[Encrypted currency Security] How to securely store cryptographic currencies ?, Encrypted currency storage Password

[Encrypted currency Security] How to securely store cryptographic currencies ?, Encrypted currency storage Password

[Encrypted currency Security] How to securely store cryptographic currencies ?, It is very insecure to store encrypted currencies on trading websites.

In July 0.5 billion, a Japanese cryptocurrency transaction platform named Coincheck was hacked and $30 million worth of cryptocurrency was stolen. This is the most famous recently hacked encrypted currency transaction platform, in addition to the following:

1. In March 0.4 billion, Mt. Gox was hacked and $60 million billion worth of cryptocurrency was stolen;

2. Bitfinex was hacked in August 2016, and $72 million worth of encrypted currency was stolen;

3. Bittgrail was hacked in 0.1 billion, and $70 million worth of encrypted currency was stolen;

Storage Selection

Many users choose to stay directly in the user wallet provided by the platform after purchasing various coins on the encrypted currency trading platform. This is very convenient because you can hand over the task of managing the public key and private key to the transaction platform. You only need to remember your email account and logon password. In the old saying, sometimes convenience is at the expense of security. Although many trading platforms are trying to improve the security of their infrastructure, they store encrypted currencies in the platform wallet, it is still unwise.

Therefore, we provide you with some better options here. I hope you will not leave the encrypted currency in your wallet on the transaction platform.

1. Hardware wallet:

This storage method requires the use of offline physical devices and the management of private keys. This is one of the forms of Cold Storage (no need to connect to the Internet ). Hot Storage refers to the storage methods that need to be networked, such as stored on a transaction platform or other online wallet. Hardware wallet is a safe and novel storage method, and no theft of hardware wallet has been exposed. Therefore, we believe that the hardware wallet is currently the best option to store encrypted currencies. Currently, the two most popular hardware wallets are Ledger Nano S and TREZOR.

2. Paper wallet:

Similar to hardware wallet, paper wallet is also a form of cold storage, that is, offline storage. A paper wallet refers to printing the public key and private key on a piece of paper and placing them under your "pillow" (A safe place you think ), it is important for you to protect the security of your private key. But in this case, if someone else gets your paper wallet, it means they will be able to fully control your encrypted currency. The most popular ethereum and ERC20 paper wallet is MyEtherWallet.

3. Desktop wallet:

As the name implies, a desktop wallet is a software client that downloads and runs on a desktop computer. Compared with storing encrypted currencies directly on the transaction platform, desktop wallet is more secure. Because it does not need to directly access the network, attackers still have the opportunity to intrude into the target computer to steal the encrypted currency in the desktop wallet. (This form corresponds to cold storage, that is, "hot storage", and this method is more insecure ).

4. Mobile Wallet:

Like a desktop wallet, the "Mobile Wallet" name is already obvious. A mobile wallet refers to an application installed on a mobile device. But like the desktop wallet, mobile wallet may also be attacked by hackers (this form corresponds to cold storage, that is, "hot storage", and this method is more insecure ).

Summary

You must be careful when managing encrypted currency storage. Do not place your "positions" on the transaction platform directly, and you must keep your private key safe. If possible, you can use a hardware wallet or paper wallet to achieve cold storage of encrypted currencies. In addition, be careful with phishing attacks or network frauds. Be cautious with every Hyperlink and URL you encounter when surfing the Internet.