Hello all crypto fans,
within last few days I saw a lot of tweets, forum posts and news about coins being stolen or lost. And I thought, are the people still not cautious enough? Here, on Steemit, on Bitcointalk or many other online resources, tons of guides and articles are published. A lot of information, really, why people don't read it? And why people don't use main principles of device's security?
I know there is nothing new, but one more time spend a couple of your precious minutes for reading this, please! If you want to avoid the stress, sleepless nights and losses of your hard earned coins, tokens, money or whatever.
Main principles of device security*
- Get a decent antivirus software. It's hard to say which one is the best, but there are plenty reviews and testimonials of AV. In addition, find the one with browser plugin. This helps when you're trying get inside to harmful or suspicious website. And update it daily, even if AV asks doing that several times per day.
- Don't keep your passwords in plain text. Encrypt them, use soft such as KeePass or write them down in the notebook, but again don't keep them in txt file or word document, etc. If you use browser's password manager, even there it can be accessed by the virus.
- It doesn't matter what OS do you use - get updates. Always! This must be applied for installed software too. No one makes updates without the purpose.
- Do not install programs from unknown sources. If you are in doubt, double check site from which file was downloaded, scan it with antivirus. If you're still questioning the file, better don't open it.
- Never open email attachments from unknown sources (or you know the sender, but activity is weird).
- Be careful when plugging in non-personal USB stick. Scan it or don't plug it in.
- Don't leave your computer or phone unlocked when you're away. Put the password, encrypt it or do whatever it takes, but it's better when device is not open book for everyone.
- Do not login on public computers. Never ever put the password in the device you see first time.
- Public WiFi is not secure! Use VPN or don't use your device at all. Well, simple browsing of not important info may be not so harmful.
*Most of the points may be applied for tablet or smartphone as well.
Ok, we consider that device is now secure enough. But to be honest, it's not. Still coins could be stollen. Why? Firstly, if your coins are stored at online wallet. So it can be hacked, even if it's not your fault and probably no one is going to restore your coins. Even if bitcoins are kept at desktop wallet, it's not that safe enough. So what to do you may ask. Well, I bet most of you know where and how to keep your cryptocurrency safe, but there is part of people who don't so share this with them. Maybe it is going to safe few coins for someone.
How to keep your cryptocurrency safe
There are few types of wallets where you can store and hold your coins. Each of it has its own pros and cons. Some are secure enough if used properly, some are less secure even if was used by most demanding users.
Online wallet (hot wallet)
This type of wallet is very convenient and easy to use. Furthermore, you can access it whenever and anywhere you want. However, if site was hacked, say goodbye to your coins. Probably you're not going to see them anymore. If you decided to use hot wallet, then use few simple steps to make it as much secure as possible:
- Use Two-Factor Authentication (SMS or Google Authenticator is the best, while email has vulnerabilities)
- Turn on notifications of suspicious login attempts or unknown device.
- You can turn IP filtering on (if IP is static only).
- Put 2nd password if available.
- Make password long, strong and non-typical (password123, password, qwerty, etc.).
- Check login logs from time to time.
Desktop Wallet
Desktop wallets are more secure, but still it can be broken. To keep it secure, you must keep your pc or mobile phone secure. So go up and read main principles of device security again!
Paper Wallet (cold storage)
Well, that is secure. Very! Except if you lose the paper or force de major happens. So, make backups, keep few sheets of paper in different locations which are accessible or known for you only. However, there is no comfort at all when doing transactions. Sending, receiving, trading become pain in the a**. It's secure, but okay for holding.
Hardware Wallet (cold storage)
IMO the best method to store bitcoins or other cryptocurrency (it depends on support of the hardware wallet). It's convenient, easy to use, to carry on anywhere you go. Sending or receiving bitcoins is easy and fast. Most noteworthy, even if device is infected, your private keys stored inside cannot be accessed by any malware. Keep in mind, that all transactions must be confirmed with built-in buttons. After device is disconnected from computer, it goes offline instantly and there are no ways it can be reached. Couple more tips of using hardware wallet below.
- Make backup on the paper (24 words seed) in the case of loss, damage or fault of the device.
- Buy only new device from trusted sources. Never buy used one.
- Use one of most trusted hardware wallets: Trezor, Ledger Nano S, KeepKey. Non affiliate links here: Trezor, Ledger Nano S, KeepKey.
More in depth details about hardware wallets in my page can be found under this link - How to keep your cryptocurrency safe.
Mobile Wallet
While I am not familiar with it, do not want to comment more about this. I'm sure there are many great write ups here (Steemit) about that.
I hope this article (or guide maybe) will help even for one cryptocurrency user. Even few dollars saved are important. We spend a lot of time and effort reaching our goals and it is very rancour when we lose what we achieved. Few simple actions can safe us from that. I hope this was helpful. Good luck!
P.S. Sorry for the mistakes, or if some of the sentences are confusing. It's improving!
Disclaimer:
There are affiliate links included. I know that some of you hates it, but in my opinion, anyone here who puts its effort of creating content, sharing experience and giving advices, deserves even a small rights in getting some additional earnings. So I included non affiliate links also.