Wallex identifies some threats and challenges as you engage in digital business.
The hand-to-hand transfer of wealth, goods, products, and services dates back to the far history of humanity’s instinct to survive, improve, and stabilise means of living. From barter trading to metals to money to currency, the basic principle has not changed much, but the ways and means evolved into the more effective and efficient exchanges. The dawning of the Internet brought with itself unique opportunities to facilitate trading and storage conveniently.
Bitcoin, Ethereum, and other cryptocurrencies are prime examples of the digital evolution of cash. There is a daily migration from fiat to crypto and back. While many others are dipping their toes in the waters of its functionality, the majority of users are concluding the adoption of cryptocurrencies is near to inevitable.
That is, of course, after ironing out peculiar hitches and glitches that continue to hound and challenge its mainstream use. Wallex identifies some of these and offers solutions.
The Blockchain terrain is based on cryptographics that a long jumble of numeric and alphanumeric characters becomes the norm in securing user addresses. The danger here is that if the last digit is not carefully copied and users fail to double- check, the money transferred can simply disappear without a trace. Or worse, the payment made is multiplied 256 times!
The birth of beneficial technology also gave birth to twin cybercriminality. Everything from wallet files being stolen, phishing, hacking a payment gateway, to anomalous ICO fundraisings, and the spoofing of user addresses and payment information, it was inherent, therefore, that the use of offline wallets and USB wallets especially for big corporations become mandatory.
Due to mitigating measures that are continually being implemented by traders and platform operators to counteract cybercriminality, users can end up being hampered by bottlenecks that would tend to slow down transactions. Moving from offline to online may hurt traders as any delay in the trading process can make them lose their positions in a highly volatile market, even passing through additional but necessary authentication steps before transactions are approved.
Wallex offers a variety of solutions to make transactions and businesses thrive in the digital world.
1. Carefully verify a web wallet’s address before entering into any transaction. Do not use any links to a web wallet or internet bank. Double-check your recipient’s cryptographic address, the amount to be sent, and associated fees. A malware can replace the address you posted on the clipboard and replaces it with a new one. It is essential to double-check your first and last digits. Any missed digit may prove disastrous.
2.Make use of cryptocurrency hardware wallets over standard software wallets. It stores the user’s private keys in a secure hardware device in a protected area of a microcontroller and cannot be transferred out of a device in plaintext. It is immune to computer viruses that steal from software wallets due to Internet-connected computers. Hardware wallets have maintained a good track record for, as to date, there have been no verifiable incidents of theft.
3.Use a new computer for trading and invest in high-quality and reliable antivirus protection software to secure your devices from malware and ransomware while accessing cryptowallets and exchanges. Apply operating system patches and antivirus definition updates as soon as they are released. Also, back up your data to offline storage sites regularly.
4. Protect your passwords. Use a strong password combining uppercase and lowercase letters with special characters. In case you forgot them, practice writing down a mnemonic phrase to help you recover your cryptowallet. Maintain backups to make sure your coins are safe and not lost forever if ever something happens to your device. Most cryptocurrency-related hacks were often accomplished by compromised emails.
5.There is nothing like keeping a good attitude and a positive disposition to allow you to make informed decisions amid panics that may occur. Stay on top of the markets and keep track of industry news. Educate yourself about chart-reading, algorithmic trading, and refrain from trading more than 30% of your cryptocurrency.
Forewarned is forearmed
It is best to start partnering with Wallex upon entering into high-risk crypto- investments. A highly professional advisory team is ready to assist you as you prepare to diversify your investments and protect them in the process.
First in the Wallex agenda is the protection and safekeeping of client wealth and assets. Wallex can efficiently act as Custodian and Trustee in the safekeeping of client wealth and assets as it caters to a wide range of personal and corporate trusts including the holding of fiat currencies, cryptocurrencies, digital and non- digital assets, tokens, real estate, private business ownership interests, and managing the transfer of funds, investment of funds, escrow services and special trust requests.
Crypto enthusiasts and businesses alike, have the opportunity to grow with the right set of tools and knowledge. The digital asset industry presents excellent opportunities for investment and operational innovation. Wallex, not only can provide you with the unique set of tools (API License & Software) but will also be the guidance needed to succeed in this forever evolving new economy.