What is self-custody?
Taking self-custody of your crypto means moving it off a cryptocurrency exchange and into a wallet that you control yourself, where you control the private keys to your assets, not the exchange.Self-hosted wallets give only you access to your private keys, so you have complete control of the assets inside the wallet.
If you keep your crypto on a centralised exchange like Binance or Coinbase, the exchange has custody of your coins by holding the private key.
The main difference with having custody of your coins is that if you forget your wallet’s password, the wallet provider won’t be able to simply reset your password and restore your access. The only way to recover a wallet if you lose or forget your password is through the Seed Phrase.
Although storing your crypto on a centralised exchange may seem more convenient, a big downside is that you do not have full control over your funds. This means that if the exchange were to get hacked, there’s a good chance that some or all of your funds would be lost.
General mismanagement or market downturn can also result in a loss of funds. A prime example of this is Celsius, a lending platform that became insolvent in July 2022. Put simply, when the market started to crash, Celsius faced a liquidity crisis, which caused them to halt withdrawals, leaving 1.7 million users unable to withdraw their funds. The platform later declared bankruptcy, with a $1.2 billion deficit and $4.7 billion owed to users.
What is a hot wallet?
A hot wallet is a crypto wallet that is connected to the internet. As a hot wallet is connected to the internet, it is therefore at a higher risk of being hacked than a cold wallet (which cannot be hacked).Hot wallets are easy to access and therefore useful for making quick transfers and trades. But, never store large holdings on a hot wallet unless you’re actively trading or exchanging.
Examples: Metamask, Phantom, Trust Wallet.
What is a cold wallet?
A cold wallet, or hardware wallet, is a device similar to a USB drive that securely stores private keys (see below) offline. These wallets do not connect to the internet, meaning that they are not vulnerable to any computer or mobile related viruses.Cold wallets are used to sign transactions in an offline environment. Any transaction initiated online (e.g. on an exchange) is temporarily transferred to an offline wallet hosted on the cold storage device, where the transaction is authorised/signed before it is sent back to the online network.
Because the private key never comes into contact with the online server, even if an online hacker comes across the transaction, they would not be able to access the private key used for it. Because of this, cold wallets are recommended for maximum security.
It is very important to buy your hardware wallet directly from the company’s official website. On reselling sites such as Amazon, there is a chance that the wallet you buy could be a counterfeit or someone could have already accessed the private key.
Examples: Ledger and Trezor.
What is a seed phrase?
When you create any new wallet, the wallet provider will create a Seed Phrase for you, which is a random series of 12-24 words that acts as the key to your wallet account, and therefore your crypto funds.If you’ve ever created a crypto wallet, you were probably prompted to note down a series of words similar to the following:
all tourist alarm travel crew logic random sight bulb ritual frozen help
Seed phrases leave less room for human error (as it’s easier to remember and enter a series of words than numbers).
Keeping your seed phrase safe
Your seed phrase gives access to your crypto wallet and all of the private keys contained inside. Keeping your seed phrase safe and hidden is crucial. If you lose access to your seed phrase, you lose access to your funds.As long as you have your seed phrase, you have access to your crypto and you can safeguard your digital assets. Even if you lose your hardware wallet or the device containing a software wallet, you can retrieve your crypto by entering your seed phrase in another wallet.
The importance of safely storing your seed phrase cannot be overemphasised. Many people write their seed phrase down and store copies in multiple locations. Others engrave seed phrases in durable materials or store them in a safe.
Public keys & private keys
When you first purchase crypto, you’ll be issued a public key and a private key.Think of the public key like an email address that allows you to securely receive funds. Public keys are visible to everyone, and are used to identify your wallet.
Note: It’s completely safe and necessary to share your public key with others. However, you should never ever share your private key.
Example:
MIGfMA0GCSqGSIb3DQEBAQUAA4GNADCBiQKBgQCZUcXvj3XgiQ5nLphJ12Ki6Df4
qwYq8R7psYPPnikBw76qm3qeOYzcx30+y7erZa+7ag1+Po3M2IIWWEBD/Els2gHe
4lAjidtZ6NqVKpBKqtx5ZcgJ++knR1rsY0AL6zFZXfhQajPaIEz4royxzmFIDV2M
j5HwObhbhpZHTIyGgwIDAQAB
Private key
A private key is like a password that enables access to your crypto funds. Think of a private key as a real-life key that allows you to unlock your crypto funds. With the private key you can send funds, so it’s vital to keep this secure from malicious actors.Note: Your private key is a unique combination of numbers and letters. As long as you are the only person with access to your private key to safeguard your digital assets.
Example: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How to invest safely
In addition to using a cold wallet, here are some other ways to invest safely and safeguard your digital assets.Install Antivirus software: antivirus software is used to prevent, detect, and remove malware on your devices.
Use 2FA: enable the 2FA (Two-Factor Authentication) protection for all of your online accounts. Also make sure to create a secure password for your mobile provider account, as hackers have been known to hack into phone numbers.
Install a VPN: VPNs or Virtual Private Networks allow you to access the internet anonymously. A VPN will hide your real IP address and replace it with the IP address of a remote VPN server, meaning that hackers will be unable to view your precise location or private data.
Avoid holding large sums on exchanges: exchanges are often targets for hackers because of the large sums of money they oversee. An additional risk with keeping crypto on exchanges is the possibility of an exchange going underwater. Exchanges can, at any time, freeze funds or halt withdrawals.
Use a separate device/burner wallet: some people use a separate device solely for crypto-related activities. Also, when minting NFTs or trying out protocols, it’s a good idea to do so from a burner wallet.
Be aware of phishing: becoming familiar with common phishing methods will help you invest safely and keep your funds secure. Phishing is a type of cyber-attack where a scammer poses as a reputable party to trick people and steal their sensitive information.
Blockchain explorers
Blockchain explorers are simply websites used to track the price movements, market capitalisation, transaction data and other more detailed information about a blockchain. Think of it like a search engine for a blockchain. As there are numerous blockchains out there, there are different blockchain explorers, too. Examples include www.blockchain.com (Bitcoin) and www.etherscan.io (Ethereum).To view data related to a particular transaction, you will need the Transaction ID (Tx ID) and this should be entered into a corresponding site, which will bring up the current details of the transaction (e.g. whether it is confirmed or still pending).
Confirmations represent the number of blocks that are placed on top of your block-containing transaction. Usually 6 confirmations are required by the network before the coins are seen at the recipient’s address. Some providers such as Coinbase, may only need 3 confirmations.
From mastering the management of private keys to understanding the landscape of threats and defences in the digital age, the insights provided are designed to enhance your security posture to safeguard your digital assets within the cryptocurrency space.
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