Guide: Crypto Wallet Tips 101 - Do's and Don'ts

🦸 Getting Crypto Super Powers

Becoming a crypto super hero can be an exhilarating and rewarding journey.

It's critical to grasp a solid understanding of crypto wallets. Without such, a wallet can be quickly emptied. 😭 There is no help line to call or way to reverse a transaction. Remember, only you can defend yourself with knowledge. 🀜

"With great power comes great responsibility"

- Peter Parker Principle

πŸ’‘ The Do's and Don'ts of Crypto Wallets

Listed in order of what not to do along side with the correct action to do.

🧭1. Using Wallets

Send a transaction blindly

Double check the cryptocurrency type, amount, and destination address

Send a large amount to new address

Send a small test transaction firstly

Type a complicated long address

Avoid typos by using a QR scanner or copy/paste an address

Leave your wallet unattended or unlocked

Logout or lock your wallet/device

Blindly trust downloaded wallets

Verify the authenticity of a wallet's hash

Store large amounts of crypto on an exchange or your phone/laptop

Store crypto on a dedicated hardware wallet aka Cold Storage

Use an exchange or 3rd party as a wallet

Reduce counterparty risk by using your own wallet

Carry around too much on mobile wallets

Store only what you need for everyday spending on mobile wallets

Use simple to guess/lazy passwords

Use a "password manager" to generate strong passwords

Elaborate scams or impersonation attempts are common schemes used by fraudsters to steal your private keys. Don't fall for it!

πŸ—οΈ2. Managing seed phrase and private keys

Type/take a photo/save your seed phrase or private keys anywhere online

Always keep your seed phrase or private keys offline

Share your seed phrase with anyone

Understand that anyone, with your seed phrase, can spend your funds

Forget your seed phrase/private keys/wallet PINs

Backup and write/etch them down on a physical object, not online. Even better, use a metal seed.

Only have one copy of your seed phrase

Keep multiple copies stored at multiple locations

Only have a seed written on paper.

Plan in case of a fire or flood. Use a metal seed.

πŸ”3. Securing your internet, browser & devices

Click unknown links that might steal your crypto (phishing)

Verify the correctness of a website's address

Use a wallet on an old device which may be full of vulnerabilities

Keep your phone/laptop up-to-date with security patches

Make transactions over public WIFI

Make transactions in a safe environment or over VPN

Use phone number based 2-factor authentication

Use Authy or OTP-based 2-factor authentication

Use your personal email for crypto

Use a separate dedicated email for crypto

Make transactions on insecure websites with only HTTP in the web address

Check for a padlock meaning the website is secure

Mix personal/work devices with lots of crypto

Use a device solely for the purpose of transacting crypto

Have any more tips? Feel free to contribute.

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