Conceal Wiki

Trace: security

Security

It is very important that you secure your funds and take every single measure possible to ensure the safety of your currency. This guide will go through some of the basic security measures every user should take.

As Conceal is a cryptocurrency, only you, the user, are able to access your wallet. This means that if you lose access to your wallet for any reason, no one is able to recover if for you, so your funds will be lost. Because of this, its important all users follow basic precautions to minimize this risk.

When creating a new wallet, you will be provided with a recovery phrase. This phrase allows you to recover the wallet if you lose access to it for any reason. Ideally this file should be written down on paper and stored in a safe place. Another, less secure, alternative is to copy the seed to the clipboard and store it electronically. The latter is less secure, as some types of malware may have access to the clipboard which could lead to the seed being compromised. If stored on the same device as the wallet itself, the seed backup would be useless in the case of ransomware or hardware failure which caused access to the wallet to be lost in the first place. So if an electronic copy is being used, storing the file on a USB drive would be a better approach.

Keeping your investments secure and safe is the most important thing, even if it does come at the expense of convenience. Here are a few tips that will help keep your funds secure:

Never share your keys

Never, under any circumstances, should you share your Conceal wallet or private keys with any person or software that you do not intend to take control of all of your assets.

Don’t reuse passwords and logins

This goes without saying. If one of your accounts gets compromised, it’s not hard to imagine the hacker can easily find your other accounts on various exchanges. Before you know it, your hard earned investments will have completely disappeared.

Use long, secure passwords

It might be a bit of a hassle to dig it up every time you want to login to trade or check your balances, but that process is much more seamless if you take advantage of secure, password managers that help you generate and remember every login/password for all exchanges you trade on.

Enable two-factor authentication (2FA)

This is the first thing anyone investing should immediately enable after you register on an exchange, or any location where you store your tokens. All exchanges have this option, so enable it! 2FA ensures that even if your login and password is compromised, hackers cannot get into your account unless they also enter a time-sensitive 6 digit code, that only you can access on your phone.

This is not an exhaustive list but should be the very minimum of what you should be doing to secure your funds.