Self-Custody: How To Secure Your Crypto With Klever
Fully owning and controlling the access to your money is one of the main goals of cryptocurrencies, and Klever as a self-custody wallet gives millions of users globally the keys to their own future.
With Great Powers, Comes Great Responsibility
Bitcoin and cryptocurrencies were made to be owned by their owners. The philosophy of moving your money from a bank to a decentralized network, where no central authority dictates the rules and no government can arbitrarily confiscate your funds is at the core of the crypto movement.
But with great powers, in this case fully owning your keys, comes great responsibility in how to manage those keys and keep your crypto safe.
One recent study found that more than 50% of respondents have experienced stressful human errors when sending crypto and over 18% reported loss of funds due to such human errors. This only serves to slow down wider crypto adoption by less tech savvy users, and this is one of the reasons we at Klever not only put the keys in the user’s hands, but make the flow as simple, secure and seamless as possible to avoid human error.
There are many levels of ownership. You can keep your crypto on an exchange for ease of use and easy access to trading, but keeping your entire crypto portfolio on an exchange makes them vulnerable to hackers and malicious actors.
More importantly however, the private keys to the crypto you leave on exchanges do not belong to you, and hence you are using the exchange as a custodial service, which comes with its associated security risks and lack of true ownership.
Klever Empowers The User. Securely.
Klever is a decentralized and self-custody wallet, also known as non-custodial wallet, which means that we empower our users by giving them all the power and control of their keys, their money and their crypto. Only the users themselves have full custody of their private keys and their funds, and not even members of the Klever team has access to users’ keys. Hence the expression: Your keys, your crypto.
The advanced security layers of Klever OS (Operating System) fully protects Klever users worldwide through military-grade encryption against external threats, and local storage of sensitive data implies that only your specific device actually holds your keys.
Security is our main priority, tightly followed by unmatched user experience, and an aggressively growing team of now over 50 full-time developers in Klever, many of whom are specialized in blockchain security architecture. The team today runs over 60 active blockchain nodes on ten major blockchain protocols.
How To Keep Your Crypto Safe
When opening your account in the Klever app, you will be asked to write down your 12 seed words. We recommend to only write your 12 seed words, also known as mnemonic, on a physical paper, outside any digital devices, in the correct order and keep them in a safe place. A place only you know the whereabouts of.
A little side note: your 12 seed words, mnemonic and private key, are basically all the same just in different representations. The 12 seed words is simply a human-interpretable representation of your private key, and keeping them safe, will keep your crypto safe.
Also, to increase the security of your Klever app, make sure to enable your wallet’s security options, such as PIN code, Face ID or biometrics.
How To Find Your 12 Seed Words & Private Keys
1. Go to Settings in Klever
2. Click on Backup Wallet option
3. Choose Blockchain and Wallet address
4. Here you find your private keys and 12 seed words
We recommend to always double check your 12 seed words that you have written down for typos, making sure they are in the exact given order, and store them in a safe place prior to transferring funds into your new wallet.
With great powers, comes great responsibility, so make sure NEVER to share your 12 words seed or private keys with ANYONE. It’s really that simple. In a trustless world of blockchain, trusting yourself is the simplest, most liberating and most secure way to keep your crypto safe.
Director of Communications and Marketing at Klever