How to keep your crypto safe!

Crypto can be scary. It can be intimidating for people to get started as they are concerned with losing their funds. This article serves as the ultimate guide to keeping your crypto safe, so you can get involved in a stress-free way.

Kyle Turnbull

May 11, 2021 · 5 min read

How you can keep your cryptocurrency secure

How to keep your cryptocurrency secure!

Divi Wallet is here! We thought it was a great time to remind everyone that security is paramount! We expect many of you to welcome new members to the community over the coming months. This article is a great way for them to acquaint themselves with good security practices, so they can keep their crypto safe!

Before we start, let’s clarify what 'getting hacked' means.

The blockchain itself is secure. Funds are not lost due to blockchains being compromised. Funds are lost due to user error. Either when people use a custodial solution and lose access or their wallet is compromised. Below are the ways you can avoid any of these instances occurring.

This blog is full of information. Please take the time now, so you can stay safe in the future! If you have any questions about crypto-security, jump into the Divi Support channel and a support star will help!

Internet hygiene for crypto security

Your internet hygiene is key - be careful what you click!

1) Be aware of your internet hygiene

Good computer and mobile hygiene will protect you from the majority of online risks. What you do on your device greatly affects your security. The internet is a dangerous place, and the sites you visit can leave you exposed. Always check your website URLs, and any chrome extensions you download. Sometimes, people will create links or applications that are designed to look the same but point to a dangerous site.

Keys to hygiene safety:

  • Check the spelling of URLs before clicking on them.
  • Be careful when giving out permissions to applications.
  • Add frequently used sites (exchanges, etc) to your bookmarked pages, so you always know it's the right link
  • Check for the SSL padlock on all websites.
  • Avoid sites that share illicit material. They are known for housing malware.

2) Avoid unsolicited messages at all costs.

Admins will never reach out to you via direct message. For any reason. If you get a message from anyone, treat it as suspicious. Many people impersonate real people in an attempt to gain access to your funds. If anyone asks you for your private keys, or to click a link, consider it a scam. Block, report, and move on. People who reach out to you will part you with your crypto faster than you can blink. If you’re experiencing scam attempts, please visit Divi Support and let us know, so we can help protect the entire community!

Keys to DM safety:

  • Don’t reply to unsolicited messages
  • Don’t give anyone your private keys (ever).
  • Admins will never ask for passwords or private keys.

3) Avoid downloading applications from unverified websites

Downloading applications on your computer can be risky, creating a way for someone to take control of your computer. Only download applications from verified sources. With the release of the mobile wallet, users should also be critical about the applications they are downloading onto the phone that houses their wallet. Unverified applications should be avoided, and even those downloaded from the app stores themselves should be carefully considered.

Finally, Divi will never reach out and send you a link to download an update. All official updates are pushed through the application, which can be downloaded from the app store, or the Divi Project website. Consider any link to a download risky.

Keys to download safety:

  • Do not download unverified applications.
  • Never update Divi Desktop or Divi Wallet from an external link.
Back up your crypto seed phrase

Always back up your seed phrase!

4) Back up your wallet. Then back it up again

Cryptocurrencies are giving power back to people, to take complete control of their finances. With this increased control, comes increased responsibility. If you lose access to your wallet and your backups, no one can retrieve those funds. Luckily, there are many ways you can create failsafe methods.

Keys to wallet safety:

  • Create a physical seed phrase backup
  • Store multiple copies of your physical seed backup in secure locations.

5) Be careful disclosing your assets

Don’t make yourself more of a target. Disclosing your assets online is a sure-fire way to attract unwanted attention, making you a potential target of phishing attempts. Keep your cards close to your chest.

Keys to asset safety:

  • Don’t publicize your holdings on the internet
Disclosing cryptocurrencies can be risky

Your assets are your business! Don't disclose what you don't have to!

6) A word on custodial solutions

Custodial solutions do provide convenience services. Despite our commitment to personal control and decentralization, custodial solutions do have value. So much so we’re partnered with one! However, when choosing a custodial service, there are a few things to keep in mind. That provider will take ownership of your assets with a secure promise of return. Banks use a similar process when you deposit your money with them. So investigating the integrity of their operation is essential. Many custodians will use insured third-party storage solutions that offer insured storage. However, many do not, so understanding the process is critical. Despite doing due diligence, It’s important to note that no matter what, you’re giving up control of your funds, and more importantly, your private keys. Know the risks.

Keys to custodial safety:

  • Research the insurance policy of the custodian
  • Research how your funds are stored
  • Research their reputation

To wrap things up...

The best thing you can remain is skeptical. Your number one ally in staying safe is your internet hygiene. Treat every single interaction as suspicious, and if in doubt, don’t click or download anything. It sounds pedantic, but as an emerging and unregulated space, there are plenty of risks. However, if you take our advice, and stay vigilant, you’ll be absolutely fine.

If you ever have a question regarding cryptocurrency security, reach out to us in the Divi Project Support, or our brand new Zendesk Help Desk! We’ll be more than happy to help.

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  • Security

Kyle Turnbull

May 11, 2021 · 5 min read

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  • Security

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