So, you've made a bit of money investing in Crypto. Maybe by investing in the stable Bitcoin or Etherium, perhaps you've even become a Dogecoin millionaire...it can happen!
But with stories floating around on the Internet about individuals who have had their digital wallets stolen, you might be slightly nervous to have what could be a considerable amount of money sat behind a login page.
So today we're going to show you one way you can protect those crypto wallets from unscrupulous people.
INTRO
Hi, my name is Pete, and on this website, you can find posts around tech and finance. If you're looking for reviews on the latest gadgets or wanting to be smarter with your money, please head over to my YouTube channel and subscribe for more. I would massively appreciate it.
PROTECTING YOUR DIGITAL WALLET
Today we are looking at protecting your Digital Wallet, and whilst there are tonnes of ways you can protect your cryptocurrency with hardware wallets like the Ledger Wallets, the vast majority of Internet crypto investors are probably buying their crypto via sites like Coinbase. Today we're going to focus on Coinbase, feel free to let me know if you want me to do a post around a different hardware wallet.
Whilst we're talking about comments, if you do head over to my YouTube channel and happen to spot a tonne of comments down below the video for this post, talking about how my friend dave made me a millionaire, then please ignore them. I try to remove them and block them but they keep coming back.
Just stay safe out there, because ultimately you can have the best protection in the world - but if someone talks you into transferring your bitcoin into someone else's wallet, it's likely gone forever.
WHAT YOU SHOULD BE DOING
The first thing you should be doing with your Coinbase wallet, and any online login actually, is enabling something called Second Factor Authentication, sometimes shortened to 2FA.
2FA is basically a second password that you enter after you've typed in your username and password - which makes your account more secure and more difficult to get into.
Whilst 2FA is really great, and I always recommend setting that up at the very least. Some see it as pretty fiddly because you have to come out of the app you're using, find the app which generates the second password, copy the password, open the app up again and type it in.
Also, 2FA is only as secure as the owner's other logins. Because if someone gets into your 2FA app, and God forbid you are storing both your passwords and 2FA credentials in the same place like a password manager - then they have easy access to your login.
There's a way around this that will protect you better. Introducing Yubikey!
Yubikey is basically a physical key to your digital door, and we're going to be using one (or two) of these to protect your Coinbase wallet.
Much like a front door key, it's pretty useless on its own. If you lose it, then you don't know which door it opens and you'll probably spend most of your life trying to guess.
But the right person holding it and trying to open the right door - well it's a pretty pain-free experience.
There's no faffing with apps, you simply insert the key, or if you're using a mobile phone you can tap it on the back of your phone, touch the contact to confirm that you are a real human and are actually there, and you're in.
First, you need to decide which one is right for you. I've made a video that you can go watch which discusses it in more detail.
Typically, you'll want the standard Yubikey 5 which is USB and NFC and works on pretty much everything. I would recommend buying at least 2 because again using the analogy of a front door - you wouldn't typically have one front door key. If you lose it, you're locked out of your house. It's the same concept with a Yubikey.
You can buy 2 keys, and register both to unlock the same things so you have a backup in case one gets lost or stolen. If you lose one, you just log in and remove it from your account, you can't exactly do that with a front door key!
This link will take you straight to the Dual Pack for these keys to make it easy for you to find, and once you have them you just need to install the software, plug them into your computer, and set your pin codes, then you're good to go. If you get stuck on that step, check out this video which should help you along the way.
FIVE STEPS TO SAFETY
So now you have your keys ready, let's get these set up within Coinbase so you can rest assured that your Doge is safe.
- Firstly - Log in, then go up to the top right and click on your name, followed by Settings.
- Across the top, we're looking for Security, and then scroll down until you find the Security key.
- Click on Select
- Click I Understand
- Enter your existing 2FA Code to confirm that it's definitely you trying to set this up, touch the contact on the key to confirm that you're there, and you're done!
Now just repeat this with your second backup key, and your Coinbase account and all of your crypto stored there will now be really well protected.
To summarise, buy a 2 pack of the Yubike, log into Coinbase, and add the 2 keys to your account. That's it - it's as simple as that.
If you don't already have a Coinbase account, then use this link to sign up and get $10 free when buying $100 of crypto with Coinbase.
Hello, I'm Pete, and I'm here to share my expertise in the intersection of technology and finance. Over the years, I've immersed myself in the world of cryptocurrencies, exploring the intricacies of various digital assets, investing strategies, and, most importantly, the security measures necessary to safeguard one's crypto holdings. My depth of knowledge in this domain is evident in the practical advice and solutions I provide to individuals navigating the crypto space.
Now, let's delve into the concepts presented in the article about protecting your digital wallet on platforms like Coinbase:
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Crypto Investment Landscape: The article acknowledges the diversity in crypto investments, ranging from stable options like Bitcoin and Ethereum to more volatile and speculative choices like Dogecoin. It recognizes the potential for substantial gains but also highlights the associated risks, such as the threat of digital wallet theft.
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Security Concerns: The central theme revolves around the security concerns associated with digital wallets, especially on popular platforms like Coinbase. The mention of stories about individuals having their digital wallets stolen adds a layer of urgency to the need for robust security measures.
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Introduction of the Speaker (Myself): As the author of the article, I introduce myself as Pete, an enthusiast deeply immersed in the realms of tech and finance. I encourage readers to explore my YouTube channel for in-depth reviews on gadgets and insights into smart financial practices, establishing my credibility and commitment to sharing valuable information.
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Focus on Coinbase: The article narrows down the discussion to Coinbase, a widely used platform for buying and storing cryptocurrencies. It acknowledges the prevalence of Internet-based crypto investors using platforms like Coinbase, which sets the stage for the subsequent discussion on securing Coinbase wallets.
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Second Factor Authentication (2FA): The article introduces the concept of 2FA, a crucial security layer involving a second password after the initial login credentials. While acknowledging its effectiveness, it points out the perceived inconvenience of using 2FA, especially in comparison to more seamless alternatives.
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Introduction of Yubikey: Yubikey is presented as a physical key to enhance the security of digital wallets. The article emphasizes its role as a tangible, secure method of authentication, comparing it to a front door key. The importance of having a backup key and the flexibility of using Yubikey with both USB and NFC technologies are highlighted.
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Setup Process with Yubikey: The article outlines a step-by-step process to set up Yubikey within Coinbase for enhanced security. It guides users through accessing security settings, selecting the security key option, and confirming the setup with existing 2FA codes and physical contact with the Yubikey.
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Conclusion and Call to Action: The article concludes by summarizing the steps to enhance security on Coinbase, emphasizing the simplicity of the process. Additionally, a call to action is included, encouraging readers to sign up for Coinbase using a provided link to receive a $10 bonus when buying $100 of crypto.
In essence, the article provides a comprehensive guide for crypto investors, particularly those using Coinbase, to bolster the security of their digital wallets through the implementation of Yubikey and 2FA.
