Cryptocurrency trading and exchange firm Binance offers three tips to protect your bitcoins. Through an article published on its blog, the company alerts you to some of the factors that could compromise your security.
Good protection, it is one of the key elements to protect your digital currencies. Similarly, prevention plays a major role, with this issue being one of the most worrisome.
Many trading firms like Binance offer a reliable and secure platform. However, your security may be compromised by mistakes you make when handling your cryptocurrencies. Remember that there are many ways to lose your bitcoins.
Why is prevention important?
One of the characteristics of Bitcoin, and of cryptocurrencies in general, is the irreversibility of transactions. This means that a portfolio error can be expensive. In this case, it is essential to stay vigilant and follow tips like those of Binance to protect your bitcoins.
Likewise, installing unreliable programs can bring hackers to your device. In this case, the theft of keys or identity, become very serious factors that compromise your possibilities when it comes to protecting your bitcoins.
In this sense, prevention becomes the best weapon to keep you protected against virtual criminals. With these simple tips, you can substantially increase your level of tranquility by having your cryptocurrencies in good protection.
It should be kept in mind that the same characteristics that have made cryptocurrencies great, also makes them very popular for criminals. With this in mind, Binance offers advice in three areas where security issues are common.
Protect your bitcoins with three simple Binance recommendations
The first of the scenarios that can compromise you when it comes to protecting your bitcoins is impersonation. In this type of attempt, the criminal masquerades as an investment, trading, and even a popular cryptocurrency influencer.
With this modality, taking into account the difficulty of violating the protection of your Bitcoin account, the attacker aims to gain your trust. Once this is done, their mission is to obtain your login details to extract your money.
Binance explains that trusted agents never request personal data. Therefore, the first advice to protect your bitcoins is to keep your personal information confidential and try not to enter non-secure links. In addition, personal information should never be shared with third parties, services or supposed “experts”.
The cases of this type of attack on the security of your bitcoins can be counted by millions. The high number of victims has prompted companies like Binance to promote actions to protect your bitcoins.
Recently, the CEO of CriptoTendencia, Andrés Tejero, published an article about an attempted robbery with this modality that a criminal tried to perpetrate against him. The person was posing as an investor of “Iranian” origin in a major fund company and his intention was to seize at least $ 1,000 in Bitcoin.
Beware of unsafe APIs
The term API may sound unfamiliar to many people. But, for those dedicated to trading, it is common. API stands for Application Programming Interface. It is a code that allows the exchange of information between two applications.
As it is intuited at first sight, the security problems are almost evident in this type of applications. Binance, advises, to protect your bitcoins, the non-use of third-party APIs that may pose a danger to the protection of your cryptocurrencies. Hackers could infiltrate an API and reverse transactions.
In summary, use only APIs or any other plugin that comes from secure sites or verified platforms.
Maintain concentration when making deposits or transfers
A common problem, which has played tricks on bitcoin protection, is the carelessness of the owner of the same. Deposit mistakes are common and thousands of dollars are lost each month.
Not staying vigilant and firmly focused can lead people to transact from BTC to ETH wallets. Also, to the confusion of cryptocurrencies that may have similar names or logos.
As a recommendation, Binance guides you to carefully verify that it is the correct cryptocurrency. At the same time, be sure of the deposit address to which you will make the transaction.
List of the most common errors when making transactions
Although there are many human errors that can lead you to violate the security of your own bitcoins, this list summarizes the most common of them according to Binance, which can be useful for you to take precaution when it comes to protecting your bitcoins.
- Using incorrect cryptographic addresses, i.e. sending BTC to ETH addresses.
- Cryptocurrency deposit not supported or included in the list.
- Confusion between crypts of the same name.
- Memo or bad or forgotten tags when depositing tag tokens.
- Deposit addresses manipulated by malicious software.
Data to consider
- Cryptocurrencies, due to their decentralization, are very attractive to scammers.
- In some countries where cryptocurrencies are not considered assets like in Russia, criminals and scammers can get away with it.
- Infiltrating browsers is a relatively simple task for hackers, never leave your keys stored there.
- Concentration is one of the factors that plays the most tricks on the security of Bitcoin wallets.
The information in this content has been extracted from reliable sources detailed below.
1-Professional handling of content by the authors of CryptoTendency.
2-External sources: Binance.com and Ciphertrace.com