Cryptocurrency Security

[Phronesis]

Technology has changed the way people work, communicate, shop and even pay for goods. Companies and consumers don't always prefer cash anymore, and this behavior is giving way to contactless payments like Apple Pay. With the quick wave of a smartphone, consumers can pay for items at digital registers. Now, a new payment system is emerging: cryptocurrency.

Probably everyone heard about Bitcoin by now. It was the first cryptocurrency to go mainstream, but others are growing in popularity. There are more than 2,000 different types of cryptocurrencies, and more are developed every day.

Research suggests most people have heard of cryptocurrency but don't fully understand what it is. So, what is it, is it secure and how do you invest in it? To help, we'll answer those questions. Think of this as Cryptocurrency Investing 101.

Description of Cryptocurrency?
Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It's a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money that is carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database that describe specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. You store your cryptocurrency in a digital wallet.

Cryptocurrency got its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The aim of the encryption is to provide security and safety

 

[BrandonHarris]

Ok, I got it. After all, how can I raise the security level of my electronic wallet?

 

[Josemendez]

Ok, I got it. After all, how can I raise the security level of my electronic wallet?

Good question . First you need to use a wallet that has the privacy keys features . This is because with such wallet , one can't access your account without the private keys , it is unique to every individual wallet owner . However you need to be careful as well , because once you lose the wallet private keys , you can't access your wallet again ,and even the wallet programmers can't access it either.

There are also wallets that enable use of 2factor authentication. enabling it is also a good way to improve the security level of your wallet.

Finally avoid downloading updates to your wallet from untrusted sites ,as they may contain malware that can steal your coin .