Things everyone should know prior to sending blockchain transactions
Techniques you should be aware of before starting blockchain transactions
Bitcoin and Ethereum transactions
Ethereum and Bitcoin transactions are extremely secure because of the decentralized nature of blockchain technology. However, many bugs and issues are created due to human error.
According to the Blockchain Usability Report (2019), 73% of cryptocurrency users have sent at least one transaction. Of these, more than half had at least one problem with the process — mainly questioning if a public address was accurate — and 18% reported lost funds and transaction failures due to mistakes.
Data firm Chainalysis estimates that around 20% of existing bitcoins have been irretrievably lost, and one cryptocurrency analyst, Timothy Peterson, claims that 1,500 bitcoins are lost every day.
So the big question is — how do you protect your transactions?
Protect your Wi-Fi
Make sure that your Wi-Fi password is long and complex enough to not be easily guessed by a person or device. Only use protected Wi-Fi for private use, because you are exposed to hacks and phishing while online.
We advise you to regularly update your antivirus and firewall. A good antivirus program eliminates most suspicious files and extensions.
Never give your data (passwords, seed phrases, addresses) to third parties.
For example, hackers and scammers could pretend to be tech support in order to gain access to your account. Most projects and companies will never ask for information and funds in such a way.
If you are not sure of the source reaching out to you, you should always check with support or the community before sharing information or funds.
Keep your cryptocurrency off the internet
One of the safest options is to keep your cryptocurrency in a ‘cold wallet’, meaning that they are not connected to the internet. These wallets are small and compact, like a regular USB device, and will keep your funds safe even if you connect the wallet to a computer with a virus.
The most secure way to keep your coins safe is a ‘paper wallet’ - a piece of paper cannot be hacked. However it can easily be lost, so keep it safe and remember where you put it.
Use two-factor authentication (2FA) and strong passwords
The majority of hacks occur thanks to passwords hijacked because they were too short and/or too weak. A strong password is harder to crack. It is advised to create long passwords containing different types of symbols, and to never use the same password for different wallets.
2FA ensures that even if your password gets hacked, there is another protection layer standing in the way. When you log in, you’ll have to enter your wallet password as well as a one-time code created by your chosen method.
Bookmark your wallet
If you decide to use a web wallet, save the link to your favorites to protect yourself against scammers and hackers. These people may try to scam you using similar web addresses.
Are you still losing funds?
In the past, cryptocurrency transactions could not be reversed. Kirobo provides a layer of protection to the user, enabling them to undo transactions on the Ethereum and Bitcoin blockchain if something isn’t right.
For a limited time, you can be rewarded for making safe transactions with Kirobo with our native coin, KIRO.
The article is not investment advice and must be used for informational purposes only. It is very important to do your own analysis. You can use KIRO for utility purposes only. Israeli, Canadian, and USA citizens cannot buy KIRO.
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