Volatility is not the biggest threat to your cryptocurrency investment, but security of your funds is. Many of us still keep our funds on exchanges although, large part of fast learners have shifted to hardware wallets like Ledger Nano.
As it’s next to impossible to set up your own individual wallets, the most suitable option is as above, though it is definitely not the best practice.
The biggest threat here compared to shutting down of these top cryptocurrencies exchange is getting hacked due to bad security systems and personal negligences. Cyber criminals have stolen more than $225 million worth of Etherum in 2017 only by the use of Website Phising according to Chainanlysis. This spoof website looks similar to the original website.
There’s 1 in 10 chance that you’ll end up being the victim of the above kind of theft while indulging in ICOs ,according to Bloomberg’s stunning revelation.
So it’s very important for all of us to be very attentive and careful while we are investing in cryptocurrencies and, cybersecurity should be made our first priority.
Note: Sometimes 2-factor authentication is also known as dual factor authentication.
So how can we do that?
One of the most powerful ways in cybersecurity is 2FA(Two Factor Authentication) which we have all been negligent of, should be carried out.