Hello Everyone,

This is my homework task for The Steemit Crypto Academy Week 3 by @gbenga

This time he talked about Security in blockchain and how can we keep our holding safe. This topic is very important for everyone who is associated with crypto or even planning to do so. I enjoyed reading this article about blockchain security and the ways to safeguard ourselves. I hope that people who are new to crypto must go through this post so that they understand the steps to secure their funds and follow the steps that help to have NO monetary loss.

Task:-

Make a Post about a Security problem with Cryptocurrency and Share a personal experience if possible.

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Personal Experience

This is indeed a very nice topic and reacted to cryptocurrency security I have a personal experience which I am going to share here. I had joined the Steemit platform in June 2018, but I entered crypto last 2018. when I entered crypto that time, I was not much familiar with this world and I joined Steemit after watching a video in YouTube. At that time there was no such guideline about the uses of the various keys provided at the time of account creation on the platform. since I was completely new to this type of platform so I was exploring it and trying to learn as much as I can and in September 2018, I lost my friends from my Steemit account.

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Like the crypto professor @gbenga said in the post to stay careful from spam links and don’t open unless we know the source. I got some link in my account which was spam but since I was new, so I provided my active key instead of posting key and this was the biggest mistake I did. That hacker transferred all my liquid coins and started power for SP. I had not even completed three months here and I did invest some Ethereum to start with but bat scammer has taken away all liquid. Fortunately, I was using Partiko app at that time and got a notification of the transfer so check my account and then I realized that funds are stolen. I immediately checked out the support option in the Steemit website and started recovery of my account. I must appreciate that replied within and our time and they helped me to recover my account.

Here is the link to the post I created to report the issue-

Urgent support needed friends..as my Steemit account hacked today

The Steem price was over $1 when I purchased and I used 0.20 ETH to buy it. It was my hard-earned money and fortunately, I had 60% of tokens as SP and it helped me to lose less amount. I lost 39.53 steem which was a very big amount for me at that time.

I should have been more careful but being a newbie I was not aware and I think that many people like me face similar challenges in the early days. Steemit provides the ultimate security to our funds through staking because no one can withdraw SP immediately and it at least need 1 week to liquidate 25% of SP and within this period any active user can easily track any phishing attack in the account

I learned the best security lesson from that incident and since then until now I don't click on any links and even I enable 2FA with all my account for better safety. Even I lock my phone with a strong password so that no one can access my 2FA code easily from the phone.

Exchange hack-

There are various security issues with cryptocurrency and one of the biggest issues that we come across quite often is hacking of exchanges. We get to hear about exchange hack and it happens almost every month. We are in the 21st century and we are also surrounded by highly advanced technology but is still exchanges are not foolproof and hackers are way more advanced with their technology to hire the exchanges and steal funds. although many of the exchanges cover insurance he still that is not something that can make every user feel relaxed. Leading exchanges like Binance have also been hacked.

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Scam

The cryptocurrency segment is growing but at the same time number of scams is also growing. These scammers are following various ways to loot the money and they are targeting the users through various ways. not everyone is so aware of the ways to secure an account and this makes them lose money sometimes. There are even some platforms offering a bigger amount of ROI and later on, it turns out to be a scam that takes the money away.

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There are various ways to safeguard our Holdings and Secondly are up securities is one of the most popular that we all should use. Also, I believe that non-custodial wallets are more secure to keep our Holdings if we are not trading but this is not a permanent solution because for the trading purpose we need to go with an exchange, and then again a risk arises off losing firm if anything goes wrong with the exchange security. As of now, it's difficult to say that our funds are completely safe but if we can follow certain security protocols then for sure we can apply the maximum level of security by ourselves.

Conclusion

When it comes formally then security is foremost and I hope that in coming years we will be able to have a robust security ecosystem and technological solutions to make it more secure and hopefully this will reduce the risk of losing funds. But we need to ensure that we are not getting caught by spam links and phishing attacks.

Cryptojacking is new for me and I never heard about it but this is a very serious thing because for a normal user it's difficult to track whether something like this with the PC is going on or not. a little negligence can create a lot of issues and RIT resources can be used for the profit of someone else that can even damage the organization. Although I follow all the possible methods to safeguard myself after going through this article I will be trying to be even more careful so that nothing wrong happens just because of a little mistake. I will be following the steps suggested over here.

This is the official post made by @gbenga

Thank you so much @gbenga for putting in so many efforts and bring more value to the steemit platform. This will help us to learn and enhance our knowledge about crypto.

cc:
@steemitblog
@steemcurator01
@steemcurator02

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