Bitcoin and Ethereum management, all you need to know… Best tip 3

Bitcoin and Ethereum management, all you need to know… Best tip 3

If you want to manage your account more safely at the virtual currency bitcoin exchange, you need to set up a one-time password generator (OTP). OTP is a double protection device, and it is considered as one of the things that must be used in the cryptocurrency investment craze. Also, let’s take a look at what you need to know.

◇Security ‘doubled’ with OTP setting = To invest in Bitcoin or Ethereum, you need to create an account at the Bitcoin exchange.

Investments are made with a considerable amount of money, ranging from tens of thousands of won to hundreds of millions of won per individual, and the one-time password generator (OTP) must be activated for those who invest a small amount of money.

Even if the account name and password are exposed, security experts point out that it will not be easy for hackers to take over the account if OTP is enabled.

The three major domestic exchanges, Bithumb, Coinone, and Korbit, all supported OTP to enhance security.

OTP can be used by installing the ‘Google OTP’ application on a smartphone and creating it for each exchange.

Security experts strongly recommend that you set the OTP setting as the default, as virtual currencies such as Bitcoin and Ethereum store asset values.

In particular, it is safer because it requires an OTP number when moving virtual currency to the hacker’s wallet and when transferring the remaining cash assets after the transaction to the bank.

On the other hand, existing SMS text authentication has a risk of being hacked.

Recently, it is known that hackers hacked the accounts of exchange customers’ mobile carriers and leaked virtual currency by stealing text messages in the middle.

◇Use withdrawal limit limit = Users with relatively few transactions can avoid risk by lowering the withdrawal limit setting on the exchange.

For example, if the maximum withdrawal amount is set to 0, the hacker must increase the withdrawal limit in order to withdraw. To do this, you need to authenticate yourself, and this process acts as a triple device along with the account password and OTP settings.

It is often the case that ‘jangtu people’ holding for long-term investment purposes take this method.

It is also possible to store personal bitcoins and ethereums personally instead of storing them on the exchange server. Interest in cryptocurrency personal wallets that make this possible is growing.

Cryptocurrency is stored in encrypted computer code without the real thing. Therefore, if the exchange customer wants it, it can be stored separately on a personal computer (PC) or a portable storage device (USB).

In particular, the sales of hardware wallets that store the entire virtual currency wallet are also rapidly increasing. It is stored in USB format, so it is known that it is convenient to move and store.

In rare cases, after installing a wallet program (node ​​program) on a personal computer, you can write down the private key on paper and keep it.

However, it is not easy for general users to do this because it is not easy to synchronize with the blockchain network.

◇Ethereum and Ethereum Classic are different = The great advantage of cryptocurrency is that it is easy to move to other exchanges. If you enter a randomly generated My Account address, set a fixed amount, and send money, the virtual currency will be transferred to the address where it will be delivered after 20-30 minutes (based on Ethereum).

However, if you enter the wrong wallet address during the remittance process, you may not be able to get it back forever, so you need to be careful.

Therefore, it is necessary to enter a long code consisting of a combination of numbers and English letters carefully without mistakes. Of course, it is also necessary to check whether the transmission quantity has been entered correctly.

Recently, the exchange explains that such a problem has frequently occurred in which Ethereum (ETH) and Ethereum Classic (ETC) are mistakenly transferred between the two cryptocurrencies.

Ethereum and Ethereum Classic have similar names, but you must see and enter the address to be delivered to a completely different cryptocurrency, whether it is Ethereum or Ethereum Classic.

One exchange customer said, “I sent Ethereum (ETH) incorrectly to the Ethereum Classic (ETC) address and it took more than a week to fix it.”

Experts are advising that customers themselves need to be extra careful as the process of handling such mistakes may be delayed due to the recent surge in transactions.

TTBR

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