Are you serious about keeping your cryptocurrency safe & secure?
Then you're going to want to keep reading! Below we are running you through the ultimate guide to keeping your crypto secure and impervious to hacking!
- MOVE YOUR COINS ONTO A HARDWARE WALLET
A Hardware Wallet is a physical device, similar to a USB stick, that holds your crypto private keys offline, eliminating the risk of malware, keyloggers, computer viruses, or other risks that software wallets and exchanges are vulnerable to.
These devices allow you to retain the ownership of your private key, while also making it easy to trade with a wide range of cryptocurrencies when you safely connect to a computer. By securely switching between the functionality of hot and cold wallets, you can rest assured that your crypto wealth is in your hands, even if you lose the device. Your private keys are generated and stored on the hardware wallet which is then protected by a PIN and an optional passphrase. Should a thief take possession of your hardware wallet, it’s near impossible for them to extract your keys. Most hardware wallets will wipe the device after a certain amount of incorrect pin entries, further protecting your assets. The keys are never exposed to the internet so they can’t be stolen or copied. That’s why it’s known as cold storage.
There are a few companies leading the way when it comes to cold storage solutions: Ledger & Trezor. Having sold well over 3 million devices between them to date, these two hardware wallet manufacturers are setting the standard when it comes to the usability and security of your cryptocurrencies.
- STORE YOUR RECOVERY PHRASE ON A STEEL DEVICE
Your 12/18/24-word recovery phrase is used to access the cryptocurrency in your wallet. Anyone who knows your recovery phrase can access your wallet and funds, so it’s vital that you keep it private and secure.
If your hardware wallet breaks, is stolen or is misplaced, your recovery phrase can be used to restore it. But if your recovery phrase is stolen or misplaced, there is no bank or institution to back you up or give you a replacement. And because of the secure nature and random mathematical sequences used to generate the private key, there’s no way you or anyone else can recover it so you will lose access to your cryptocurrency.
Luckily, there are companies that have created devices to store your recovery phrase. The Billfodl for example is constructed of 316 stainless steel, with a melting point of almost 1400 degrees celsius. It can withstand more than double the temperature of an average house fire and it’s impervious to any type of electrical hazard. Using a randomised set of character tiles, you simply recreate your recovery phrase in the steel unit, creating an almost indestructible backup.
- STORE YOUR DEVICES IN THE BILLFODL FARADAY BAG
The Billfodl Faraday Bag is a small, portable accessory that blocks electromagnetic fields. It protects electronics from being damaged by radio frequency interference (RFI) by not allowing radio frequency or electromagnetic pulse waves to pass through the material. The Faraday Bag will also ensure the protection of your electronic devices during an EMP (Electronic Pulse, which can be caused by solar flares). This means you can store your Ledger or Trezor hardware wallet within the Faraday bag, to ensure the device and your digital assets are unaffected in the event of an EMP.
There you have it!
With just 3 products, you can ensure your crypto assets are stored in the most secure way possible.
If you'd like more assistance with your crypto security, you can book a 1:1 customised consultation with the team here at Coinstop. We can cover a range of topics from:
- Bitcoin
- Blockchain Technology
- Hardware Wallet Set Up & Usage
- Exchange Account Set Up & Usage
- Security
- Privacy
- & more!
Here at Coinstop, we want to help you secure your future! That’s why we stock the very best in digital security. From hardware wallets to recovery seed phrase storage devices, our products will help you to become your own bank. You can get your very own Faraday bag here.