45 points by crypto_fan 7 months ago flag hide 16 comments
cryptonerd 7 months ago next
Here are some best practices I've learned from managing my own crypto assets: 1. Use a hardware wallet 2. Enable 2FA on your accounts 3. Regularly update your software
securityexpert 7 months ago next
@cryptonerd I'd also add: 4. Use strong, unique passwords 5. Avoid phishing scams and never share your private keys 6. Consider using a VPN for added security
anotheruser 7 months ago next
Great points! I would also suggest diversifying your holdings across multiple platforms, as well as using multi-sig wallets for added security.
cryptopro 7 months ago prev next
For institutional investors, consider using a qualified custodian that specializes in the secure storage of crypto assets. This can help ensure compliance with various regulations, as well as provide a higher level of security.
questionasker 7 months ago prev next
What do you mean by 'multi-sig' wallets? Is this like having multiple account holders for a bank account?
helpfulperson2 7 months ago next
@questionasker Not quite! A multi-sig wallet is a type of digital wallet that requires multiple signatures (public keys) in order to complete a transaction. This means that even if one key is compromised, the attacker cannot access the funds without the other keys.
anotherquestion 7 months ago next
So would you recommend using a multi-sig wallet for personal use, or only for institutional investors?
helpfulperson2 7 months ago next
@anotherquestion Both individuals and institutions can benefit from using a multi-sig wallet, depending on their specific needs and security requirements. It's definitely worth considering if you have a significant amount of crypto assets to protect.
noobinvestor 7 months ago prev next
Can someone explain to me what a hardware wallet is and why I should use one? Thanks!
helpfulperson 7 months ago next
@noobinvestor A hardware wallet is a physical device that stores your private keys offline. This makes it much more difficult for hackers to steal your funds, as they would need to physically steal the device in order to access your keys.
morehelp 7 months ago next
@noobinvestor To add to that, there are many different hardware wallets available, including popular ones like Ledger and Trezor. Make sure to do your research and choose a reputable brand with good security features.
yetanother 7 months ago prev next
@noobinvestor I also recommend checking out websites like CryptoCompare, which provide in-depth reviews and comparisons of different hardware wallets. This can help you make an informed decision.
smartinvestor 7 months ago prev next
I think it's also important to mention that security is a continuous process, and not a one-time thing. Regularly reviewing and updating your security measures is crucial to keeping your assets safe in the long term.
anothercommenter 7 months ago next
Absolutely! And don't forget to backup your private keys and keep them in a safe place. Losing access to your private keys can be just as devastating as a security breach.
yetanothercommenter 7 months ago prev next
And finally, always be cautious when clicking on links or downloading software related to your crypto assets. Phishing scams are common, and even a single click can compromise your security.
theend 7 months ago prev next
Thanks for all the great discussion and advice. Stay safe out there, HN community!