The Digital Currency and its Security

Cryptocurrency is nothing but digital currencies but has no physical representation. It rules the World finance Piyasacilar/Market. It uses the digital medium for exchange and for security purpose it uses the encryption to generate units and do transactions. Transactions are made using digital wallet using mobile payment. There are about hundreds of crypto currencies available in the world to trade or buy. The most famous crypto currency is the Bitcoin. Other famous ones are Primecoin, Namecoin, Feathercoin and Litecoin.

A cryptocoin that is worth a lot of money is useless if it is not accepted anywhere. One who wishes to invest time and money into cryptocurrency must know the coin value, the persons involved behind creating the coin, usability and popularity. Cryptocurrency is banned in few countries like China, but is very active and legal in other countries like the US. Some companies accept payment in cryptocurrency form. The reason is the transaction charges are lesser than credit card transactions.

Cryptocurrency Wallet

Cryptocurrency Wallet

Cryptocurrency transaction can be made from a web based cryptocurrency exchange to a hardware wallet by simply connecting that to the USB port of your computer. A cryptocurrency wallet is nothing but a wallet in which only the owner with the private key can make the cryptocurrencies transactions. Cryptocurrency ATMs are a available as a boon to its users at their locations to help in wallet transactions.

Seven Tips to Secure Cryptocurrency

The has been several cyber attacks on Bitcoins exchanges in a recent survey. Cryptomining malwares are also a new risk add-on in the finance market.

  1. Users must install their wallet with a software on a bootable USB or DVD and make sure the Operating system in virus free.
  2. Always use latest version of bitcoin software with a password of minimum 16 characters long.
  3. Users must have two wallets. One wallet to carry less bitcoins on computer or smart phone for daily use and the heavy balance kept in an offline wallet.
  4. Keep the offline wallet secured in a bank.
  5. Do not forget the passphrase if the offline wallet is encrypted.
  6. keep regular backups of bitcoin wallet in case of computer failure or theft.
  7. Do not keep physical records of the bitcoin wallet details like private keys and public keys. If you do, ensure they are secured.