11 Tips to keep your Hardware Wallet safe?
Your hardware wallet is the best place where you can keep all your crypto assets without any fear of losing it.
You might have heard or read the news that so and so exchanges have been hacked, so and so crypto projects platform security has been breached and all assets were stolen. In order to overcome this, many crypto holders use hardware wallets where they store their crypto assets.
But, even hardware wallets can be compromised, if the holders don't take care of them. In this article, you will come across some of the important tips to keep your hardware wallet safe.
Let us first understand what a Hardware Wallet is
An electronic hardware wallet is a device that is carried in your pocket and usually has a USB or Bluetooth port for connecting to your computer. It is completely disconnected from the internet until you plug it into a device or connect it to a computer.
To make a transaction, you connect your crypto hardware wallet to a laptop or computer, then enter your PIN code.
Now that you know what a hardware wallet is, let's move on to some tips.
Never share your hardware wallet 24-word recovery phrase with anyone.
Your crypto portfolio and wallet you use online should never be openly discussed. When you are involved in the online cryptocurrency community, protect your real identity and be aware of the information you disclose.
If you take a picture of your recovery sheet with your smartphone, you will end up sharing your recovery words with the entire world since most smartphones are connected to the cloud.
Your recovery phrase should never be kept at home. The best place to keep these assets is in a vault. You will be more resilient to physical threats if you cannot access your backup immediately
Make sure your recovery sheet is kept securely to avoid losing or destroying it accidentally.
Even your own computer or laptop should not be used to type your recovery phrase. Always write it down on paper and keep it safe. Typing it into a computer will compromise its security.
If you frequently trade with your wallet, consider using a spare hardware wallet. So that you can store large amounts of cryptocurrencies in your first wallet that you do not need to access frequently.
Never accept pre-selected recovery words. Whenever possible, generate new recovery words on the device when you initialize a hardware wallet. Anyone who knows the recovery words will be able to access the wallet.
Wallets should always be purchased from reputable sources. By purchasing a device directly from the manufacturer rather than a reseller, you reduce the risk of acquiring a counterfeit or a device tampered with by a middleman.
Klever will be soon launching its own hardware wallet, so do check it on klever.finance before you buy one from the market.
Never accepts a pre-initialized hardware wallet, if a user accepts it, it is putting cryptocurrency into a wallet that is potentially just a copy of a wallet controlled by an attacker. Ensure that you (and only you) properly initialize your hardware wallet before use.
Remember, just buying a hardware wallet doesn't secure your crypto assets, if you don't follow the above tips. A hardware wallet is highly recommended for all users with a high amount of crypto assets.
Securing crypto assets is a Klever idea, isn't it!
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Disclaimer: This article is only for educational purposes, it is not investment or financial advice on cryptocurrencies.