A couple of safe ways on how to safely store Cryptocurrency.This seems to become a more relevant topic than ever before. People invest more and more money into Cryptocurrency, but what are safe ways to store your precious investment?
I will tell you what I know.
1. How do I know which way is safe?
Working in the IT Security field for well over a decade, I probably am paranoid enough to out rule the possibility to get hacked by any means.
Security is a top priority of mine. I will show you a couple of options below and will tell you what is best.
2. The safest way
As always, the safest way is the way that includes the most hassle.
I would recommend this way if you are working with large sums of money, or if you don’t mind the hassle.
So the safest way is: Using a Ledger Nano S and a Live CD.
Let me quickly explain to you why to use a Live CD.
Let’s say you use your Laptop or Desktop computer to handle all your transfers and trades. Let’s assume your computer is compromised by malware or even worse, a keylogger.
This makes it very easy for an attacker to get at least some of your data.
Using a bootable Linux Live CD avoids this problem. There are plenty tutorials out there on how to do that, just Google “Ledger Live CD”.
This also goes for any other Storage / Wallet than the Ledger. It’s always the safest to use a clean computer or a Live CD.
It is by far too much hassle for the average person tho, so let’s talk about the next safe way.
3. Still safe enough
If your investment is more than a week’s worth of your salary, I highly recommend getting a Ledger Nano S. You can also get a Trezor, but I like how easy the Ledger Nano is to setup and use. Everything is well documented on their website and the instructions are foolproof.
Always make sure you are working from a clean system! Before setting up your Ledger, run a full Virus Scan with both: Avast Antivirus and Malwarebytes Anti Malware. This doesn’t make 100% sure that your system is clean, but it at least adds another layer of security. Both tools are free to use.
4. Using Myetherwallet
Using Myetherwallet is also a safe and great way to offline store your assets. You can easily create a new wallet and store your wallet file on multiple USB sticks to keep it offline in a safe place. I recommend using at least 3 USB sticks for backups and store 1 USB stick on an offsite location.
Myetherwallet holds every ERC20 token, which is great because you can store a lot of coins on it. It is an Ethereum Multiwallet if you will.
5. Using coins own wallet
A lot of coins also offer their own wallet. That’s easily achieved by googling: “How to store NAMEOFCOIN”
If it has a wallet, you will find it that way.
That’s usually you downloading their wallet, synchronizing with the Blockchain (that can take a while), and backing up your wallet.dat file on multiple USB sticks.
This is also a good way to store your assets.
6. Wrapping up
I didn’t want this article to get too long, just a quick overview of what your options are without digging too deep.
As mentioned above, I highly recommend using a Ledger Nano S as soon as your investment surpasses a week’s worth of your salary.
Use common sense when trading and handling crypto, lost funds are mostly unrecoverable.
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* This article is no legal, financial or investment advice and any action taken is at the users own discretion and
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