Staying safe in the crypto world: How to avoid the scams and hacks.

Staying safe in the crypto world: How to avoid the scams and hacks.

By MadMaxx | Psycho Crypto | 8 Mar 2020


Safety in the crypto world is very under rated.

Most people believe that so far as they don't give out their private keys, nothing can happen to their crypto.

While this is mostly true, it isn't very correct today.

So here are the steps I propose to anyone who wishes to keep their crypto safe in this new world.

1. Get your crypto off that exchange

Many of us keep our crypto on exchanges because of the ease. This is possibly one of the most dangerous things we can do.

Many terrible things can happen to the exchange. They could close down. Their servers could go down, and pending the time they are brought back up, you would have lost access to your crypto. There could also be security breaches like what happened to Mt.Gox.

The solution? Invest in a hardware wallet(if you have over $1000 worth of crypto) or use a very good mobile wallet.

The best solution to this problem is to invest in a hardware wallet. These cost anywhere from $99 to $250. They can't be hacked because they aren't connected to any servers. They are the most secure form of crypto wallet.

If they're too expensive for your taste, I would suggest using a very good software wallet. You could use the Trust Wallet, as it's a very secure and light weight. Another step you could use to secure your crypto even more would be to restrict the app from connecting to the internet when you don't want to send or receive crypto. This way, you basically have made your software wallet into a hardware one.

 

2. No one needs your private keys. But they all want it.

You will never need to give anyone your private keys for any reason. Your private keys are named "private" because of that reason: They must be kept private.

No one will ever need your private keys to perform any maintenance on your wallet.

The best way to keep these keys safe is to print them out on a piece of paper and keep them somewhere safe. Don't put them on your Google drive or save them in your notes app.

 

3. Be careful of the sites you visit

Whenever you have your crypto on a wallet on a certain device, you have to be very careful of the sites you visit with that device.

You can't visit sites like illegal video download sites or sites where paid pornography is offered for free.

These sites usually have a very nasty surprise for visitors, and it never really ends well.

They may leave some tracking scripts on your computer, and might even be able to view your files on your computer without your knowledge. If you obeyed step 2, this shouldn't be a problem, but you're better off safe than sorry.

If you can afford it, or if you have an old laptop lying around, you could devote a device to just keeping your crypto on. This means you won't go online with that device at all. This is just to improve the safety of your crypto.

Those are my two cents! Thanks for reading.

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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