Who is responsible for my wallet and my cryptocurrencies?

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  5. Who is responsible for my wallet and my cryptocurrencies?
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  5. Who is responsible for my wallet and my cryptocurrencies?

The security of your wallet and the cryptocurrencies they contain is predominantly your responsibility.

There are several steps you can take to ensure a high level of security with your wallets.

 

Private Keys & Backup Phrases

First and foremost, DO NOT give your private keys or backup phrase to anybody! This point cannot be stressed enough. Anyone with access to your private key or backup phrase has full access to your coins and the ability to send or spend them.

Also, create backups of these keys. A good idea is to print out a copy and keep it somewhere secure like a safe.

 

2FA

Use 2FA (Two-factor Authentication) to add an extra level of protection to your accounts. An excellent example of 2FA includes Authy and Google Authenticator.

 

Wallet Type

Hot? Cold? Paper? Choose the wallet type that best suits your needs. There are many different types available which you can learn more about here.

If you have significant amounts of crypto, spread it between several wallet addresses.

 

Secure Environment

It is not only your wallet and private keys you need to keep safe. You also need to keep up with security on your phone, email, and computer. Use good anti-virus programmes and strong passwords.

 

Passwords

If you have trouble remembering passwords, you can use software specially designed to store them securely. This PCMag review compares ten different password managers.

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