Unfortunately, today’s world is transparent in a not so cool way. From Facebook, Twitter, Instagram and literally every social media site out there, there is a “share” button or a “tell us what you think” button, a trigger that will allow you to spew your thoughts on pertinent matters allowing you to divulge personal preferences and lay bare your habits in the web.
It’s even worrying when you think about all the tracking these sites have, cataloging all your browsing activities. Add that leaks and consequent auctioning of personal data in the dark web for a couple of dollars and it’s admittedly terrifying.
Blockchain Is Secure and Reliable, But….
Well, we have blockchain and while blockchain is certified secure more so if there is participation from the masses, it is the interfaces that allow you to interact or own bit of the project. Where you store these gems is an attack vector and hackers are everything sharpening their skills to fleece even the most aware investors. Everyday bots and malware patrol the interwebs searching for vulnerabilities.
And last year alone millions were siphoned off from exchanges prompting regulator intervention. Government agencies in Japan and South Korea forced exchanges to re-apply for operating licenses with renewal subject to strict vetting that first prioritize security measures in place and investor recompense just in case there is a leak. Coincheck learned the hard way and after repaying more than half a billion dollars, investors were struck once more after Cryptopia and QuadrigaCX debacle.
These imbroglios highlights why an investors are in need of a secure portal, a trusted wallet where they have full control of their hard earned wallet. Remember, unlike most of these new-age projects air-dropping uses to stimulate participation, the most valuable coin in the space didn’t crowd fund and therefore joining the network was simply out of good will, out of enthusiasm as there was nothing like “oiling the network” through airdrops and things like those. Even so, early entrants are millionaires, Roger Ver and other proponents are examples of Bitcoin wealth.
No Air-Drops, Security Starts With You
So, what will make a project or an individual trust a wallet? Well, amongst other things like trust, coins supported, ratings and user interface; most will check how the wallet publisher plans to secure their assets. Since most are multicurrency, as in not Full Nodes, it means they are centralized and we know concentration is a honey pot as they are susceptible to attacks. But, as always, your asset security starts with you. Before analyzing what the wallet is doing, this is what you should do. Just as the first bulwark:
- There is this wise old saying, “never tell anyone how much money you make”. It is timeless and applies to crypto as well. Only that you should never tell anyone how much Bitcoin or ETH or XRP you have in your wallet. By telling them not only will you be judged and perceived differently but you will be exposing yourself to attacks especially if you…
- (Don’t) expose your personal email address in social media or to anyone who’s not close. Given the human nature of using the same password across different site, if that individual or group cracks one, then your password will be gone—and your wallets in that case more so if,
- You don’t set your 2FA. In that case, always set your two-factor authentication. Try Google Authenticator, it’s easy.
- If the wallet doesn’t support this feature, then use a password manager to generate passwords
- Always back up your wallet. You can automate this and do it monthly or quarterly in a computer free of viruses.
If you do this regularly, then you are ready to study what Bitcoin OX, a top-rated hot wallet, is doing to prevent attacks and ensure that you are in full control of your coins/tokens. Note that because EXCDEV is ramping up, supporting more coins with the latest update including TRX and BTT, security is a priority. Add these to an encouragingly recovering market where analysts project the moon, Bitcoin OX is layering to prevent penetration and reputation-damaging. These are practices in place:
- Encourage back-up and in that case, first-time wallet generation requires an individual to back-up a mnemonic 12-word passphrase that in case of loss can be used to recover content in another HD wallet even if it is not from the publisher. All this is because they did incorporate BIP-39—which “describes the implementation of a mnemonic code or mnemonic sentence — a group of easy to remember words — for the generation of deterministic wallets.”
- Flexibility thanks to the RealMulti feature that allows one to “create wallets with one seed or with different seeds” meaning a user can store as many assets as possible without recreating a seed for every coin.
- Proof of ownership and this is important because unless you have control of your asset’s private keys, you are never in control. The wallet allows the client to control and manage each asset’s private keys in an open manner without copying them in any server.
- Apart from this, the underlying code is open source meaning the public can vet, scrutinize, critic or complement its robustness.
- Communication is open and multi-channel in that you can raise your concerns via Telegram, Email, and YouTube. The support team is well trained and professional in applying ITIL best practices. ITIL is a customer-centric standard that focuses on Service Strategy, Service Design, Service Transition, Service Operation, and Continual Service Improvement. Every alarm is therefore handled professionally, any time of the day or night.
Space is roughly ten years but participants are not settling and innovating. Bitcoin OX is a wallet that is tested and approved by the community. It has never been hacked and employs the best security practices for end-users benefit.