Blockchain technology is revolutionizing the world as never before. The world is waking up to Web 3.0, DeFi products, and alternate asset classes like cryptocurrency - all based on the blockchain phenomenon. The conversation and concern around the privacy and security of crypto investment is a necessity. Both amateur and seasoned crypto investors must weigh the security measures around their crypto assets. Dr. Deeban Ratneswaran, CEO and Founder of GD10 Ventures, recommends five basic security measures that protect your crypto transaction and investment.
Never store your seed phrase digitally
A Seed Phrase is a series of 12 – 24 random words generated by your crypto wallet. These words store all the information you need to recover your wallet in case of any fallout. The seed phrase is the most critical validator for creating a private key and holding sovereign access to the wallet. Hence, its safe custody is of utmost importance. Saving it in electronic form on any of your devices like phone, laptop, or cloud drive, having an internet connection, is always risky. They may fall prey to internet theft or malware attack.
Purchase a high-quality hardware wallet for cold storage
Cryptocurrency hardware wallets for Bitcoin or Altcoin are available in the marketplace. They offer viable offline cold storage for the safekeeping of seed phrases. The storage is protected by pin codes that ensure safety against any physical theft. Dr. Deeban Ratneswaran says, "Considering the need for protection, it is not unwise to invest some money on buying high-end hardware wallet with advanced security technology."
Invest in a good password manager
Concern about digital asset security is undeniable. It is beneficial to have good password managers. You can combine this with two-factor authentication. It allows added safety net to the storage system. Dr. Ratneswaran says, "It's worthwhile looking into a good password manager such as NordPass or BitWarden to help create and store different passwords for each crypto service you use. One can also secure password manager with a master passphrase."
Look into VPNs/VMs
Virtual Private Network (VPN) services are always handy for safety cover. VPN service providers offer cost-effective solutions and a host of security tools to hide browsing activity and personal data. Thus, they offer a haven away from hackers and snoops on public networks. Similarly, Virtual Machines (VM) provide encrypted ecosystems to secure private data with a built-in security context and authentication mechanism.
Be wary of clicking on links
Dr. Deeban Ratneswaran warns against clickbait links and promotions that swarm the internet space. Being cautious of such links is preventive in the first place. Installing an ad blocker is sensible here. He says, "uBlock Origin is a free and effective ad-blocking tool, and it won't slow down your CPU or take up much memory space."
A medical professional turned entrepreneur, Dr. Ratneswaran leads GD10 Ventures, a firm that enables and promotes Web 3.0 companies and blockchain start-ups. He offers strategic mentorship and incubates innovation-driven projects and products on the blockchain.
So, when the advisory comes from the horse's mouth, you can't help taking a note of it. Alert netizens alone can gain out of it.