Cold Wallet Tips & Suggestions

Suggestions: As everyone has become accustomed to these days, cryptocurrency remains one of the safest methods for storing and spending money. As the market heats up, it’s crucial to be prepared for the next bull run. However, with the increasing money and activity, there will inevitably be bad actors looking to exploit vulnerabilities.

I witnessed firsthand when my friend, who was a developer for Harmony, was hacked for around $800k. The hackers found a way to exploit the extension, even though it functioned similarly to MetaMask. In this case, the hackers didn’t need the seed to gain access to the wallet.

We’ve also heard and read countless reports of people being hacked, resulting in drained wallets. The primary culprit?

HUMAN ERROR

To avoid these pitfalls, follow these guidelines and never make these common mistakes:

• Keep your seed safe: Your 12/24-word seed is your ultimate access code. Store it only on a piece of paper or a metal plate – no photos, no computer files. This seed is your key to everything, whether you use a hardware wallet or a paper wallet. Keep it safe and never disclose it to anyone.

• Use a separate browser for trading: Avoid using your trading browser for daily activities, especially anything shady. Hackers may find a way through cookies, gaining access to your unlocked MetaMask. Use a dedicated browser like Firefox solely for trading. Bookmark essential websites and keep this browser updated.

• Consider a separate computer: The more separated your personal life is from your crypto life, the better. Using a dedicated computer for trading adds an extra layer of security.

• Avoid clicking on unfamiliar links: Never click on any links within the trading profile, computer, or browser. You can never be certain if a person or website is compromised. Bookmark important websites to minimize the risk of falling for phishing attempts.

• Securely handle your seed on the computer: If you must use your seed on a computer, change the wallet immediately and transfer your funds to a new, clean wallet.

Cold Wallet Suggestions:

• Coldcard Mk4: Arguably the best Bitcoin hardware wallet, completely air-gapped, eliminating the need to connect to a computer. It only requires a battery and a microSD card. Keep in mind that it is designed for Bitcoin storage, not for daily usage.

• Trezor: An extremely user-friendly hardware wallet, suitable for daily transactions. While I still use the Trezor One, the Trezor Safe 3 is considered a bit more secure in case your Trezor gets stolen.

There are other alternatives like Ledger and Jade, but due to numerous hacking stories surrounding Ledger, it may not be the safest option. I personally prefer Coldcard over Jade.

Please send an email for questions or suggestions.