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Cryptocurrency is still in its infancy stage and keeping yourself and digital assets safe should be a priority. If your new to this space or been in this space for a while, then you have seen or heard about people losing billions in digital assets. If you have been curious about how to protect yourself in this space, well this is the article for you. I plan to provide you with the common safe practices and possibly some you have never heard of.
Hot (Soft) and Cold (Hard) Wallets:
I’ve spoken about the difference before (click here), but for a refresher a hot/soft wallet is a wallet that is on the internet, these are your Meta mask and other internet base wallets. Essentially you can use the extension tab on your browser and connect your wallet. The wallet is the node/connector to allowing you to purchase things with your cryptocurrency or be sent contracts for NFTs, etc. A cold/hard wallet are your Ledgers and Trezor. These are like USBs that you transfer your NFTS, digital assets to. Think of a safe. Knowing just this can save you from your digital assets being stolen.
Each wallet has an address. The hot wallets have a public address which you would utilize to send, sign contracts, or receive digital assets. In Meta mask and most internet wallets you can have multiple public addresses to sign contracts, this will help you protect yourself from losing all your digital assets. The hard wallets have public addresses also, but smart people choose to not utilize their cold/hard wallet to sign contracts. This is a big key in staying secure. Therefore, only your hot wallet should be utilized on centralized or decentralized sites.
Furthermore, never give your private key or secret phase to anyone!! If you ever give that out, say bye bye to your digital assets. Also, if you ever want to familiarize yourself with anything I have spoken of YouTube has plenty of examples and Meta mask website goes over all these terms. When you are done using the website in your browser or mobile device, lock your wallets that will sign you out.
Revoking on the Blockchain
Revoking simply means to stop an action. Not sure what the blockchain is (click here). The blockchain is a LEDGER that tells you what a wallet, public address owns and which contracts you have approved. Having multiple contracts can expose one to potential hacking or loss of digital assets, especially if you are utilizing decentralized applications (review central vs decentralized
To protect yourself, besides using extra public addresses or wallets, you can simply revoke on the blockchain. Let’s say you approved an NFT contract for the Ethereum network, but you don’t trust the source (NFT project, air drop, etc.) you would then go to Token Approvals | Etherscan. Once there you would put in your public address and check to see if you are currently connected to a contract, if so, you will be given options to revoke. This can be done on all the blockchains, if you are not sure how to get to your blockchain then do a google search, it will populate.
Utilizing VPNs, Other Best Practices
Utilize a Virtual Private Network aka VPN. VPN allows you to connect safely and securely through multiple sites, without webpages being able to track your internet protocol or IP. Basically, it masks your surfing, etc. Usually when I am using my browser or on my mobile device with my hot wallet, I turn on my VPN. I also do this when in my bank account, checking stocks, etc. To me it prevents hackers from gathering my information and knowing my location. In addition, if you are ever traveling connecting to Bluetooth or Wi-Fi is a big NO!!! especially without a VPN. Hackers are smart and can gather information at any time.
Be aware of FOMO or hot topics in crypto, phishing messages or emails can cause you to click a link and loose everything. If you’re on Discord be careful of clicking any links or providing information that you wouldn’t want stolen. If it's too good to be true it often is.
Conclusion
I hope this provides some safe practices in protecting your digital assets, yourself and helping you feel safe in this crypto world. As always securing yourself is a great way to hedge. Remember managing risk is the number one thing when investing in anything. Continue to stay safe and if you know of any other safe practices, jot them down in the comments. All THE BEST #WAGMI.
