A Beginner’s Guide to Blockchain Security
While Web3 offers us more control over our digital assets, the security of your wallet is also largely up to you. You must never compromise on security when interacting with the Web3 ecosystem. Lucky for you, I’ll walk you through the basics of keeping your assets safe, from wallet protection to avoiding phishing scams. Sit tight.
WALLET SAFETY
When it comes to securing your crypto, your wallet is everything. If you lose access to it, you lose your funds, so keeping it safe is not even up for debate.
To ensure the safety of your wallet, you must secure the following:
Private Keys:
The private key is your golden ticket. Never share it with anyone. If someone asks for it, that’s a huge red flag. Keep it private and offline at all costs.
Backup Phrases:
Your seed phrase (also known as a backup phrase) is the 12 or 24 random words automatically generated for you when you open a wallet account. Write it down and store it somewhere safe, not in a digital format. A physical, offline copy is ideal to avoid hackers stealing it. I won't tell you what I do with mine so you don't get any funny ideas.
Multi-Signature Wallets:
If you’re storing large amounts of crypto, consider using a multi-signature wallet. These require multiple signatures (from different parties or devices) before a transaction can go through, making it much harder for anyone to move your funds.
AVOIDING PHISHING ATTACKS
Phishing is one of the easiest ways hackers try to gain access to your assets. They’ll try to trick you into giving up your private information, often by pretending to be someone you trust.
Phishing Emails:
Be wary of unsolicited emails, especially ones that pressure you to act quickly or offer something that sounds too good to be true. Legitimate services won’t ask for your private keys or recovery phrases via email. They won't even ask at all.
Verify Websites:
Always double-check the URL before entering your wallet or interacting with a platform. Look for “https” in the URL (the “s” stands for secure) and avoid clicking on links in messages or social media posts, especially if they seem off. If you can, bookmark the sites you visit often to make sure you’re going to the right place.
Verify Transactions
Always double-check before approving a transaction in your wallet. A close friend once had some valuable assets stolen because they mindlessly approved a transaction not knowing it wasn't what they thought.
Here’s a quick security checklist for you:
- Use hardware wallets for long-term storage of funds.
- Enable two-factor authentication (2FA) on all accounts related to crypto, including exchanges and wallets.
- Regularly update your passwords maybe on a quarterly or yearly basis(it's up to you) and use a password manager to keep them secure.
- Double-check URLs before logging in to any crypto-related site.
- Be wary of unsolicited messages or offers. If something feels off or too good to be true, it probably is.
- Stay informed about the latest security risks and updates in the Web3 space.
Conclusion:
Your major takeaway from all of this should be to never give away your private keys, seed phrases, or passwords. Anyone asking for these is likely a scammer. Always verify the source before clicking any link or sharing any information. Stay safe out there. There are too many people trying to reap where they did not sow, don't be a victim. And should you loose guard, it is not the end of the world. Besides nothing teaches better than experience.
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