The only way to be unaffected by hacks in the cryptocurrency world

It is something you probably know but (most likely) have not done and should do

Photo by Chris Ried on Unsplash

A hack in the cryptocurrency world is simply when an online wallet or exchange is penetrated by a third party (with ulterior motives) who gets access to move funds as pleased. With blockchain transactions known to be irreversible and often anonymous, hacking constitutes a very severe threat to the crypto ecosystem. There is no such thing has being completely hack-proof. Some platforms claim to be very secure, but then, the unexpected could happen. As hackers think of new ways to get in through a back door, security experts (or backend developers) think of how to make the system less liable to attacks. This competition to outdo each other continues indefinitely, and the outcome at every point in time is difficult to ascertain.

There is a way to make sure to be unaffected by a hack. And you probably know it. It is the smartest and most fundamental thing to do yet, many don’t pay attention to actually do it. I am telling you today that you really should do it. And the secret is to have more than 1 wallet. Have at least 4 wallets and let your funds be fairly distributed among the 4 wallets. The first part is having the 4 wallets, the second part is distributing your digital wealth across the 4 wallets. It doesn’t have to be an equal distribution, but it must be such that a bad news about one of them cannot ruin your life.

The negative turn people often have about this is the fact that they have to store passwords in their heads and other things. However, you don’t have too. I do not recommend that you allow your browser to remember your password. Making money is good, but losing money is horrible. I have this as the rule of the thumb, I backup the digital with paper and backup paper on digital. If your backup for your digital property is on digital, it is not a backup. Write down your keys and passwords on a piece of paper and store it somewhere very private. Do not let any trace of your password or private keys lie in the digital world. This is the true backup.

It is almost impossible to be immune to hacks, what you can do is to make sure you’ll be unaffected. You can be almost sure that 2 exchanges or online wallets won’t be hacked at the same time. You cannot stop the hackers but you can make what they do to not give you a dealing blow. One very important tip in these things is to check for the ‘secure' sign on your browser whenever you are about to login. If the secure sign is not there, or it looks fishy, just stay away until you get clarity of what is happening and things return to normal.

Stay safe, stay secure. Cheers!

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