Yes i strongly agree with you Prof. @gbenga, cryptocurrency security begins with securing our wallets. I am you humble student and am delighted to be in your class this week.
Cybersecurity risks involved in Cryptocurrency Investment
The rising awareness of cryptocurrency has also given rise to an increased cyber cryptocurrency crimes. Many a times, accounts are being high- jacked and all wallet assest wiped out before you know it. Just last week we received warning on a group WhatsApp platform how a user lost 3000 cake tokens which currently is about 10,000 USD.
Now, you would ask me how, what would it be if not for few tokens that was promised which eventually wasn't even distributed, you called it Dusting Attack, which mostly are caused by token air drops. Very pathetic indeed but it is a warning to every one involved in cryptocurrency.
Cryptocurrency wallet actually forms an integral part of cryptocurrency and most of us (trading cryptos) have refused to respect that fact. Wallet are storage facility for our cryptocurrency keys and code. We can recall that in our previous lectures on wallet, that they do not store cryptocurrency in the real sense but what they store are basically private keys, seed keys, codes etc, which give you access to your cryptos.
The blockchain happens to be a very secure platform whose security cannot be jeopardized. The ball is our court now, it's either to safe guard our wallet in other to protect our asset or be careless and loss your cryptocurrency. Wallet recovery is easy when you have your private keys, seeds keys, etc. In our previous lecture, we are advised to write our 12 words (sometimes 24) seed phrase in a diary where you can always access it, in the same vain you private key is your wallet, it must be kept offline.
Choosing the best possible wallet is very important when thinking about investing in cryptocurrency, soft wallets are online wallets, have a source of internet connection which makes it vulnerable to attack, a cold wallet is regarded as an offline wallet as it does not have an online connection to view your assest. This makes a Cold or hardware wallet more preferable to others.
For an advice, we are encouraged to set our account offline, meaning when you are not on your wallet, go offline. By doing this your wallet is directly disconnected from the online source.
Furthermore, It is interesting to purchase cryptocurrency but it comes risks which sometimes you can handle. This is the reason for such an Academy to inform cryptocurrency investors to make security an ultimate priority.