Hackers getting into Binance

Top 3 Tips for Safely Storing your Crypto

By cryptocomix | cryptocomix | 11 Mar 2021


1/ Avoid leaving large amount of crypto on an exchange.

Generally, exchanges are not where you want to have the bulk of your funds. 
Though they can secure and sometimes insured, they are also the prime targets for hackers and mischievous criminals.

Binance was hacked in 2019

and Canadian exchange, Quadriga as well.

binance being hacked by hackers

If you intend on trading, determine a set of rules for how much you’re okay with risking and leaving on an exchange versus holding in your own wallet.

Which brings me to point number 2.

2/ Get a Hardware Wallet 
A hardware wallet will save your mental health and sanity. Knowing that your funds are resting secured under your own control and not under the possession of an outsider company is a big relief.
The cryptocurrencies stored in the wallet are kept offline, meaning that they can’t be hacked or accessed remotely.

However, when needed, the coins are readily available as long as you have physical possession of the wallet.

I'd recommend a Trezor One and stay away from Ledger, their customer database was hacked earlier last year and the names and home addresses of 100's of thousands of customers was exposed.

trezor one model

 

3/ Make Backups of your Private Keys

The whole idea of crypto is that you are your own bank. You are in control of what you do with your money. However, none of that is real unless you own your private keys. In the case that you break your wallet, lose your phone, uninstall your wallet, etc.
All of the funds may be recovered so long as you have the keys. 

writing down keys
Which is why it’s crucial to make backups and have them down on paper, stored securely.

Therefore, anyone with your keys — has your coin. Don’t fall for the many scams out there which ask for your recovery phrase  a company will NEVER require those from you.

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cryptocomix
cryptocomix

I like to write about tech, humans and the future.


cryptocomix
cryptocomix

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