Security is very important when it comes to your cryptocurrency and as everyone knows you should store your cryptocurrency off an exchange, in a Hardware wallet that you control the private key for.
What Exactly Are Hardware Wallets Anyway?
Hardware wallets are securely programmed devices that store your private keys and never reveal them. You use private keys to sign your transactions as well as to recover your address. These hardware wallets are also considered cold wallets because they isolate your private keys even when they are connected to the internet.
Why should I store my crypto in a wallet?
Firstly, because it is your own personal wallet, therefore your crypto is not on the internet. Experts caution against storing large amounts of coins through cryptocurrency exchanges, or in digital wallet apps on your smartphone or computer. The public-facing internet offers an attacker too many inroads to attempt to infiltrate your wallet, or trick you into giving them access.
There are several advantages to hardware wallets:
- Private keys are never exposed to your computer.
- The hardware is immune to computer viruses.
- Your hardware requires you to confirm a transaction on your device (not the app on your computer) before any coins can be spent.
- Most hardwares are encrypted with pin #’s, like your debit card, which adds another layer security.
- The hardware company’s software is usually open source which allows users to validate the entire operation of the device.
- Hardware wallets can host multiple cryptocurrencies.
Is this the safest option?
Yes, the safest option is a hardware wallet which you keep offline, in a secure place. That way there is no risk that your account can be hacked, your keys stolen and your bitcoin whisked away. But, if you lose the wallet, your crypto is gone, unless you have created a clone and/or kept reliable backups of the keys.
The least secure option is an online wallet, since the keys are held by a third party. It also happens to be the easiest to set up and use, presenting you with an all-too-familiar choice: convenience vs safety.
Simple rules to follow when using a hardware wallet
- Always store your seed backup in multiple SAFE locations.
- Always test your seed backup AS WELL AS any passwords used to encrypt the seed
- Always keep your firmware up to date
Win a TREZOR Model T hardware wallet
ICE3X are running a competition to win a TREZOR Model T hardware wallet! They are offering the Model T as the first prize for the lucky draw in our competition (Approximate value of R4000). The competition is running from 1 April 2018, and ends on 1 May 2018 at 12am.
The TREZOR Model T is the latest next generation hardware wallet on offer by Satoshi Labs, and is the best combination of security and ease of use for storing your cryptocurrency securely.
How To Enter
There are multiple ways to enter the TREZOR Model T competition. Simply enter using the entry widget at the top of this post and get as many extra entries as you like, but remember to share your affiliate link and tag us on social media, or you can’t win!
You MUST share your affiliate link and tag us in the post for your entry to be considered.
- To find your affiliate code go to this page: https://ice3x.com/account/affiliates
- Tag us on social media when sharing your affiliate link using: @ICE3X
- Like the iceCUBED Facebook page https://www.facebook.com/ICE3X
Example of a post:
Trade crypytocurrency in #SouthAfrica with me at iceCUBED exchange (@ICE3X) here https://t.co/QQbAkttAlg#Bitcoin #Ethereum #Litecoin #Dash #Zcash #BitcoinCash #Dogecoin
— ClintK (@KClint7) April 12, 2018
If you use the above example, please remember to change the affiliate link to your link on the exchange that you can find here https://ice3x.com/account/affiliates. You can learn more about the affiliate program and the commission structure on the exchange here: https://ice3x.co.za/affiliate/
- You can enter as many times as you like.
- You need to share your affiliate link as a status update / comment and tag us (@ICE3X) for your entry to be considered.
The post Securing your Cryptocurrency with a Hardware Wallet appeared first on ICE3X Bitcoin, Litecoin & Ethereum Exchange - South Africa.