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| security [2020/02/10 19:10] – boot2thrill | security [2022/12/21 12:21] (current) – lolitalollipop | ||
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| 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. | 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. | ||
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| 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**. | 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**. | ||
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| + | Never, under any circumstance, | ||
| ===Never reuse passwords and logins=== | ===Never reuse passwords and logins=== | ||
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| By far, the riskiest method to store your cryptocurrency is on exchanges. The cryptocurrency golden rule is **NOT YOUR KEYS, NOT YOUR FUNDS**. Storing your crypto on exchanges keeps control of your funds in the hands of a third party. The exchange is holding your crypto in their wallets. They control the private keys, they control the recovery phrases. There are many examples of exchanges being hacked and clients losing their crypto. | By far, the riskiest method to store your cryptocurrency is on exchanges. The cryptocurrency golden rule is **NOT YOUR KEYS, NOT YOUR FUNDS**. Storing your crypto on exchanges keeps control of your funds in the hands of a third party. The exchange is holding your crypto in their wallets. They control the private keys, they control the recovery phrases. There are many examples of exchanges being hacked and clients losing their crypto. | ||
| - | Short-term storing of your crypto on exchanges for trading purposes is understandable. However, long-term storing of your crypto on exchanges should never be considered a secure option. Remember, **NOT YOUR KEYS, NOT YOUR FUNDS** | + | Short-term storing of your crypto on exchanges for trading purposes is understandable. However, long-term storing of your crypto on exchanges should never be considered a secure option. Remember, **NOT YOUR KEYS, NOT YOUR FUNDS**. |
| ===Enable two-factor authentication (2FA)=== | ===Enable two-factor authentication (2FA)=== | ||