Blockchain Security

What are the ways in keeping blockchain transaction safe? Have you ever experienced losses because of blockchain transactions?

@glyzkie moved.

A key step to protecting your cryptocurrency is to store anything of significant value in a hardware wallet—a physical device, like a USB drive, that stores your private keys and currency locally, and isn’t connected to the internet.

you will be very clear to see this..

There are a few ways that a Blockchain can be used in distributed storage software. One of the most common is to:

  • Break up data into chunks.

  • Encrypt the data so that you are the only one with access to it.

  • Distribute files across a network in a way that means all your files are available, even if part of the network is down.

I see you're asking about making transactions, not safely storing your holdings or the keys that protect them.

The most important thing to do is check for yourself that the destination address is correct. There is malware that can detect a blockchain address being pasted from the clipboard and swap it for its own address. If you check just a few of the numbers in your transaction form before confirming it, you will significantly decrease your chance of loss. Even checking the first three and the last three characters in the address will keep you safe. An attacker would have to have a collection of 67 million addresses ready to paste.

Keeping your computer up-to-date and virus free, using installed trusted wallets, and following safe online practices is also important. If you're really concerned or moving a lot of value around, consider setting up a USB stick with TAILS that is dedicated to cryptocurrency transactions.

Enjoyed this post? Consider registering for more interesting content!