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The 10 Best Things You Can Do to Not Lose Your Crypto

August 17th, 2020

New people enter the space during a bull market and lose their crypto. Stop that!

When markets get exciting, it’s time to batten down the hatches. New people are entering the space and will soon be exposed to scams and phishing sites.

A new crypto user and their crypto are easily parted.

Here are a few ways to prevent that.

1. Get a hardware wallet. 🛡️

A hardware wallet holds your private key within the device and protects it from being exposed. It’s recommended to use a hardware wallet for cold storage (the funds you don’t plan to touch).

The two biggest players are Ledger and Trezor. Both are great.

2. Browse safely. 🌐

Always use bookmarks and never click links, and install an extension like MetaMask or EAL to protect you from known phishing sites.

3. Never enter your private keys on a website. 🔑

One of the most common ways for someone to be parted from their cryptocurrency is via a phishing site, a.k.a. a fake version of a real site. Phishing sites will usually allow you to enter your private key so you can “access” your funds, but as soon as you enter your private key they’ll send it to their servers, access your funds themselves, and drain your account.

It’s a BAD HABIT to enter your private key into a website. Just don’t do it. If you have to use a private key / mnemonic phrase / keystore file, use a desktop application that’s away from the browser. Even then, make sure to verify it’s not a fake desktop application.

4. Turn on 2FA for everything. EVERYTHING. 📲

Choose Google Authenticator over Authy. Don’t use your phone number. Then, make sure your phone number is NOT tied to your Google account (look in privacy settings).

SIM-swapping is real and common and if your phone number is attached to any account recoveries, you could be in real trouble.

5. Be mindful of where you store your keys. 🔐

Don’t store your keys on cloud storage like Dropbox. Don’t store your keys in your email. Ideally, don’t store your keys on any device that’s connected to the internet. All of these things can be accessed by bad actors if you’re not careful.

Use a hardware wallet, and keep your backups safe on an air-gapped device or in a safe physical location.

6. Verify everything. 🔎

Check the URLs of the websites you’re on. 
Check the URLs of the social media accounts you’re reading. 
Check the URLs of the GitHub repos you’re exploring.

Never download anything from an unverified URL that someone sent you — go find the proper URL at the proper source.

Double- and triple-check everything, especially when you’re sending a transaction — read and verify the output addresses. For an extra layer of assurance when sending a transaction, try out Protected Transactions.

7. Never click on ads/promoted results. 🛑

Many times these promoted results are actually promoting scam/fake/phishing sites.

8. Nobody is giving away ETH. 🚫

If you see someone giving away crypto or saying that you have to send them crypto to get more crypto in return, RUN AWAY. It’s not real.

9. Look out for one another. 💞

If you’ve been in this space for a while, you know exponentially more than someone who started exploring it. Things move quickly, so it’s likely that you’re an expert in some of these subjects, and you can share this knowledge to help new users build better habits.

You have the power to help others not screw up. Use that power!

10. Use your brain. 🧠

Always stop and think. 
Don’t assume, ask. 
Don’t blindly follow, question. 
Patience is truly a virtue.

If something seems too good to be true, it’s likely not true.

This specific hacker wants to steal your crypto. Don’t let them!

Further Reading

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MyCrypto is an open-source tool that allows you to manage your Ethereum accounts privately and securely. Developed by and for the community since 2015, we’re focused on building awesome products that put the power in people’s hands.

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