❇️ Do NOT get scammed like me! Protect your money - explained in 4 steps!
For the first time in my life (or at least in a very long time) I fall for a phishing scam.
I decided to share another post related to this events. I will help you set up the most secure way to store your long term investments.
Before we start, check out the scam alert. Do not lose your money like me!
Reading scam prevention, safety tips from someone who recently got scammed is a bit funny, isn't it?
Typically, I would never fall for a scam like this, and I feel so dumb right now. I'm so glad I only had my 1000 BAT tokens in that wallet.
Let's see how can you secure your money.
- Do NOT trust anyone with your money.
- Do NOT store your crypto in an online wallet.
- Always test with a small amount before going all in!
- Bookmark the pages you use for trading and always check url before logging in.
Do NOT trust anyone with your money.
If someone asks for money, that's most likely a scam. Crypto payments are irreversible. Once it's confirmed, there's no way to chargeback.
(Technically you can double-spend BTC before 1 confirmation, so take care and wait for 3 confirmation before finalizing your transaction.)
Do NOT store your crypto in an online wallet.
It happened so many times before but people still trust online wallet. Do you remember what happened with MT GOX? But we don't have to go back that far. There was another huge incident with JAXX wallet a month ago.
Or just take a look at Poloniex. Currently one of the biggest crypto exchange site. A lot of people still waiting for their money and it's been over a month already.
Bithumb, one of the biggest bitcoin and ether exchange in South Korea was lately hacked. It’s the fourth biggest bitcoin exchange platform (share 75.7% of the South Korean bitcoin market volume) in the world after U.S, China, and Japan and is the biggest exchange platform for the ether market globally.
After all these unfortunate events, let me ask you a question.
Do you still trust online wallets and exchange sites?
If the answer is yes, I wish you good luck and hope your money will not be lost.
If you prefer safety over luck then you should keep reading!
How to store your cryptos safely
- Offline wallets
- Hardware wallets
- Paper wallets
Offline wallets
Technically the other two category is offline wallet too, but I want to talk about Multibit or Mist like wallets, which can be accessed on your computer with using their application.
Pro Vs. Con
Pro:
- Unlike with online wallets, you are safe when a hacker attack hits the website.
- You money can only be accessed from your computer. (+ recovery files)
Con:
- Your money can only be accessed from your computer.
- You are still in danger against malware and RATs.
What are the best offline wallets?
I've been using Multibit for years now and never had any issues with it.
For Ethereum and ETH based tokens you can use MIST Wallet.
Hardware wallets
Hardware wallets are offline wallets, but they are portable.
What are the best hardware wallets?
Ledger is a technology startup designing security solutions for cryptocurrency and blockchain applications. The company addresses the consumer market where it sold more than 50,000 units if its products in 130 countries, as well as enterprise and industrial customers. Ledger has a team of 25 persons, is headquartered in Paris and has one office in San Francisco.
TREZOR is more than just a bulletproof bitcoin wallet. TREZOR is also a security device for passwords, accounts and emails.
The most trusted and secure way to store your bitcoins. Isolate your private keys into the safety of TREZOR and enjoy Bitcoin without risk. The best protection at no cost to your convenience.
Paper wallet
A paper wallet is a bitcoin public address and its corresponding private keys printed on a piece of paper. This type of wallet can be generated from sites such as bitcoinpaperwallet.com.
Even when you keep the paper wallet under lock and key, anyone with the public address can still send you bitcoins.
The day you want to spend the money, you scan the wallet’s QR code using a phone or any other device with a scanner such as a CoinOutlet Bitcoin ATM.
Indeed, due to its offline status, a paper wallet is considered to be one of the safest places to store bitcoins, especially when it is in large amounts.
Nevertheless, just like anything else, paper wallets have pros and cons.
(Souce.)
Pro Vs. Con
Pro:
- As mentioned above, a paper wallet is offline. That makes it more secure because malware cannot reach and compromise it. A saying goes that it is easier to keep a piece of paper safe than to keep a computer secure.
- The private keys are in your full control. This is not the same as where you use a third party service to hold your keys, which puts your coins at the risk of being moved without your permission.
- With a paper wallet, you need to do little investment on the security of your devices in order to protect your bitcoins.
Con:
- Since it is a piece of paper, the wallet is susceptible to damage such as getting soaked, torn or burnt.
- The fact that the wallet is something that can be physically possessed, someone can steal it from you and cash it. Remember the paper has everything needed to spend the bitcoins in the wallet
- Even though a paper wallet is offline, the private keys can be exposed during the generation and printing. This is especially if the computer and the printer used are connected to the internet during and after the process.
Always test with a small amount before going all in!
If you are using an exchange site for a first time, always test with a lower amount. In case of money loss, you won't lose it all!
Bookmark the pages you use for trading and always check url before logging in.
If you do this, you can avoid logging into a phishing site and get your account stolen.
Since a lot of you are absolutely new to crypto and crypto trading always be aware of scams and don't be afraid to ask for help!
Check out some posts of mine!
SZIGET FESTIVAL
RedBull Air Race
GUMBALL3000
Pay with STEEM or STEEM DOLLAR in ANY STORE!
With this method you can pay with Steem or Steem Dollar anywhere in the world!
If you enjoyed reading it and helped you out in any way don't forget to upvote, resteem and follow!
Resteem this post to let others know how to protect their money!
Upvoted and Resteemed by the xx_Votes_Plus curation trail! Want more earnings? Follow @dropahead in Streemian https://streemian.com/profile/curationtrail/trailing/396 and/or fund @dropahead with more STEEM POWER! Keep steeming!
Nice post mate, but Jaxx isn't really an online wallet, for the fact you own the private key yourself. Just the weak desktop application (if your network get's infected) is a bit a struggle. But gotta love the Android app that one is safe.
But agree if you got large amounts buy a hardware wallet.
I personally never used Jaxx, only knew about the hacking issue, but thanks for letting me know. Should've done a bit more research on that topic.
Crypto world seems more complicated than real world for now ^^
i didn't know how versatile a paper wallet can be @ragnarthking; a paper qr code would be perfect for bittie atms 🏪🏦🏧
@ragnartheking got you a 11.84% @minnowbooster upvote, nice!
Want a boost? Click here to read more!
Interesting post, I would resteem it :)
Thank you so much for sharing it!
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Ragnar The King from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
Nice!
Thank you
Looking forward to your content :)
Feel free to check out my blog. I have several related contents :)
Awesome tutorial! Very useful for people who aren't very tech savy. Upvoted friend!
A very good post with important informations about your beloved earnings.
Upvote by detlev
Thank you so much! Most of the steemit users are new to crypto world so I thought this will be a good start for them. :)