7 Levels of Cryptocurrency Security – Passwords are Not Secure!

Levels-of-Cryptocurrency-Security

Last Updated on 8 months by Komolafe Bamidele

It is widely known that you should never joke with online security as it is very important for our everyday activities especially if you deal with online businesses.

 You can make use of passwords, two-factor authentication, and other methods to protect and keep you safe from criminal hackers. 

People who want to hack into your accounts to steal various things like personal data, financial equities, assets, and other things. 

Not taking note of the best ways to ensure optimum password security can be detrimental to you as it leaves you at the mercy of these hackers.  

There Are 3 Different Levels of Passwords: 

The following are the major levels of security you should be aware of to get your different accounts secured. 

Low-Level Password Security: 

Most people make use of easy passwords which are very easy for these hackers to figure out. 

Making use of passwords like “qwerty” or “password1” makes the hacker’s job a lot easier. 

Making use of passwords like "qwerty" or "password1" makes the hacker's job a lot easier. 

Also, it is advised that you don’t put your birthday, your surname or name, your partner’s name, or anything that can be a clue to the hacker.

 Most of the accounts that get hacked always have one or more of the details listed above. 

So if you want to statistically be safe from hackers, it is much better for you not to include any personal details when creating your password. 

For further protection, a lot of websites make sure that their users create a complex password when they are creating their accounts in order to make it stronger. 

Medium-Level Password Security: 

vault is locked by another password combination

Some people find it exceptionally hard to keep different password combinations in their heads so they opt for password managers. 

For those who don’t know what password managers are, they are a special type of secure vault which houses all your password details for various accounts and what account the password is delegated for. 

Furthermore, this vault is locked by another password combination that only you know. 

However, if your password manager is hacked or the device containing the manager is lost you may lose your login information. 

You can also make use of two-factor authentication as this is an additional means of security you can add for further safety of your password. 

If you enable two-factor authentication for your account, 2FA ensures that you get a one-time passcode anytime you try to access your account. 

This is much more secure than just normal passwords. 

High-Level Password Security: 

After setting up your normal password and adding the two-factor authentication feature to it,

 Your password is still at risk if you are put against a competent hacker who can hack your website or company’s database. 

Some companies which have suffered from attacks on the database are yahoo, Equifax, and home depot. 

However, you can make use of various platforms to shield yourself from database hacks. 

An example is webAuthn, which is a platform that gives you a private digital key pair. You keep a hold of the keys without anyone gaining access to it.

 However, you should prevent these hackers from getting physical access to your devices as they can get access to your key pairs. 

Also under high-level password security is the biometric authentication method which makes use of a certain part of the human body to gain access to an account. 

The most common means of biometric authentication are the eyes, the face scan, and the fingerprint scanner. 

biometric authentication are the eyes, the face scan, and the fingerprint scanner. 

While the risks of biometric authentication are very minimal, it is not without its own risks too.

 The scan may end up producing different biometric results at a particular time if your body is in a different state like you’re sick or maybe stressed. 

Also, impairment to the part of the body used for the biometric authentication may cause a problem if you want to access your account.

 While every password security measure has its risks, some are way safer than others and this is the reason for the various levels of password security. 

Why isn’t Crypto Security Today? 

Cryptocurrency Scams: How to Protect your Coins

These days, the crypto community is no longer as safe as it used to be.

 The safety of your various crypto accounts is dependent on your ability to create and protect your passwords and other login credentials. 

It’s quite stressful to keep numerous passwords in your head and you stand a chance of forgetting one or more of the passwords which is a problem. 

This makes some people make use of easy passwords or make use of the same passwords over and over again, and this is very dangerous as they are basically inviting the hackers and making their jobs a tad bit easier. 

It is very important that you follow all the rules that help you create a strong password that isn’t easily hackable.

Why is Cryptocurrency Account Security Very Important? 

People keep a lot of money and other financial entities in their cryptocurrency wallets. 

And this is the main reason why it is very important for you to be able to keep your cryptocurrency account as safe as possible. 

The cryptocurrency platform itself does not inherently provide adequate security for your funds; 

It is very important for you to follow all the rules and regulations that are involved before you begin investing in cryptocurrency. 

Security in cryptocurrency covers a lot of aspects as it ensures that you trade and carry out financial transactions without any hassle. 

However, you should bear in mind that any little error you make can lead to your account being hacked and you losing a lot of money. 

You need to know the basics about security in cryptocurrency so it can save you from various mistakes. 

Passwords are NO LONGER GOOD & SAFE:

Passwords are NO LONGER GOOD & SAFE:

Nowadays it’s very hard to set up a very competent password for all your accounts as setting up just passwords alone does not do the job anymore. 

If your account is protected by only passwords you are at a higher risk of getting hacked because hackers can get into your password.

 For this reason, it is very important for you to pay attention and learn about the seven levels of cryptocurrency security. 

Which Crypto is Most Secure?

Which Crypto is Most Secure?

 Many cryptocurrency platforms have gained popularity and a good reputation due to how well they value customer security and privacy. 

Most of these companies totally anonymize their user’s identities when a transaction is carried out.

 Here are a few of the best cryptocurrency platforms in terms of safety: 

Monero: This is a very good and safe cryptocurrency platform that is very popular due to its safety and its ability to keep all its users anonymous. 

Transactions carried out on this platform are very hard to trace as they make use of stealth addresses.

 This method keeps both the sender and the receiver anonymous as neither of their identities is released to the public. 

Zcash; is a very safe and private cryptocurrency platform that ensures that its users carry out transactions in the most private way possible.  

Zcash allows its users to carry out transactions and businesses without even knowing each other or revealing any personal details. Also, the amount transacted isn’t written out in public. 

DASH: Dash is a more recent cryptocurrency platform that gives its users the ability to choose if they want a private transaction or not. 

They possess a private send feature that allows users to choose whether to remain in their country’s regulatory standards or if they want to choose otherwise. 

This platform can also hide the origin of your funds on the app. This is a very safe and secure platform as your private information is kept well off the public’s eye. 

Horizon: Horizon is also another very secure cryptocurrency platform that is rated highly due to this feature.

 This platform shows the amount received when you make a transaction but that’s about it. They are the 83rd largest cryptocurrency network. 

Verge: This is a very unique cryptocurrency platform as it hides the location of your funds and keeps your account safe by changing the IP of your device. 

Transactions on this platform are via peer to peer method which is totally anonymous and very safe. 

Making use of this platform is really safe and that is one of the major reasons why it is rated very highly. 

7 Levels of Cryptocurrency Security 

7 Levels of Cryptocurrency Security 

setting up an adequate security system is not the easiest thing to do and you have to make sure you keep your account safe from hackers and scammers.

 Here are all the 7 levels of security you can apply to your cryptocurrency account to make it as safe as ever. 

  1. – Adding a Simple password 
  2. – Making use of Two-factor authentication 
  3. – Making use of a 2FA key instead of SMS 
  4. – Making use of your crypto wallet instead of an exchange.
  5. – Making use of an offline cold wallet instead of an online hot wallet.
  6. – Make sure your code is stored in a non-digital format. 
  7. – Store your code in a different location than your cold wallet. 

Conclusion: 

Cryptocurrency security is a very big topic and you have to decide on the best ways to keep your cryptocurrency wallet and accounts as safe as possible.

 You also need to keep yourself posted on new security measures on cryptocurrency platforms and accounts as the hackers keep trying new methods every day and so security has to constantly change.

JOIN OUR NEWSLETTER
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.
Share this

Leave a Reply

Your email address will not be published.