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HOW SECURE ARE YOUR CRYPTOCURRENCIES?
Social Media Management Resource Person  Mar 29, 2023
HOW SECURE ARE YOUR CRYPTOCURRENCIES?


The idea of digital currencies, free from government control and censorship, has attracted millions of people to the world of cryptocurrencies. However, as with any digital asset, cryptocurrencies are vulnerable to cyber attacks and theft. Therefore, it is crucial to understand the security measures to protect your digital assets from potential cyber threats.


The Security measures explained below should be implemented in order to protect your cryptocurrencies.

  • Strong Passwords: The first step to secure your cryptocurrency is to create a strong and unique password. Your password should contain a combination of upper and lowercase letters, numbers, and special characters. Avoid using common words or personal information that hackers can easily guess.
  • Two-factor Authentication: Two-factor authentication is an extra layer of security that requires you to enter a code sent to your mobile device or email in addition to your password. Enabling two-factor authentication on your cryptocurrency wallet or exchange account can help prevent unauthorized access.
  • Cold Storage: Cold storage refers to storing your cryptocurrencies offline in a hardware wallet or paper wallet. This method provides a high level of security as it is not connected to the internet, making it less vulnerable to cyber attacks.
  • Keep Software Up-to-date: Ensure that you keep your wallet and software up-to-date with the latest security patches and updates. This helps to prevent hackers from exploiting known vulnerabilities.
  • Use Reputable Exchanges: Only use reputable cryptocurrency exchanges that have a proven track record of security. Research the exchange's history, reviews, and security measures before using it to trade or store your cryptocurrencies.
  • Diversify Your Portfolio: Diversifying your portfolio reduces the risk of losing all your digital assets in the event of a hack or theft. Invest in different cryptocurrencies and spread your assets across different wallets and exchanges.
  • Keep Private Keys Secure: Private keys are used to access your cryptocurrencies, and anyone with access to your private keys can steal your assets. Keep your private keys in a secure location, such as a hardware wallet, and never share them with anyone.
  • Beware of Scams: Scammers often use phishing emails or fake websites to steal your cryptocurrencies. Always double-check the website's URL and ensure that you are visiting a legitimate website before entering your credentials or making a transaction.

Securing your cryptocurrencies is crucial in protecting your digital assets from potential cyber threats. Implementing the above security measures can help reduce the risk of theft and hacking.

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2. Use Two-Factor Authentication: Two-factor authentication adds an extra layer of security to your wallet. It requires you to enter a code generated by an app or sent to your phone before accessing your wallet. This can help protect your wallet against hacking attempts.
 
3. Keep Your Private Keys Safe: Your private key is like the password to your cryptocurrency wallet. If someone gets hold of it, they can easily access your funds. Never share or store your private key online. Instead, store it on an offline device like a hardware wallet or a paper wallet.
 
4. Use a Strong Password: A strong password should be complex and contain a mix of uppercase and lowercase letters, numbers, and symbols. Avoid using easy-to-guess passwords like your name or birthdate. Change your password regularly and do not use it on any other online accounts.
 
5. Keep Your Wallet Software Up-To-Date: Keeping your wallet software up-to-date is important because it ensures that any security loopholes are fixed. Developers often release updates to address any vulnerabilities identified in the previous version.
 
6. Backup Your Wallet Regularly: If you lose access to your wallet or forget your password, a backup can save you. It is important to store backups of your wallet on other devices in case your primary device is damaged or lost.
 
7. Be Cautious of Phishing Scams: Phishing scams are common in the cryptocurrency space. Fraudsters often send fake emails and messages asking for your private keys or other sensitive information. Always verify the authenticity of any email or message before responding.
 
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How is Brc-20 token created?


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Bitcoin Ordinals: is the systematic numbering and transferring of every satoshi on the Bitcoin network according to its order of issuance. Satoshi is the smallest unit of currency on the bitcoin network, 1 Bitcoin is equals to 100,000,000 satoshis. Other usecases of the brc-20 is the Ordinal NFTs.


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Platform needed to interact with Brc-20 network


There are several platforms where one can mint, buy/sell and transfer brc-20 tokens such as on brc-20.io, ordinalswallet.com and unisat.io, though the minting option is yet to be available on the later. Don’t forget that you need to create a wallet with any of them and fund with Bitcoin for gas fees


Opportunities in Brc-20 token networks


Just like in any other blockchain networks, opportunities abound, such as peer-to-peer trading on the network’s exchange as one can decide to be a merchant.


Secondly, arbitrage trading opportunity where one can mint or buy from the brc-20 network exchange at a cheaper rate and then sell in the centralized exchange with some profits. 


And lastly, is the that brc-20 tokens can as well be used for decentralized finance (DeFi) on the bitcoin blockchian, since brc-20 tokens are flexible and so can be integrated into decentralized exchanges, lending protocols and yield farming systems. 


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You might think, “I use public wi-fi all the time, and I’ve never had a problem!” Sure, not that you know of, at least. The worrisome truth is—in tandem with the growing remote-worker population—cyberattacks are also on the rise and anyone using public wi-fi is at risk. In a Global Risk Report published in 2020, cyberattacks were named the fifth top-rated risk for companies across public and private sectors, and those attacks are expected to climb in ranking soon. The FBI reported 791,790 complaints of suspected internet crime in 2020—which is 300,000 more than reported in 2019—and estimated the financial toll at more than $4.2 billion. Protecting yourself from the risks of public wi-fi has never been more imperative. This is essential for businesses and individuals in virtually every industry, although some are much more vulnerable than others.


The widespread availability of public Wi-Fi has revolutionized the way we connect to the internet, making it easier than ever to stay online no matter where we are. However, as convenient as public Wi-Fi can be, it also poses significant risks to users' privacy and security. In this article, we will explore the risks and shortcomings of using public Wi-Fi and how unsecured networks can leave users vulnerable to cybercrime.


Risks of using public Wi-Fi:


Public Wi-Fi networks are generally unsecured, which means that anyone who is connected to the same network can potentially intercept and read the data being transmitted between devices. This opens the door to a variety of cybercrimes, such as interception attacks, man-in-the-middle attacks, snooping, and malware infection.


 *Interception attacks* occur when a cybercriminal intercepts the communication between two devices and alters it to their advantage. For example, they could intercept a login credential, such as a password, and use it to gain access to sensitive information.


 *Man-in-the-middle attacks* are similar to interception attacks, but involve the attacker inserting themselves into the middle of the communication between two devices. The attacker can then eavesdrop on the communication or modify it to their advantage.


 *Snooping of data* occurs when a cybercriminal monitors the network traffic to obtain sensitive information such as login credentials or financial data. They can then use this information for their own malicious purposes, such as identity theft or financial fraud.


 *Malware infection* is another risk of using public Wi-Fi. Cybercriminals can use unsecured public Wi-Fi networks to distribute malware, such as viruses or ransomware, to unsuspecting users. Once the malware infects a device, it can steal data, encrypt files, or hijack the device.


 _Shortcomings of using public Wi-Fi:_ 


The security measures implemented by public Wi-Fi providers are often inadequate to protect users from cyber threats. This is due to the limitations of securing a public network, such as the large number of users, diverse devices, and lack of control over user behavior.


Public Wi-Fi providers often rely on simple encryption protocols, such as WEP or WPA, which are no longer considered secure. In addition, many public Wi-Fi networks do not require users to enter a password or any other form of authentication, making it easy for cybercriminals to gain access to the network.


Another shortcoming of using public Wi-Fi is the lack of control over user behavior. Users may unwittingly compromise their own security by connecting to a fake network, downloading malicious software, or clicking on phishing links.


 _Best practices for using public Wi-Fi safely:_ 


There are several best practices that users can adopt to reduce the risks of using public Wi-Fi:


Use a virtual private network (VPN): A VPN encrypts all internet traffic between a device and a server, making it difficult for cybercriminals to intercept or read the data.


Avoid sensitive activities: Users should avoid logging into sensitive accounts, such as banking or email, while using public Wi-Fi. If they must do so, they should use two-factor authentication and check for the padlock symbol in the browser address bar.


Keep software up-to-date: Users should keep their devices and software up-to-date to ensure they are protected against known vulnerabilities.


Disable auto-connect: Users should disable auto-connect to public Wi-Fi networks to avoid connecting to a fake network.

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Retroactive airdrops have become one of the most popular ways for crypto enthusiasts to earn free money in the space especially in decentralized finance (DeFi)


Retro-active airdrops usually occurs when a new and existing blockchain releases their new native token to their early adopters as a way to reward them for actively using their protocol and for believing in them and enhancing their early stage growth. The worth of these airdrops are usually mouth-watering, usually running in thousands of dollars per participant. This airdrops usually involve a testnet- the use of free tokens ‘goerli faucet’ or their free native token to test their protocols and the mainnet- the use of ethereum worth few dollars to conduct a live testing of their protocol.


Airdrop is basically giving of cryptocurrency to user’s wallet for free. It’s a marketing tool for crypto start-ups to amass user base for its project, thereby enhancing their crypto project adoption. In this article, we shall be explore the secrets to earning free money via retro-active airdrop, some past renown retro-active airdrops and some potential retroactive airdrops in the near future.


5 Secrets to earning free money in retroactive airdrop


1. Identify token-less protocols: Identify these token-less protocols and interacts with their ecosystems so as to position yourself for their potential retroactive airdrops and ensure to follow them on their social media handles for possible news. These token-less protocols are sometimes new narratives in the ecosystem


2. Learn the technicalities involved: In running testnet or mainnet airdrops, you need to be knowledgeable about how to swap, bridge, provide liquidity, mint NFTs and trade on exchanges running on the protocol 


3. Be patient and consistent in testing out the protocols: while interacting with the chains on the protocol, it can sometimes be time consuming and also series of repeated transactions are required of you to amass number of transactions on their explorer as your duration and number of transactions are yardsticks for eligibility.


4. Join an active community: This is where you can learn the rudiments of the airdrops, get prompt information on trending potential projects in this regards and for accountability to follow through. Looking for such community –Tech Nexus Academy is one among others.


5. Keep an eye on the potential airdrop project: This you can do by actively following their social media handles so as to know when you can participate and claim your airdrop, as failure to claim within the stipulated time leads to loss of the airdropped tokens.


Some notable retro-active airdrops in the past


1. The Uniswap airdrop: In September, 2020, this Ethereum-based decentralized exchange airdropped the sum of 150 million governance tokens named UNI to its early user, where each participant could claim 400 UNI worth $1,000 as at the time.


2. DYDX: A decentralized exchange airdropped 7.5% of its token supply to its active users in 2021. Some users got as much as 9,529 token per person, some surpassing $100,000 per person as at the time of launch @ $10.28 per tokens.  


3. Arbitrium: This layer 2 blockchain recently on 23rd march, 2023, rewarded its active early users with 1.162 billion ARB tokens, with a maximum of 10,200 ARB per wallet depending on the user’s number, volume and value of transactions at the time. 

A wallet received as much as 1.4 million of ARB tokens from multiple addresses worth about $2,000,000 as at then. 


4. SUI: A layer one blockchain, the most recent, on May 3rd, 2023 just rewarded its early users with about $2000 worth of their native tokens per person. Sui earmarked 594 million of its token to active users while it was listed at $2 price. 


Some potential retroactive airdrops in the future are ZkSync, Layerzero, Starknet, Linea ConsenSYS, Sei, Scroll, KLayer3, zkEVM, Venom and Base among others.


In conclusion retroactive airdropped are free money given as tokens to active users of a token-less protocol, which usually run in thousand (s) of dollars. The secrets to getting such airdrops could be identifying token-less protocols and interacting with their ecosystem, learning the technicalities involved, being patient and diligent in testing their protocols, joining active crypto community and by keeping an eye on the project’s social media handles. Major retroactive airdrops in the past were Uniswap, Dydx and Arbitrium which airdropped thousands of dollars-worth of their tokens to their eligible early users. There are also many potential retroactive airdrops in the future for one to take advantage of.

May 4, 2023
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