Security
Cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
Two-Factor Authentication
2FA is a simple method of enhancing your security, representing an independent channel of authentication. After entering your username and password when you’re logging in your exchange, 2FA requires that you enter a One-Time Password (OTP) that is sent to your smartphone or digital device, to complete your login process. This greatly enhances your security as it requires an additional layer of authentication from your smartphone before your login is verified. OTP is a 6-digit code generated every minute by your smartphone app such as Google Authenticator or Authy.
Wallet sTorage for cryptocurrency
Crypto wallets can be broadly classified into two groups: hot wallets and cold wallets. The main difference between them is that the hot wallets are always connected to the internet while cold wallets are kept offline. There are many forms of wallets hitting the markets and it is your responsibility to choose the right one that fits your individual needs. Below is a list of a few of the more known hot and cold storage wallets available.
Bluetooth
There are three classes that offer three standard intended ranges.
- Class 1: Devices transmit at 100 mW with a range of 100 meters or 328 feet.
- Class 2: Devices transmit at 2.5 mW with a range of 10 meters or 33 feet.
Most Bluetooth headsets and headphones are common Class 2 devices.
- Class 3: Devices transmit at 1 mW with a range of fewer than 10 meters.
Newer versions of Bluetooth have ranges from about 250 feet to 800 feet. Ranges can be stretched by using signal repeaters, intermediate devices that capture, amplify, and then transmit or repeat signals without distortion.
Example: a device with a range of 33 ft. connected to a 1000 ft. repeater can enjoy a range of 1,000 ft.
Hot wallets
Hot wallets are more convenient. Most hot wallets are free. Highly convenient, can be accessed from anywhere with an internet connection. Easier to recover access in the event you lose the private key than cold wallets. Less secure than cold wallets, vulnerable to a wider variety of attacks.
Types of hot wallet storage:
Coinbase, Electrum, Mycelium, Exodus, Atomic, Bread, Jaxx, Edge, Bitcoin Core, Bitamp, Samouri, Lumi
Cold wallets
Cold storage is offline cryptocurrency storage. Any crypto wallet that's not connected to the internet is considered cold storage and is referred to as a cold wallet. The most common type of cold wallet is a hardware wallet, which is typically a small device that connects to a computer. Cold wallets are more secure, but, sacrifice speed for security. Transactions take longer on average
Types of cold wallet storage:
Ledger, Ledger Nano X, Trezor, Cool Wallet Pro, Keep Key, Ellipal Titan, SafePal, SecuxTech, Keystone, Coinkite, Billfodl, Opolo, Bitfi, Arculus
