You have BTCs, ETHs, LTCs and many more. What can you do with it? In fact, either you use them to pay for anything and everything, or you store them, or you exchange them. As a first step, it is important to know if you bought these currencies or if you mined them. This will allow us to know your profile in cryptocurrency . We will see together the opportunities available to you to maximize your gains (or at least try) but, especially reduce the risks associated with a hypothetical speculative bubble. You have BTCs, ETHs, LTCs and many more. What can you do with it? In fact, either you use them to pay for anything and everything, or you store them, or you exchange them. As a first step, it is important to know if you bought these currencies or if you mined them. This will allow us to know your profile in cryptocurrency. We will see together the opportunities available to you to maximize your gains (or at least try) but, especially reduce the risks associated with a hypothetical speculative bubble.
Why Do You Have To Diversify Your Earnings?
It is already noted that most cryptocurrencies (Claim Bitcoin Private Electrum) follow Bitcoin in terms of fluctuation . However, there is a difference related to the usefulness of money. Bitcoin, ETH, LiteCoin are typically virtual currencies, when the DigitalNote, Ripple or Bread are intended for a specific process (respectively: send encrypted messages , reduce transaction fees between banks, electronic wallet crypto-currencies). When you have products such as an ELP, a Livret A, a current account and life insurance, you diversify your savings and sources of income. Identically, with crypto-currencies, focusing on a single currency like ETH or Bitcoin is risky.
Do Not Surrender To A Single Wallet
Yesterday, I went to the conference organized in Paris by Blockchain (Claim Bitcoin Private Electrum) Connectors, whose Agora Publications were partners. It discussed tax, blockchain projects, ICO and artificial intelligence, among other topics more or less exciting. This is the intervention of Yul Bahat, expert in cybersecurity for 15 years, which particularly caught my attention. Today entrepreneur after having made his expertise available to the Israeli government and the OECD, he wanted to sweep away the illusion of a unanimous and definitive answer to the following question:
What Is The Best Place To Keep Your Crypto-Currencies?
That deserves reflection. Most investors shy away from this issue ignorantly, unconsciously, or lazy and those who face it rarely come out with certainties.
For the vast majority of investors, therefore, the preferential exchange platform also serves as portfolio (or wallet ). But, as Yul Bahat pointed out, hackers are not unaware of this, and have long made these platforms their favorite target. The expert supports his remarks: A study last February revealed that in the last 24 months, $ 1 billion had been stolen from these trading platforms. Let's be clear: these thefts were only committed on some of them, most of which already had a bad reputation among sophisticated investors. There were, however, some surprises. Coincheck at the end of January, Bithumb more recently and to a lesser extent and, in general, none of them can reasonably claim to be completely safe. Among our favorite platforms, Coinbase, Kraken, Binance or Bittrex, for which we have produced step-by-step user guides. To limit the risks to the maximum, read again our article Bitcoin, crypto-currencies: beware of crooks!
The Soft Wallets
The soft wallets are portfolios that you keep on your computer directly, without passing through a website. Considered safer because released from the network, they do, according to Yul Bahat, only move the risk: Are you sure that your computer is waterproof? Nobody can really say it. In particular, he recalls the widespread practice of hackers changing the characters of your private key from where you keep it on your computer.Let me explain: many people keep their private key that of their account, from which are generated a public key and an address in any word file hidden in a folder whose name tries clumsily to scramble the tracks.
Thus, it is easy for the user to copy and paste this private key, necessarily complex, each time you want to connect to his account. If the hacker enters your computer, it will be enough to copy your private key, to appropriate it, then to modify it by another one which will give you access to an empty account. You will only see fire and you will believe in hacking the platform, while it is your computer that is vulnerable. Be aware of the risk or, if you are reckless, limit it to the maximum by noting your private key on a piece of paper that you will keep in a drawer or in a safe. I know, nothing is more tedious.
The hard wallets are supposed to ensure foolproof security. The risk is indeed very limited but there is no quick fix. Yul Bahat reminded us that five months ago, a 15-year-old American teenager had managed to break into one of the most reputable portfolios on the market, revealing for the first time his flaws quickly corrected. The expert also stated that to make transactions with the cryptos of your hard wallet, or to exchange them for FIAT currency, you must connect to a platform. So we come back to the same problem: you are exposed at one time or another .
Finally, in the age of all-mobile, hard to resist the temptation to install the app of his wallet cryptos on his smartphone. Yet nothing is less certain. How do you know this is a serious app? Asks Yul Bahat in the preamble. In the last 6 months, there have been 10,000 confirmed cases of fake wallets on the Android Play Store and 5,000 on the iOS App Store.So be sure to download the right application, which corresponds to one of the platforms we recommend. And above all, avoid the names of apps you do not know, with the same precaution as for websites.
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