Cryptocurrencies have become popular in this decade it’s a part of technology and find takedown and measures people. You probably heard of Bitcoin the digital gold One of the most volatile acid in the world. Before you read the main content I would like to remind you.
what are cryptocurrencies? in simple terms cryptocurrencies are digital assets.
↗️ A cryptocurrency is a digital virtual currency that is secured by cryptographic which is impossible to counterfeit or double spend.
↗️ A cryptocurrency a digital currency that can be used to buy goods and services but an online ledger with a strong cryptography to secure online transaction.
🩸 Cryptocurrencies exist on blockchain network (which are ledgers or blocks of every transactions taken place)which cryptocurrency is like an entity or asset that exist on the block chain network. For example bitcoin is a cryptocurrency that exist on it blockchain.
🩸 Ethereum is a crypto currency that is used on its blockchain platform (but can also be used by developers as an open-source distributed computing platform where they can discover all the benefits of blockchain).
Since crypto-currencies exist on blockchain. This digital assets and people on the network needs to be secured.
🤖 blockchain is secure (as long as the technology is executed properly)but users are exposed to threat and risks is there a limit to which the system itself can protect them. So here are the list of crypto scams and risk and ways in which we can prevent them.
- CRYPTOJACKING it is the malicious stealthily unpermitted and illegal use of business and personal computers mobile devices to mine cryptocurrencies; unakka maliciously attack devices and combine the power and resources of these devices to mind or still cryptocurrencies owned by his unsuspecting victims.
A cryptojack device close in performance. Cryptojacking can be in three ways.
✍️ File-based; through downloaded files. ✍️ Cloud-based; access to an organisation cloud service. ✍️ Browser-based; through a web browser with activated crypto mining script.
DETECTION AND PREVENTION • Be aware and conscious of the performance (software and hardware). • Scan for malware and viruses periodically. • Don’t click on any links you are not sure of. • Use ad blocker and crypto mining extensions. • Disable JavaScript in your browser (but this may limit the display features of your browser) • Look at for overheating of devices.
- PRIVATE KEY SCAM it is a situation whereby users private key are asked for or stolen in order to steal their cryptocurrencies.
❎ There should be no reason for anyone to ask for your private keys it is for you and only you. There has been an interchangeable use of private keys and public keys, public keys addresses people can use to send cryptocurrencies to you, why private keys are like password that gives you access to your cryptocurrencies.
HACKS ( HOT WALLETS) Hot wallets are cryptowallets that exist on the internet you need an internet connection to access them. The wallets you have on exchange platforms such as binance, hubio, cex.io are all hot wallets. They can be easily hacked, if for instance binance or coinbase was hacked you are at high risk of losing your cryptocurrencies that’s why it is advised to keep a larger percentage of your cryptocurrencies in cold wallets(trust wallet, klever wallet or hardware wallet such as trezor or ledger) cold wallets are not easy to hack because they’re not connected to the internet.
CRYPTOPHISING This can exist in various ways, • Scammers can send emails that appears to originate from crypto related services such as exchanges web wallet or crypto communities. It may be a security alert that someone just tried to log into your account and you’re required to change your password. Once you try to change your password then your cryptocurrencies are gone. • It may be a clone website for an exchange or web wallet and when you input your login details in Southside the new cryptocurrencies are stolen also.
🔳 PREVENTION • Create an anti phishing word or sentence on your web wallet or exchange it helps you identify potential threats • Always check domain name of sahitya visiting to make sure is really the one.
CONCLUSION: THE MORE IMPROVEMENT IN TECHNOLOGY THE MORE CRYPTOCURRENCY SCAM WE EXPERIENCE,YOU DON’T NEED TO BE A TECHNOLOGY EXPERT TO PREVENT YOURSELF FROM THEM, ALL YOU NEED ARE JUST TO FOLLOW INSTRUCTIONS AND TO MAINTAIN DECENT INTERNET ETHICS. HERE ARE JUST THREE MAJOR WAYS TO PREVENT YOURSELF FROM ANY TYPE OF RISK AND SCAM.
- Use a strong and unguessable password for your account.
- Never use the same password for different account.
- Follow crypto blogs and news to keep in trend with these scams and risks.
#This article has been published on live in the one blog by the same author.