The minimum you need to know to keep a crypto wallet safe
Understanding the basics about crypto accounts
A cryptocurrency/blockchain account consists of 2 pieces of information:
Address: The address is the public identification of your account. It is through the address that you can receive coins from other people, or track transactions on an account through a blockchain explorer.
Private Key: The private key is like an immutable password (and therefore very high risk). It is a key that opens access to all transactions in your account. Whoever has the private key, has unrestricted and eternal access to an account.
It is necessary to explain: *Seed / Mnemonic / Private Key, all are the same.12 Words Seed, also known as Mnemonic, is just a human-interpretable representation of your private key.
To summarize everything you need to do to protect your account in one sentence:
Never for any reason, never share your Private Key or 12 words-seed with others.
Once you give your private key to someone, you have given that person all the power. No one, no one, should ever have access to your private key.
Know the risks to stay safe.
There are two main ways to become vulnerable: Hackers and Scammers.
So how can hackers access your account?
- A hacker can access an unprotected wallet if your device is infected.
- A hacker can find your private key/mnemonic if you keep it in a digital format.
Write your seed / mnemonic words on paper, outside any digital devices, in the correct order and keep them in a safe place.
Enable your wallet security options, such as PIN or Biometrics.
So how can scammers access your account?
- Using fake profiles of founders or CEOs, offering rewards, participation and benefits through the form of links, fake pages or something similar. (Mainly via telegram and facebook groups)
2. Impersonating someone from the official support/admin of a wallet and offering help with a problem.
Only contact the support team through the official channels. You can find them through your app.
Our support team (if you are using TronWallet or Klever App launching in August 2020), never initiates contact with any user, we only respond when the user starts the conversation.
Be very careful with channels/groups that add you without permission.
It doesn’t matter what you are offered. Remember: Never send your private key to anyone. Anyone even if it was for a real founder, CEO or support team staff member.