Guide: Secure Your Cryptocurrency Wallet
Securing your cryptocurrency wallet, assuming you hold cryptocurrencies for the long term term is as important as choosing the right cryptocurrencies, because many things can go wrong.
On December 14th 2018 we sent an alert to our members inviting them to submit their questions on this topic. We received 19 questions, and they are all answered in our document. A big shout-out to the most technical savvy blockchain researcher in our team!
Because of the complexity of this topic a simple Q&A might not be sufficient for some members because more context could be required. On the other hand some people just need specific answers. That’s why our document has two parts:
- Part I from page 2 till page 6: Questions and answers without context.
- Part II from page 7 till page 20: Technological context on securing wallets in which we indicate throughout the text the questions that are relevant.
Below is the list of questions we are answering in our document.
- When do we use hot vs cold wallet?
- Would you recommend using a cold wallet, and what are the pros and cons?
- Can we store all cryptocurrencies into one hardware wallet?
- How long we can store in a Hardware wallet?
- Are hardware wallets only meant for storage?
- If we lost the Hardware wallet what are the options to recover crypto’s or data in wallet?
- Can we carry a Hardware wallet to different countries and will we be able open it there?
- How to get the crypto’s into a hardware wallet from exchange wallet?
- What’s average cost of quality wallets? Do we need any license or periodic fees to use it?
- Question: I have a Ledger Nano S or Trezor but can’t seem to figure out how to easily use it. It would make sense to use a hardware wallet, but I deal with small amounts of a lot of cryptocurrencies and the Ledger has too many hoops. Any suggestions?
- Question: I have looked at the Nano S ledger but have trust issues as many stories of people being sold tampered devices. My main question would be could you provide a link to a trusted seller and does it support the top 10 cryptocurrencies of InvestingHaven.
- Are the hot wallets secure (enough)?
- Any recommendations on (which) hot wallet(s) to consider?
- What do we do in case we get stolen on hot wallets?
- I would like to know what is the best way to keep for example XRP?
- The only 100% safe storage for small investors is an offline cold storage device like a Nano. What is the best way to store altcoins that are not supported by my Hardware wallet?
- Question: I wonder how safe are some of the trading places such as Iconomi?
- What are good practices to maintain your exchange account as safe as possible.
- Can you share a step by step guide on “how to buy and store”?
Before reading our document we strongly recommend to watch this video from one of the most knowledged people in the crypto space: Bitcoin Q&A: Are hardware wallets secure enough? He is really able to articulate the context of securing your crypto in a very clear and concise way taking into account many factors you would not expect. He makes the point that security is not an on/off situation (there are many levels), how many additional layers of security you can foresee, you must take into account physical factors, and so on.
After listening to the video you can start reading our document.
Download our exclusive guide: Tips To Secure Your Cryptocurrency Wallet >>
Note: this is not meant for distribution! The document is only created for premium members, exclusively.
In closing we want to point out that many things can go wrong with your cryptocurrencies. You must spend time studying how this works, how to protect your crypto, and also think long term of personal and family related risks. We do not know the future so we better anticipate some scenarios. This is work that only you can do, it is not realistic to expect this from anyone else (including ourselves).