An Introduction to Basic Security

It’s always important to maintain good online security when using the internet. This is even more vital when you’re accessing cryptocurrency worth a significant amount of money.

Why Is It important?

Unfortunately, there are malicious hackers out there who may try and steal your cryptocurrency. We strongly recommend taking precautions to help secure your cryptocurrency.

You may think that because cryptocurrency is decentralised, your private keys are safe on a blockchain, but in fact this puts the onus on you to secure your own cryptocurrency.

The decentralised nature of cryptocurrency means there is no central authority that oversees your cryptocurrency. For example, if your bank account was hacked, your bank is insured to protect you from this and will help you investigate the issue and to recover or replace your stolen funds.

This is not the same for your cryptocurrency, you are your own bank and you alone must take full responsibility for securing your wallet and private keys. When using an exchange, there may be some support offered, but they typically won’t help you recover your lost cryptocurrency in the event of user error or hack.

Generally speaking, once you have lost your cryptocurrency, you have almost certainly lost it forever—so it’s vital to make sure you are using the best practices for online security.

Using Best Practices

Luckily, there is a lot you can do to better protect your cryptocurrency. In this module, we explain some effective measures you can take, with a focus on:

• Basic online security tips

• Password management 

• Phishing

• Using a VPN

• Two-factor authentication (2FA)