In our latest Learn 101 livestream session, we gathered an esteemed panel of crypto experts to share insights on the Bybit VIP Program.

The crypto market is highly volatile and moves around the clock, and crypto traders need every advantage available to them. Bybit VIPs have access to a wide range of special tools and features, an amazing community, lower trading fees and other benefits.

, we uncover everything you need to know about Bybit’s VIP Program.

, provides a recap of our Learn 101 livestreams, offering you comprehensive expertise and insights from leading figures in the crypto industry in case you miss the livestream.

Joining the livestream on Nov 14, 2024 were three distinguished guests: Livio Scalet, Bybit VIP; Tradealot, Bybit VIP; and Maxim Orlov, VIP Team Lead at Bybit. Under the moderation of Sabrina Chua, Crypto Evangelist and SEO Editor at Bybit, this episode explores the success stories of our existing VIP traders, the 

 the Bybit VIP Program offers and the way you can become the next 

What's Your Trader Type? Understanding VIP Profiles and Characteristics

Bybit’s VIP program caters to a diverse group of traders, each leveraging their unique strengths and approaches. Maxim, the VIP Team Lead at Bybit, highlights its broad membership, ranging from altcoin enthusiasts and spot traders to long-term investors who prefer to buy and hold.

VIP traders like Livio and Tradealot each adopt distinctive trading strategies tailored to their skills and market conditions. Livio, for example, employs meticulous 

 to refine his strategies, relying on defined entry and exit points and indicator setups. He emphasizes the importance of understanding past market behaviors to anticipate future trends. On the tools front, Livio frequently utilizes Bybit’s 

 and bot strategies to enhance trade precision and efficiency, advocating for copy trading as a beneficial tool for novices to emulate the moves of experienced traders.

Tradealot, on the other hand, focuses on price action rather than traditional indicators. In typical market conditions, he might execute 500 to 600 trades per day, a number that can surge into the thousands when the market heats up. His approach is honed for short-term trading, recognizing that his strength lies in quick, voluminous trading facilitated by Bybit’s reduced fees for VIPs.

 is a critical theme for both traders. Livio approaches trading with a calculated view of risk, opting to increase his trade volume when his strategies show a high success rate. Meanwhile, Tradealot emphasizes the importance of understanding his own trading limitations, especially in volatile markets where poor leverage choices can lead to significant losses.

Community engagement also plays a pivotal role in both traders’ strategies. Each one values the insights and feedback from the Bybit VIP community, which they use as a sounding board to refine their approaches and check their strategies.

Personal trading histories further illustrate their journeys and learning curves. Livio’s turning point came at age 18 after a significant loss that steered him toward mastering risk management and technical analysis. Tradealot’s story began with a modest $600 and a series of early losses that underscored the importance of disciplined trading and risk management.

 not only offers lower trading fees and exclusive events but also fosters a learning environment in which traders can grow and optimize their strategies, drawing on community support and advanced trading tools. Both Livio and Tradealot emphasize the utility of starting with 

 to build confidence and skills in a risk-free environment.

Attaining Bybit VIP status offers a wealth of benefits, tailored to enhance the trading experience significantly. Maxim explains that eligibility for VIP status is determined either by maintaining a minimum account balance of $100,000, or achieving a requisite trade volume. Once VIP status is attained, you gain access to exclusive perks, including dedicated relationship managers available across all time zones, ensuring prompt support whenever needed. Additionally, VIPs enjoy lower transaction fees, enhanced trading features and more lucrative cashback bonuses with the 

The VIP Program also facilitates unique networking opportunities, organizing live events globally for members to connect with peers and industry experts. For those looking to maximize their returns, Bybit offers 

, which are particularly beneficial for VIP members through enhanced terms on investments. 

Livio, though less experienced with Structured Products, is keen to integrate them into his trading strategy. He recognizes the potential these products hold, and plans to explore them further to optimize his investment approach. On the other hand, Tradealot has embraced the use of Bybit's VIP trading bots extensively, leveraging them alongside higher APYs offered through 

 isn’t exclusive to VIPs, he utilizes it and also explores 

, which interfaces seamlessly with several applications he regularly uses.

Tradealot and Livio both share insights on their personal motivations for choosing the Bybit VIP program. Livio cites the lower fees as a crucial factor, enabling him to capitalize profitably on smaller market movements. Tradealot, previously a Binance user, switched to Bybit for its superior platform stability, better fees and higher liquidity, especially under volatile market conditions.

Maxim emphasizes that the journey within the VIP program is progressive, and as members ascend through different VIP levels, they unlock further benefits including higher APYs, exclusive gifts, specialized workshops and access to special events — all coupled with progressively lower fee rates. This tiered system incentivizes and rewards active and high-volume traders, aligning with their evolving trading needs and contributions to the platform.

Unlock the VIP Gateway: How to Join the Elite

Becoming a VIP trader on Bybit is straightforward. It offers two primary pathways: newcomers can opt for a 20-day free trial to experience VIP benefits, and existing VIPs from other platforms can qualify immediately by providing a screenshot of their trading volume or asset balance. For those not meeting these criteria, funding a Bybit account with $100,000 also grants VIP status.

Once established as VIPs, traders such as Livio notice significant changes in their trading approach. For Livio, the ability to capitalize on smaller price movements has become a key advantage, along with access to an engaging trading community, while Tradealot embraces the use of advanced trading bots.

A day in the life of a VIP trader varies, and Livio and Tradealot reflect on their personal routines and trading styles. Livio starts his day gathering information to strategize his morning trades, followed by actual trading in the afternoon. In contrast, Tradealot combines lifestyle activities, such as going to the gym or hiking, with his trading routine. He stays updated with both crypto and global news, ready to trade intensively during volatile market periods.

The VIP Program also includes exclusive trading competitions, as Maxim explains. These competitions not only provide an exciting challenge, but also offer substantial rewards. Winners can expect lavish prizes — such as a gold ring adorned with diamonds during the latest 

 — enhancing the allure of participating in these high-stakes events.

This Learn 101 livestream session offers a comprehensive overview of the Bybit VIP Program, shedding light on the exclusive benefits and features accessible to VIP traders. As a member of the Bybit VIP community, you can enjoy an array of perks, including enhanced features, reduced rates and other advantages designed to elevate your trading experience and maximize your profits. We encourage you to explore the various VIP levels available today to discover how they can enhance your trading journey.

Intermediate

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Learn Live ICYMI: Are You Bybit’s Next VIP?

Aptos (APT) is a scalable Layer 1 blockchain using Move language, offering fast transactions, modular upgrades, and a growing ecosystem of Web3 projects.

Aptos has emerged as a standout in the blockchain space, raising 

 from such venture capitalists as Andreessen Horowitz (a16z), Coinbase Ventures, Apollo, Circle Ventures and Franklin Templeton to build its dream project promising a flexible and upgradeable blockchain structure. It lived up to its promises, with a successful mainnet launch on Oct 12, 2022. 

Two years later, Aptos has surpassed $1 billion in 

 (TVL), an impressive feat showcasing its ability to achieve real-world adoption as it attracts millions of users worldwide.

, giving users improved scalability, reliability, security and usability.

The Aptos genesis occurred on October 12, 2022, with Aptos blockchain's mainnet "Aptos Autumn" launched on October 17, 2022. Aptos is a Layer 1 blockchain built with a Rust-based programming language called Move. Its key features include a parallel execution engine, high-level security features and low transaction costs.

The Aptos blockchain is generating all this hype because of its intriguing past. The blockchain is based on the Diem blockchain initiative (from Meta) that was recently abandoned. Created by Diem developers, the Aptos crypto uses the programming language originally created for Diem. Its focus is on Diem's original goal of creating a scalable, fast blockchain. 

Aptos’s flexible architecture means it can be constantly upgraded to support emerging new use cases as the 

 world becomes increasingly sophisticated. Currently, Aptos is capable of supporting 

 (AI) on its blockchain. Its myriad use cases have drawn over 8 million users worldwide.

The Aptos network was created by Aptos Labs, while the Aptos Foundation focuses on nurturing the ecosystem through grants, education initiatives, events and partnerships.

Aptos Labs is the team behind the Aptos project. They currently lead a diverse team of developers, engineers and strategists headed by co-founders Mo Shaikh and Avery Ching.

Shaikh and Ching met when they worked together on the Diem blockchain project at Meta. Shaikh specializes in scaling products, and has experience in the private equity and venture capital markets. Meanwhile, Ching was one of the principal software engineers at Meta and has led many exciting and innovative development projects in the past. When Meta chose to discontinue the Diem project, Shaikh and Ching decided to join together to create Aptos Labs.

. Besides the Aptos blockchain, Aptos Labs has a range of products that cater to bridging the gap between Web 2.0 and web3. These include 

, a user-friendly web3 wallet that offers seamless access to 

, a name service that allows users to convert their lengthy and complex 

, a dedicated Aptos AI chatbot developed with OpenAI technology.

, whereby token holders stake tokens to their selected validators to help maintain the network. Aptos can theoretically reach 160,000 

 (TPS) while maintaining security and reliability. The following revolutionary concepts are at work behind Aptos's impressive performance.

 creates an engine that efficiently handles 

. The Aptos blockchain engine relies on parallel execution to handle multiple transactions at once. This makes things a lot quicker because a single failed transaction won't halt the whole chain. Instead, transactions can be processed concurrently, and all of them are validated post-execution. To further improve efficiency, a collaborative scheduler works to prioritize certain transactions on the Aptos blockchain and handle essential validations efficiently. Ultimately, up to 160,000 transactions per second (TPS) may be processed simultaneously.

One of the things that makes Aptos’s network so appealing is 

 for swift, secure transactions that was first designed for the Diem blockchain. Move is a type of executable bytecode language that’s used to 

implement smart contracts and custom transactions

. It uses Move modules, which are grouped in upgradeable packages, to define the state of transactions. 

It’s flexible enough to handle the unique needs of Aptos developers, and its global storage is more secure than the average programming language. Move lets users define custom resources that can’t be copied or discarded, making it much more difficult for malicious entities to control the Aptos blockchain. 

Aptos has also made multiple improvements to the Move ecosystem to further enhance its security, such as the 

, a formal verifier for Move smart contracts which boosts protection for contract invariants.

Aptos employs a modular data model, in which a ledger state records the interaction of transactions and accounts. Accounts are representations of users’ control over their assets, from on-chain currency to NFTs, and must be created before they can execute transactions. Transactions submitted by any user modify the ledger state and trigger events coded via Move modules. These events, uniquely identified by keys, are then stored as data within the ledger. This design also ensures flexibility and user privacy, as it supports flexible key management and hybrid custodial options, and allows users to create multiple pseudonymous accounts via cryptographic key pairs.

Byzantine Fault Tolerance (BFT) Consensus Protocol

Instead of using a consensus protocol that has to follow the order of transactions, Aptos decouples the two processes and lets them run parallel to each other. This reduces latency (the time it takes to confirm network transactions) while increasing speed. To ensure accuracy, Aptos has created a Byzantine fault tolerance (BFT) engine that analyzes individual states on-chain and then automatically updates validators as needed.

The Aptos ecosystem is robust, with over 190 projects in the realms of DeFi, GameFi, NFTs, social media, education, AI, infrastructure and more.

. Once an APT holder stakes their APT tokens to a validator node, they’re eligible to vote for various protocol changes, such as blockchain upgrades and changes to blockchain parameters. There was 

 of 1 billion APT tokens, distributed as follows:

 isn’t merely used for governance, as APT token holders can also stake their tokens to a validator to help secure the network while earning rewards, which can be received at 

There’s a minimum stake of 1 million APT and a maximum of 50 million APT, with the staked tokens automatically locked for a fixed duration. The maximum annual reward rate, evaluated at every epoch, began at 7% in 2022, with an annual decline rate of 1.5% (until it eventually reaches 3.25%, which Aptos estimates will take over 50 years). 

To further facilitate decentralization, Aptos also started offering delegated staking for users from April 2023. Delegated staking features a low minimum staking requirement whereby users with as little as 11 APT can collectively stake in a trusted validator node. This move encourages more active participation, allowing more users to stake and earn rewards while helping to sustain a stable and efficient network. 

Staking rewards raise the total supply, making APT an 

 token. However, the rewards mechanism may be modified via on-chain governance.

Aptos is available on Bybit’s Spot market as a swap pair with USDT (

As of Nov 19, 2024, APT’S price is $11.68, which is 41.4% lower than its ATH of $19.92 on Jan 26, 2023 and 279.2% higher than its ATL of $3.08 on Dec 29, 2022. 

Price prediction experts generally have a positive outlook on the APT token. Changelly, while 

 a slight dip to $9.85 in 2025, anticipates APT will exceed $100 by 2030 and hit an astonishing average of $4,727 in 2040. CoinCodex is more conservative in its predictions, 

 APT will trade at an average rate of $31.22 in 2025 and $37.05 in 2030. 

There are several factors working together to make Aptos crypto seem like a great opportunity. First of all, the venture is a continuation of a Meta-founded project that was already getting positive results before it was canceled. Furthermore, the developers working on it are experienced, highly-trained people who've worked on exciting projects in the past.

Aptos’s innovative technology has captured the interest of many venture capitalists, making it one of the top-funded blockchain projects at a total of $350 million (split into two rounds). 

Aptos accepted its first big set of investments in March 2022. Several large venture capital groups, including a16z Crypto, Multicoin Capital, Hashed, Tiger Global, Three Arrows Capital, FTX Ventures and Coinbase Ventures contributed a total of $200 million. Aptos then went on to receive another $150 million in June from FTX Ventures and Jump Crypto. Previous investors, such as a16z crypto and Multicoin Capital, have contributed to multiple rounds of funding.

Thanks to its unique architecture, which separates consensus from execution, and its use of Move as a programming language for added security, Aptos certainly stands out from the crowd of Layer 1 projects. 

In a mere two years, Aptos has achieved a TVL of over $1 billion and attracted over 190 projects, including top DeFi platforms like PancakeSwap, Ondo Finance (the biggest stablecoin by market cap) and USDT.

Aptos has also secured partnerships with industry giants and global asset management leaders, such as BlackRock and Franklin Templeton, and entertainment titan NBCUniversal, further contributing to its credibility as one of the top Layer 1 blockchains.

All of these factors point to a bright future ahead for Aptos. Nevertheless, the crypto market is inherently volatile. As with any other cryptocurrency, before buying APT, please make sure you do 

Aptos, often dubbed the “Solana killer,” possesses plenty of features that help it stand out among other Layer 1 chains — including a highly active community, strong partnerships, and access to unique engines and programming languages. 

One of the Aptos blockchain's main competitors is 

, which is currently the hottest high-performance Layer 1 available. 

Theoretically, Solana can support up to 65,000 TPS, while Aptos is capable of supporting 160,000. While the actual performance of both blockchains falls far below their theoretical speeds, they’re still considered high-speed blockchains, with Solana 

. Apart from their fast speeds, both Aptos and Solana also appeal to many users due to their meager transaction costs, which average around $0.0001 per transaction. 

, having had notable outages and downgrades. Meanwhile, the Aptos blockchain adds redundancy to its network, rendering it less prone to failure. Each block in Aptos is synced with leader nodes and nearby nodes. In case the leader node fails, one of the other nodes can take over. This results in slightly more computational requirements, so Aptos' hardware needs are a little larger than Solana's. Ultimately, Aptos offers more reliability than Solana in exchange for slightly higher hardware requirements.

 use Move programming language, though Sui’s version is modified into an object-centric model, unlike Aptos’s account-centric model. 

Additionally, Aptos records its ledger on a blockchain, whereas Sui stores and organizes its data in a 

Both Aptos and Sui are built to be scalable, with Aptos presenting a high throughput of 160,000 TPS in its testnet days and Sui’s test throughput achieving 120,000. When both networks are launched on the mainnet, however, their maximum throughputs over the past 30 days have fallen to 

While the two networks’ scalability allows for varied use cases, Sui’s focus is on NFT games, with a recent expansion into DeFi. In contrast, Aptos is built to be more general purpose, encompassing a diverse range of applications from DeFi, GameFi and NFTs to social media, entertainment and even AI.

The Aptos blockchain has already managed to outperform 

 in terms of speed. While Ethereum's time to finality is over a minute, Aptos can finalize transactions in less than a second, due to both hardware and design differences. Ethereum only has one CPU core, while Aptos operates on 16.

However, Ethereum’s reliability is undeniably superior. While Aptos doesn't have many problems with outages, it can't compare to Ethereum's stability: Its performance is almost impossible to disrupt. As long as users are fine with paying more fees and waiting longer times, Ethereum still remains the more popular choice.

The Aptos project promises to increase blockchain scalability and reliability. 

Indeed, thanks to its innovative technology, Aptos has proven its credibility in just two short years, drawing over 190 projects to join its ecosystem and enabling it to scale rapidly and evolve to match market demand. 

While it remains to be seen whether Aptos will really be a “Solana killer,” its network is rapidly catching up to Solana’s popularity, as evidenced by its growing ecosystem and partnerships with industry leaders. 

The addition of the world’s largest stablecoin, USDT, to the Aptos blockchain further cements its position as the top blockchain of choice for users and developers seeking a scalable, secure and user-friendly platform. 

With its focus on modularity and upgradeability, Aptos continues to attract significant attention from the web3 community, revealing itself to be a formidable player in the race for blockchain dominance.

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What Is Aptos (APT): A Scalable Modular Layer 1 for Seamless Upgrades

Ethena Foundation has approved the activation of its fee switch, enabling revenue sharing with ENA token holders by the end of the month.

Daily Top Performer — Hedera Hashgraph (HBAR)

The S&P 500 rose 0.39%, rebounding from recent declines, driven by optimism about potential future rate cuts and expectations of a business-friendly administration. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 0.73%, with Bitcoin and Ethereum rising by 2.16% and 2.81%, respectively in the past 24 hours.

Today's top performer is HBAR, which surged 44.6% following the expansion of Hedera's governance and its advancements in AI data transparency.

Hedera Hashgraph (HBAR), launched on September 2019, is a cryptocurrency network that supports fast transactions and application deployment, overseen by a select group of business-approved nodes. This design ensures quick finality and reliability, attracting major corporations like LG, IBM, and Boeing as participants. Hedera's Governing Council has 

 to 32 members as the platform introduces new features and diverse use cases, such as using immutable records to enhance trust in AI data. The focus remains on transparency, security, and innovation for a promising future.

Check Out the Latest Prices, Charts, and Data of 

, enabling revenue sharing with ENA token holders by the end of the month. This move follows a governance vote and has already led to a significant increase in the ENA token's value. Ethena, which has achieved record-high revenues recently, generates income through various yield strategies. As one of the largest DeFi protocols by TVL, Ethena's fee switch could set a significant precedent for revenue sharing in the DeFi space.

Yesterday, BTC Spot ETF flows reached $165.5M, consisting of $5.8M from GBTC and $159.7M from non-GBTC sources.

 to drive onchain growth and reward users for trading NFTs and tokens across chains. With a total supply of 1 billion, over half will be allocated to the community through rewards, staking, and ecosystem development, with an initial 12.5% claim available at the Token Generation Event (TGE). The $ME token will power governance, staking, and user incentives across Bitcoin, Solana, and EVM ecosystems, supporting Magic Eden's goal of creating a universal onchain trading platform. The ME Foundation, a non-profit, will oversee the $ME ecosystem, ensuring security and alignment with community interests while cautioning users to beware of scams ahead of TGE.

Beginner

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Ethena Foundation Approves Fee Switch for Revenue Sharing with ENA Holders

In this tutorial, we’ll explore how you can complete a series of tasks in Derive for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Derive tasks for Bybit Web3 Airdrop Arcade. 

Task: Trade More Than $10 USD on Perps/Options, or Deposit More Than $10 Into Vaults

 and connect your Bybit Wallet by clicking on the 

button at the top right corner of the page. 

you want to deposit. Then, indicate the amount. Derive allows you to use stablecoins, such as USDC and USDT, or tokens, such as ETH, wstETH and WBTC, as collateral. Please note that deposits take between five to 10 minutes to complete.

to transfer your tokens into a trading account. This will allow you to trade with margin. 

: Trade at least $10 worth of perpetuals or options. 

 page and connect your Bybit Wallet by clicking on the 

button at the top right corner of the page.

: Select a vault based on your preferred collateral, market outlook and risk tolerance. Vaults automatically execute yield-generating options strategies on your deposited tokens.

. Please note that deposits take between 10 to 20 minutes to complete.

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How to Complete Derive Tasks for Bybit Web3 Airdrop Arcade

Crypto

Keeping your assets safe is of paramount importance to anybody who owns crypto. In this article, we'll go through the steps you should take to do just that.

The decentralized cryptocurrency model largely transfers autonomy and power to users, which is why many users are drawn to it. However, with that power comes the responsibility of maintaining the privacy of your security keys. Effectively, by having complete ownership of your funds, you become solely responsible for their security.

As more crypto hacks happen periodically, it's common for traders and investors alike to ask how to keep crypto safe. This article will explore various best practices for practical user security.

Blockchain is the underlying technology that keeps crypto secure, due to its decentralized and cryptographic nature. Since decentralization means there isn’t a single point of failure or control, it’s unlikely that hackers can compromise a blockchain network without exhausting their resources. In addition, all cryptocurrency transactions are recorded in blocks and “chained together” in a publicly recorded ledger, so it’s relatively challenging for malicious actors to attempt to alter past transactions without altering any subsequent blocks.

In addition, public key cryptography adds another layer of security, ensuring only a rightful owner with the private key can access or authorize a transaction, and pseudonymous crypto transactions help preserve anonymity.

Still, cryptocurrency has intrinsic value and can be stolen and diverted to new owners instantly and irrevocably, creating a considerable incentive for hackers to target users who don’t take their security seriously. In fact, 

 crypto investors lost nearly $4 billion to crypto hackers and scammers in 2022. Like any investment or financial asset, cryptocurrency comes with its own set of risks and considerations. 

While cryptocurrencies have gained in both popularity and adoption in recent years, it's essential to be aware of the potential risks before investing, and to consider if they’re suitable for your specific circumstances.

All financial assets are susceptible to market volatility, due to their inherently speculative nature, in addition to regulatory oversight and changing political landscapes. The security of crypto may also appear as a double-edged sword for traders due to its irreversible nature. Let's say you send crypto funds to the wrong address, or fall victim to a scam. It may be challenging (if not impossible) to recover your lost funds. In addition, the technical complexity may be challenging for those unfamiliar with blockchain technology and digital assets.

Cold Wallet vs. Hot Wallet vs. Exchange Wallet vs. Web3 Wallet

A cryptocurrency wallet allows users to store, send and receive digital assets, such as Bitcoin, Ethereum or other cryptocurrencies (known as 

). These wallets are secured by private keys, so that only the wallet owner can access, control and manage the assets in the wallet by authorizing transactions.

 to suit different purposes. A cold (offline) wallet isn’t connected to the internet, and is typically in the form of a hardware wallet or paper wallet. These types of wallets are the most secure option for storing cryptocurrencies, as the private keys aren’t exposed to potential online threats and unauthorized access. The trade-off to using an offline wallet is that it requires careful handling to avoid permanent damages, such as accidentally throwing out the offline wallet or misplaced private keys.

On the other hand, a hot (online) wallet is connected to the internet and takes different forms, such as a web-based, desktop or mobile wallet. Compared to an offline wallet, hot wallets are more accessible but at the expense of heightened security infiltration.

An exchange wallet is typically a custodial wallet provided by a crypto exchange to users whenever they create an account on the platform. These custodial wallets are assigned with a unique wallet address to a user, so that they may deposit and withdraw funds. In other words, users entrust their funds to be saved in these wallets, and the providers hold and manage the private keys on behalf of the users.

 (or decentralized) wallet is one of the latest additions to the crypto space, designed specifically for users to interact with decentralized applications (

) on the Ethereum blockchain and other web3-compatible blockchains. These wallets are usually integrated directly into a web browser, allowing seamless interaction with blockchain-based DApps without using external plug-ins.

Ultimately, choosing a crypto wallet depends upon your specific needs and preferences.

Regardless of the type of wallet you choose, remember to practice proper security measures, such as enabling two-factor authentication (

), using strong passwords and keeping backup copies of your wallet's private keys or 

What Happens If I Lose My Wallet’s Private Keys?

As much as we want to keep our wallets safe from prying eyes, accidents are inevitable, regardless of how careful we are. And losing access to your wallet's private keys can have serious consequences, such as permanent loss of funds and access to your account. For example, losing your private keys without a backup means you’ll no longer be able to access the wallet that stores your crypto. These funds may be stuck on an exchange or in a wallet, depending upon the type of wallet you use.

The first thing we’re likely to do when we lose access to our private keys is to look for a backup. However, cryptocurrencies operate on decentralized networks, so there’s no central authority that can help you recover your lost private keys or reset passwords for you. Hence, it’s always advisable to keep a record of your private keys or seed phrases as a backup. 

In rare cases, there are specialized companies that can help you retrieve lost private keys when there’s sufficient information and verification to recover them.

Remember that in the world of cryptocurrency, you alone are responsible for safeguarding your private keys. Being proactive in protecting and securely managing your keys can prevent the distressing experience of losing access to your valuable digital assets.

10 Best Security Practices for Cryptocurrency Users

1. Change your perception of cybersecurity

One steady truth throughout the ages is that we pay fees for the security of the funds in our bank accounts (though “security fees” will never appear on bank statements). Unlike traditional centralized banking financial institutions, decentralized systems such as cryptocurrencies transfer the control and responsibility of security to individual users.

With cryptocurrency, even when we might be excited to complete our first cryptocurrency transaction, we shouldn’t forget there are no longer any security service providers like the ones banks have, and there may not even be regulations in place to provide any protection (depending upon the national or regional regulations in the holder’s location). Therefore, it’s crucial that cryptocurrency users have rigorous security practices in place, such as buying simple and easy-to-use hardware security devices, mastering security protocols and implementing best security best practices, such as those recommended in this article.

2. Choose a trusted crypto trading platform with reliable security incident compensation or insurance mechanisms

The most apparent risk faced by cryptocurrency holders is the theft of coins. Assuming most individual users hold coins on cryptocurrency trading platforms, choosing a trusted platform is of the utmost importance.

There is no benchmark for international security standards or third-party agency ratings for trading platforms in the cryptocurrency industry. Therefore, it’s necessary to properly understand a platform’s security mechanisms before you register, such as the company’s current security investment. Also, it’s important to check if the platform offers any user account security insurance or guaranteed compensation for security breaches.

3. Always stay informed about anti-phishing practices and scams by completing the safety test

Phishing is the most common scam. To avoid being viewed as a “fish” in the eyes of perpetrators, make sure that you’re equipped with knowledge about common “bait-the-hook” techniques.

One example of a phishing email is when a URL that invites you to click on a link is a fake domain name that’s similar to a trusted one — e.g. 

). It could even be a clone website of a commonly used trading platform, such as a phony MetaMask wallet website that “looks real” and tricks you into entering your seed phrase so scammers can instantaneously pick your digital pocket, draining your funds.

, around 65% of organizations worldwide experienced some kind of phishing attack in 2022. If your email has been compromised or if you previously had a compromised account, then phishing emails will be carefully designed to target you. According to statistics, around 96% of phishing attacks come from email.

A reliable method for crypto holders is to complete an anti-phishing security test. The Google online test is a good benchmark (you can take the test 

 It comprises a total of eight questions and requires just 10 minutes of your time. If your score falls short, that means you need to increase your security awareness and try again.

Other common phishing methods include sending gifts or bonuses through fake official social media and community channels, posing as customer support personnel or cloning trading platform CEOs' social accounts. 

4. Always use two-factor authentication (2FA) 

The good news is that most cryptocurrency trading platforms, including 

 or other wallet service providers, require you to use two-factor authentication, such as Google Authenticator or Authy. The trade-off is the hassle of using these tools.

2FA is an additional layer of security used to ensure that only legitimate owners can access their accounts. This “extra” layer means that, in addition to standard passwords and PINs, a platform’s security will also verify a second layer (hence, two-factor). This second factor can be something you own, such as the Google Authenticator app installed on a mobile phone that you carry, or a one-time password sent to your mobile phone via SMS or hardware tokens. These features are used on top of your existing mobile security features (such as fingerprints, iris and/or facial scanners, etc.).

When you install Google Authenticator directly on your computer, you give up an extra layer of protection every time you copy the verification code instead of using a smartphone app. It’s very likely that once a hacker (remote) or a person who has physical access to your computer gains access, your existing layers of protection will be penetrated.

At Bybit, users can bind their accounts with Google Authenticator. The best time to bind your Google Authenticator is immediately after your first login to your Bybit account.

 to learn how to bind your Bybit account to Google Authenticator.

5. Use strong passwords independent of other funds accounts

It’s always the most economical choice for a hacker to try to target a cryptocurrency account with a user’s compromised account and password. Knowing this, a savvy cryptocurrency holder will take the following preventive measures.

First, register a new email account for the cryptocurrency platform to circumvent any previous digital footprint that would allow anyone to hack or clone your account successfully. Secondly, don’t use weak or common passwords.

, a blockchain certificate company, 65% of the Know Your Client (

) verification processes in the world’s top 120 cryptocurrency trading platforms are weak. This means that once your crypto account password has been cracked, a hacker can easily obtain your crypto assets on a trading platform and transfer them to their wallet address, thus leaving little to no chance of retrieving your assets. 

6. Divide assets 70-20-10 to diversify your risk

In addition to trading on platforms using your accounts and cryptocurrencies, it’s common for traders to store crypto assets offline, as one would with cash in a safe. Personal crypto assets — whether in hard wallets, physical storage, desktop wallets or mobile APP wallets — are best allocated to cold, warm and hot wallets in the ratios of 70%, 20% and 10%, respectively, depending upon your individual needs and preferences.

Would you carry your entire net worth around in your wallet?

Most people would consider that reckless — and yet, cryptocurrency users often keep all their crypto in a single wallet. Instead, users should spread the risk among multiple and diverse cryptocurrency storage wallets. Prudent users will keep only a small fraction, perhaps less than 5%, of their cryptocurrency in an online or mobile wallet as “pocket change.” The rest should be split between a few different storage mechanisms, such as a desktop wallet and offline (cold storage).

7. Use a physical wallet that represents future trends

Because most users are far more comfortable with physical security than with digital security, a highly effective method for protecting your cryptocurrency is to store it in a physical form. Cryptocurrency keys are nothing more than long numbers, which means they can be stored physically, printed on paper or etched on a metal coin.

Securing one’s keys becomes as simple as physically securing a printed copy of them. A set of cryptocurrency keys printed on paper is called a “paper wallet,” and many free tools can be used to create them. For example, I would keep most of my cryptocurrency (99% or more) stored in paper wallets, encrypted with BIP-38, with multiple copies locked in safes. Keeping cryptocurrency offline (cold storage) is one of the most effective security techniques.

A cold storage system is one where the keys are generated on an offline system (one never connected to the internet) and stored offline on paper or on a physical device, such as a USB memory stick.

In the long term, cryptocurrency security will increasingly take the form of hardware-tamperproof wallets. Unlike a smartphone or desktop computer, a cryptocurrency hardware wallet has one purpose: to securely hold cryptocurrency. Without general-purpose software to compromise, and with a limited interface, hardware wallets can deliver an almost foolproof level of security to non-expert users.

8. Balance the risk of excessively complex protection to prevent asset loss

The main risk addressed in the many security measures mentioned above is that of stolen crypto assets, whether pilfered on a trading platform or physically stolen. However, overly complicated security measures can actually pose a greater risk.

Data files get lost all the time, and if they’re compromised, the losses are more substantial. For example, in July 2011, a well-known cryptocurrency awareness and education project lost almost 7,000 cryptocurrencies. In their efforts to prevent theft, the owners had implemented a complex series of encrypted backups. In the end, they accidentally lost the encryption keys, making the backups worthless — and losing a fortune as a result.

One important crypto security consideration that’s often overlooked is mortality, especially in the context of incapacity or death of the key holder. Cryptocurrency users are told to use complex passwords, and to keep their keys secure and private, not sharing them with anyone. Unfortunately, that practice makes it almost impossible for a user’s family to recover any funds if that user is no longer available to unlock their assets.

How to Keep Your Bitcoin and Cryptocurrency Safe (Updated)

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