Cryptocurrency wallets: Do's & Don'ts

Every wallet has a wallet address. Every wallet can have more than one wallet address.

Each wallet address also has a secret private key that only you know.

DO NOT UNDER ANY CIRCUMSTANCES GIVE ANYONE OR ANY WEBSITE YOUR PRIVATE KEY. A PRIVATE KEY IS ONLY USED TO OPEN AND GET ACCESS TO A WALLET. IF ANYONE GETS ACCESS TO YOUR PRIVATE KEY, THEY CAN STEAL ALL OF YOUR CRYPTOCURRENCY. THE ONLY TIME YOU SHOULD BE USING YOUR PRIVATE KEY IS WHEN YOU WANT TO IMPORT A WALLET TO ANOTHER WALLET OR AN ONLINE WALLET. MAKE SURE TO HAVE THIS PRIVATE KEY PRINTED OUT AND PUT AWAY SOMEWHERE SAFE. DO NOT EVER KEEP A COPY OF YOUR PRIVATE KEY ONLINE. DO NOT EMAIL IT TO YOURSELF. IF A HACKER GETS A HOLD OF IT, THE HACKER CAN STEAL THE COINS FROM YOU.

If you have a PC based wallet:

Do open your wallet when you need to send or receive some cryptocurrency and then close it and shut down your computer. Don't leave it open when you go to bed or leave for work. Don't install a wallet on a family computer that everyone uses. If you can, try to install a wallet on a stand alone computer that you will only boot up to use the wallet. Do not surf the internet with the computer that you have the wallet on. Its too risky.

If you have a hardware wallet like the Ledger Nano S or Trezor:

Do plug it in when you need to use it and don't leave it plugged in when you are done. As soon as you are done using it, unplug it and close the app for the coin wallet that you were using. If you are going to use a website like Myetherwallet.com to access Ethereum online, make sure that you don't leave the "browser support" function open. Always close the "browser support" function and open it when you need to use it.

If you have a wallet on an exchange like Poloniex or Bittrex:

Do make sure that you have 2FA (Two Factor Authentication) enabled. Enable the 2FA for everything that they allow you to whether it be withdrawals, change passwords, anything. Make sure to log off your email account and to log off you exchange account as well. Do not leave the sessions open when you go to bed. Either log off everything or shut your computer down. Your best bet is to shut everything down. If you leave you computer running all night while still logged into your email or exchange account, someone can remotely log into it and: change passwords, transfer coins, and basically clean you out. Its like leaving your wallet or purse in the middle of the sidewalk full of cash.

Do not download any new wallets for Android or Apple that people haven't tested yet.

Do not send a lot of cryptocurrency from one address to another.

Send a test amount first. A very small amount. Then divide up any large amounts of coins that you want to send. Some people make the mistake of sending too many coins at the same time to avoid a high transaction fee. But is it really worth the stress and the possible nightmare of losing a large portion of coins because you wanted to save money? Better safe than sorry.

When sending coins to a new address always copy and paste with your computer and dont rely on yourself writing it down correctly. Make sure that you read the address to yourself out loud at least three times to make sure you are not making a mistake. Verify that the address is the correct address for the correct type of coin. Triple check and confirm that the address is correct.