Topic: How do you protect your digital coins? - page 2. (Read 1943 times)

I think you are talking about ERC-20 tokens, and not ECR-20.

Native support for ERC-20 is not available in Ledger. Can't blame them. A lot of the developers have complained that storing tokens in the Ethereum platform is very risky and the funds are vulnerable to hacks and robberies. Ledger team has stated that the ERC-20 platform is not stable enough for them to allow it in the hardware wallet.

But there is another way of storing ERC-20 tokens in  Ledger. You can store the tokens in a third party application such as Myetherwallet and then store the private keys in Ledger. This is not very user friendly, but I don't think that you have any better option right now.

I would put my digital coins and cryptocurrencies into a reliable Bitcoin wallet, preferably a hardware one. That way you will know where your coins are physically stored and also how you can access them digitally when you want to. USB and Bluetooth are both convenient methods for reading data and you also have the option of a paper wallet. Alternatively, I would store and hold the digital coins within a Bitcoin IRA to protect my 401k or existing IRA from an upcoming economic disaster.

having multiples wallets is a good practice only if you capable of mantaining it. Even hardware wallet nowadays always randomly change the address of your wallet right? that is to avoid someone lurking on your wallet and if you have multiples wallets the chance you get hacked and lose all your money will be reduced.

The very first step to protect your crypto is to store them in hardware wallets, paper wallets, or cold storages.

Keep these tips in mind as well:

• Keep your information private and avoid public WiFi networks that are an easy target for hackers.
• Always use strong passwords and add 2-factor authentication for all of your accounts.
• Store your cryptocurrency on multiple wallets.
• Always use a password manager, so you don’t use an old password.
• Do not post your email address, home address, or phone number on social media.
• Keep your antivirus up-to-date to avoid downloading malware.
• Don’t forget to backup your wallet periodically.
• For cold storage wallets and backup wallets recovery seed at home, keep them in a fireproof safe.  

In any case, a hardware wallet is very beneficial for storing its assets, but only if this wallet is not used very often.  For everyday work, I use MEW and I am confident in its safety.  At the same time, you need to be careful, because the real safety of your funds depends on you.

I protect them with a Ledger hard wallet but that said, some of the ECR 20 tokens are not accepted on the Ledger.  So I am stuck having to use a online wallet.

As long as you signed up for a legit sites and keep your private keys and paraphrases so far your tokens will be safe... Look for an exchange that really practice security and safety of investors money... Hardware wallets cold wallets are the safest wallets to store all your tokens specially bitcoin.. Always keep your passwords and put Google authenticator in all your wallets...

As time goes by, robbers or other scums would be educated what hardware wallets are.
Then someone having hardware wallet would actually tell others:
Hey this guy must have quite a sum of cryptos just rob/swat/blackmail him!

Hardware wallet just means convienience.
The best way to protect your crypto is that you pretend that you never buy it and fool your neighbors as many as you can.

For key storage, just use some offline wallet then write down the seeds then delete the wallet file.
Write a whole article or even poem basing on those 12 or 24 seed words. Only you can pick them up through hundreds of words in of the article, can't you? Keep the extension elsewhere you like.

The issue with a hardware wallet is that it takes a while to order it and wait for it to arrive. What do you do in the meantime to keep your crypto secure? Or what if you can't afford a hardware wallet? Also if you buy a hardware wallet, how do you know that the vendor is to be trusted? There were a few incidences of tampered Ledgers found on Amazon.

This is why you are better off just using a cold storage software wallet like Armory or Electrum. Because all you need is an old computer you never use which we all probably have.

You take an old computer, take out the wifi and bluetooth and that will be your cold storage which is used to sign your transactions and holds your private keys. Your online computer is only there for generating the unsigned transactions.

This is very easy to setup, its almost instant and its free.

Actually I strongly agree that what is already in the wallet online is very safe, but it all depends on our own personal self, can we not make mistakes that result in coins being stolen by people who cannot be held responsible.
but if added with hardware that is already widely available, it will be better protected.

For me the best to store my precious digital coins is keep it on hardware wallet and not on exchanges. Well while I'm keeping it on hardware wallet i make sure that i have the private key, seed phrase and the address itself written in a paper wallet, this is to make sure that i have back up in case i lost my hardware wallet.

indeed . hardware wallet is the best among the rest when it comes to securing your digital assets because it is offline but be careful when loading coins on an online device  .

yes everyone is obligued to do this practice but the problem is that other aint have the money to buy a hardware wallet   . there are some that has some extra cash like me but i find it hard to buy a hardware  wallet on our country  .  hardware wallets are mainly retail on the us and simillar countries like this  .

I always kept my cryptos in my hardware wallet, indeed, i think that this is the safest way to protect your coins from any potential attack, maybe this is something that everybody should do in order to protect their assets.

y way of protecting my digital coins is
implement safeguards to reduce the chance of thieves by implementing these methods, although complex, can avoid potentially significant and life-changing losses
• Save cryptocurrency and offline tokens in hardware or paper-based wallets

• Secure the hardware and paper wallet in the safe locked when not in use

• Secure the private key offline where the wallet is stored, such as a bank safe or a safe offsite location

• Limit the amount of cryptocurrency that is in the exchange until only for trading and exchange

• Use trusted bookmarks in the browser to access the exchange, wallet, and other cryptocurrency service providers.

• Run several passphrases in the hardware wallet to hide the main wallet balance and reduce losses from physical attacks

• Run multifactor authentication with one form of authentication from an offline token generator, such as Google Authenticator

• Run a multisignature approach for funds stored in the wallet

• Limit public presence or avoid discussing crypto ownership in public forums

• Always check the wallet address after pasting (pasting), and when sending the wallet address via email, chat or other digital communication, always attach a picture from the wallet address to verify they have received the correct address.

By implementing good protection practices, you can significantly reduce the opportunity to lose the many benefits that cryptocurrency offers. For some people, the tradeoff is very valuable. Over time, this system will be developed to better track thieves and prevent the theft of theft. Until then, let's make fraudsters not move.

there are many information available on threads here on BTT that explain how you can protect your asset. The use of hardware wallet is one of them and many hardware device like trezor has been suggested by users. It is very important to note that it is not advisable to store your asset on exchange platform because you can lose them when the exchange get hacked. Cryptopia hacking is still fresh in our memory. make sure you do not store your private key in emails and other online cloud storage providers.

There is always a hole, no system is truly safe and some people will always try to bait those who have crypto into their trap, that is to be expected but if people could increase their security that would be the best solution there is. There is no denying that keeping your funds offline or disconnected to the internet is the best way but there will eventually comes a time when you need the internet so you will forcefully tighten your security for that.

You can protect your assets if you use the hardware wallet that your the only one know the private key or phrase.By using that kind of wallet it's  less you to hacking or losing your coins.

Hardware wallet is the best way to protect your digital coins from hacker. I am using hardware wallet to keep my coins safe. If you are using online wallet, ensure you confirm the links you click on so as not to use phishing sites.

Protecting or keeping your Cryptocurrency safe is one of main problem in the Crypto Industry. We need to be cautious in accessing websites that might lead to phishing or scams that would endanger our assets. Keeping them outside the internet would be helpful if we own a Ledger but not everybody can afford one and that is why we need to add security measures to websites where we keep our Cryptos.

Hacking is unpredictable therefore it is not very easy to protect even if you are using the top 1 wallet in storing your money. There is no 100% safe in storing your money online but if this kind of scenario will not happen.

Then the best thing to do in order to protect your assets is to become wise, double check or even triple check everything before proceeding.