Crypto Basics
A step by step guide on how to prepare yourself for the world of cryptocurrency
Table of Contents
Ever since Satoshi Nakamoto first developed the blockchain that supports Bitcoin back in 2009, the emphasis has been on security of the system. If Bitcoin was ever hacked or compromised in any way it would be game over, the coin would be worthless.
In the intervening years many attempts have been made to breach the blockchains defenses. So many attempts. All have failed!
So the coin is secure but what about us? It seems a reasonable place to begin.
Security
As a peer-to-peer system that can enable anyone anywhere to send and receive payments. A unique aspect about cryptocurrencies like Bitcoin or Ethereum compared to government-issued fiat currencies (such as dollars) are their decentralized nature; this means there’s no central authority deciding what gets traded. Cryptocurrency does not rely on an intermediary or trusted go between to verify transactions. Instead, it relies entirely on cryptography to keep financial transactions secure and anonymous across the network.
This means, ultimately, that you are responsible for the security of your own digital world, including cryptocurrency transactions.
Sound daunting? Fear not! There are excellent tools available to help keep our own bank secure.
Antivirus
Even with the advances in modern technology, a good antivirus program can go a long way to help you keep your information safe. What’s more is that it might not be essential like it once was since many operating systems are pretty well protected on their own now, without one of these additional security measures sitting over them and watching out for anything they could miss
Good antivirus is still an excellent idea.
Read our recommendation here:
Passwords
Passwords with 12-digits or more are the best way to go! They not only make your account secure, but they’re also difficult for hackers. If you can’t remember a strong enough password, then that is where a password manager may come in useful.
Many people use password managers to store their passwords, which can enable them to access the websites that require a login. These databases are usually secured with one master key or phrase and generate secure combinations of letters and numbers for each site accessed by this method. There is both paid-for software as well as free options available in regards to how many accounts you want on your device at once.
Some browsers allow you to save passwords for later use. This is a bad idea! The same company that makes your browser can be hacked, so all of the login credentials stored in Chrome would be accessible as well if someone gets hacks Google’s end.
Delete any saved login details from various sites and only keep them safe inside a password manager.
Read our recommendation here:
Two Factor Authentication
Two-factor authentication, two-step verification, and multi-factor authentication are all methods for keeping hackers out of your account.
These tactics keep them at bay by ensuring that even if someone knows your user name and password, they must pass through every other tier as well.
Read our more about 2FA here:
Encrypted Email
When you share sensitive information with others, like your credit card numbers, bank account details or cryptocurrency information for instance – the last thing that should happen is for those details to become public. Encrypted emails give users ultimate control over where they send their messages so no one but those intended recipients can see what’s inside!
Read more here:
Resources
Browser
A browser that protects your privacy, is very fast, has a video conference function and pays you to surf the internet?
Better get Brave!
Read more here:
Cryptocurrency
How to buy cryptocurrency in Australia
So, we have some security issues addressed, time to get down to business.
Read more here:
Australian Cryptocurrency Exchanges
With even Australian Cryptocurrency exchanges finding themselves in financial trouble, it is important to find a good exchange and know how to use it.
Read about our recommendation here:
Cryptocurrency Wallets
In the world of cryptocurrency, a wallet is what enables you to store and manage your coins. The word “wallet” comes from Middle French meaning “ Wales assistant” which implies that it used to hold small items for safekeeping or carry gold in order reach its destination quicker during medieval times – before banknotes existed!
The security features come as standard with all modern Cryptocurrency Wallets; however user beware: if something does go wrong then only seek assistance from reputable sources.
Read more here:
Hardware Wallets
Hardware Wallets are a type of cryptocurrency wallet where the user’s private keys can be stored safely on hardware devices that do not connect to the internet. These cold wallets provide peace-of-mind for those who want their assets protected from hackers or malware attacks in order to keep them out digital dangers!
Read more here:
No. 1 hardware wallet in Australia
The No. 1 hardware wallet in Australia right now according to our sources is the Trezor. Trezor has been providing trusted storage solutions since 2014-2015 when they first opened up shop down under with all their other markets around the world (Canada, Spain). This company offers both cold wallets and hot keys which can be connected via USB or Bluetooth depending on what you need; whatever suits your fancy really!
Read our recommendation here:
Photo Credits Kevin Ku | UnSplash