on websites such as Quora or Reddit to see if there is anything untoward happening.
Set Up 2FA For Your Wallet And Exchange
Despite its flaws, two-factor authentication has become the gold standard in security because it dramatically reduces the likelihood of a system being compromised. Therefore, you should turn it on for each system you use, including your exchange and wallet, to ensure your investments are safe. However, you also need to be aware that not all 2FA systems are the same, and some are better than others. If you want the highest level of security (which you obviously do), you should avoid using an SMS-based system and instead opt for a dedicated app like Google Authenticator or any of the app-based methods. These apps create a code you need to enter before you are allowed to sign in and provide an additional layer of protection, keeping things safe if your password is compromised.
Regularly Monitor Your Transactions
The most straightforward solutions can sometimes be the most secure. As with your conventional bank account, it can pay to spend a couple of minutes each day checking over your various transactions to check if there are any out of the ordinary. If you catch something, it could be the result of a hack and give you the opportunity to investigate further. Moreover, if you find unusual transactions, you can immediately stem the damage by changing your passwords and information in your exchange of the situation. Although it is almost impossible to regain lost crypto, you can reduce the outflow and at least save yourself from further losses.
By their very nature, cryptocurrencies offer a high level of security, but it doesn’t hurt to enact a few extra precautions. Whether it be with your ming rig or your wallet, the steps outlined in this post should help to keep your investments secure against thieves and provide peace of mind.
