Cryptocurrency Investment Safety Tips & GODcoin's Safety Standard

godcoin (58)in #crypto-news • 6 years ago

Cryptocurrency Safety...

Safety and cryptocurrency go hand-in-hand for any investor, especially since there is everything from scams to infamous hackers out there. Due to the fact that cryptocurrency is unregulated, it essentially increases the risks of an investor losing their assets. Even though investing in cryptocurrency can seem dangerous, especially nowadays where there are thousands of unreliable coins on the market, there are helpful tips to keep you safe. An article that was written today gave 10 tips to "keep your cryptocurrency safe".

Tip 1: Use wallets from known sources

A growing number of wallets from less reputable companies that offer attractive features are malware in disguise, says Nathan Wenzler, senior director of cybersecurity at Moss Adams.

Tip 2: Do your homework

There are a variety of wallets out there, including hardware, software and paper, Wenzler says. Each kind has its pros and cons. In general, hardware wallets, which are physical wallets that store the user's private keys, are arguably the most secure. But if this type of wallet is lost, there's no way to recover it.

Tip 3: Store your coins in a cold wallet

An offline hardware device like a USB or hard drive avoids storage on an online exchange.

Tip 4: Don't keep all your cryptocurrency in a single place

While it's more time-consuming and requires you to keep better track of things, it's a more secure risk management strategy.

Tip 5: Store your cryptocurrency private keys

...Use strong two-factor authentication methods. It's really important to use at least a multisignature or more than one key to authorize a bitcoin transaction, since this will greatly reduce the chances of fraud, says Michael Borohovski, co-founder and chief technology officer of Tinfoil Security, a Mountain View, California-based cybersecurity firm.

Tip 6: Back up your cryptocurrency private keys

Create redundancy: It's better to play it safe and have access. Make backups of cryptocurrency stash as often as possible, but particularly anytime there is a transaction, Borohovski says. 'Store them both locally in a hardware wallet and in the cloud, so that if one service or hard drive dies you won't lose all of your money in cryptocurrency,' he says.

Tip 7: Use strong passwords

Most password generators will create one with 64 characters, numbers, uppercase and lowercase letters and symbols. 'Criminals use sophisticated password crackers to try to hijack these accounts, and these tools utilize dictionaries, lists of common passwords and brute force attacks as well, so the longer and more varied your password is, the more entropy it has and the longer it will take to crack,' he [Borohovski] says. It's also important to know the seed phrase and store it in a secure safe or safety deposit box.

Tip 8: Use trusted secure networks

'Only make transactions on networks you own and trust to avoid someone eavesdropping and redirecting your funds to somewhere else,' he [Morales] says.

Tip 9: Do not talk about your investments

The most important thing is to avoid talking about your trades or portfolio on social media or anywhere else online.

Tip 10: Conduct smaller trades

Limit yourself to conducting a number of smaller trades rather than one large trade because that large trade 'puts you on the radar of anyone who's looking for a rich target,' he [Glassberg] says. 'A whale is a better investment for a criminal's time, energy and resources than a small fry. Make yourself appear to be a small fry. This is also a good way to test the exchange you are using before you overextend yourself.'

Source

Those tips are very vital for those starting out or for the more experienced investors in the crypto world. Here at GODcoin, we know we have a huge responsibility to uphold high standards and put your safety, time, and investments first. That is why by using safe practices, such as those listed above, and investing in GODcoin, not only do you get security from the actual backing of gold and silver but also through bonds.

A bond must be held to be granted minting privileges. Without the bond a proposed block will be rejected by the network.

A fee must be paid, in digital gold tokens, to obtain a bond. When a minter joins the network, they must wait until the bond transaction is included in a block permanently on the network.

The fee helps to thwart abuse of the network. Let’s assume there is no fee. The user with the most minters can easily obtain enough coins for a 51% attack over a period of time. By moving the funds from the all the minters to a single minter, they will eventually gain enough coins to take over the network.

Bonds and security go hand-in-hand with minting. "The minting process requires verification that the bond is valid, so it is a proactive process to ensure network security, as well as the creation of a stable currency. Part of this process would include minters being active in the network by proposing blocks. This is to ensure consensus in a decentralized network. Any found dysfunctional or dishonest nodes will be removed to ensure network stability and security." Not only that, but there will be transaction signatures. "A signature is used to confirm the authenticity of the owner or owners of a particular message or document." This will be done using an Ed25519, a digital signing algorithm, which is similar to the protection level of the NIST P-256. You can read more in GODcoin's white paper.

Having the type of security desired from a cryptocurrency may seem grim in today's market, but rest assured, GODcoin has your back!

This article was authored by Judith Monte, @belovebelight

There are many advantages to GODcoin especially since it is one of the few coins that will be backed by gold and silver. Not only does GODcoin offer the illuminated path towards a prosperous future, but very soon, it will be the global currency. To learn more, visit the following links:

View the history leading up to the white paper