Volatility is not the biggest threat to your cryptocurrency investment, but security of your invested funds is. Many of us still keep our funds on exchanges although, large part of fast learners have shifted to hardware wallets like Ledger Nano.
As it’s next to impossible to set up your own individual wallets, the most suitable option is as above, though it is definitely not one of the best practices.
The biggest threat here compared to shutting down these top cryptocurrencies exchanges is getting hacked as a result of bad security systems and personal negligence.
Cyber criminals have conducted stealing of more than $225 million worth of Etherum in 2017 only by the use of Website Phishing according to Chainanlysis. This spoof website looks similar to the original website.
There’s a 1 in 10 chance that you’ll end up being the victim of the above kind of theft while being involved in ICOs ,according to Bloomberg’s stunning revelation.
So it’s very important that we all are very attentive and careful while we are investing in crypto and cybersecurity should be made our first priority.
One of the most powerful ways in cybersecurity is 2FA(Two Factor Authentication) which we have all been negligent of, should be carried out.
Significance and uses of 2FA and ways to set it up
2FA enhances the security level of your trading account. It scares us all to know how easy it is for the cyber criminals to get to know your account’s User ID and password with the wide use of standard security methods used all around the internet. By 2FA authentication, the cybercriminals are unable to log into your account, although they may have access to your account’s credentials.
How is it possible ? Let’s see in the below listed factors, usually used along with your credentials. It might be a mix of passwords, security questions and answers, pin code, smart card, a pass , physical hardware or an email code. It may also involve biometrics, namely your fingerprints, voice or heart beat etc.
Example of 2FA
Different types of white label cryptocurrency exchanges implement 2FA in different ways. Explanation will be done on how exactly to use 2FA in your crypto set up, to make your account on these exchanges very secure, safe and less prone to hijaking.
Traditional example of 2FA is as follows
A combination of two keys are needed: one customer’s and one the bank’s in which you hold a security locker to keep all your valuables safe. This is called 2FA-Two Factor Authentication. Your debit card and ATM pin number are also examples of 2FA: As you cannot withdraw money just by the use of one factor.
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