Naughty or nice? Do’s and Don’ts in the World of Cryptocurrency Security | Posted by SatoshiLabs | December 2023

• (I see you have Trezor 😉) Understanding hardware wallets: If you have been using a hardware wallet to protect your coins and tokens, please encourage us. Hardware wallets are essentially the safest way to own your coins, keep your wallet safe offline, and remain anonymous. Familiarize yourself with how hardware wallets work (here’s a 2-minute guide). Knowing why hardware wallets like Trezor are more secure will increase your confidence and help you use your device effectively.

• You value withdrawing your coins from exchanges: Do not leave your coins on the exchange longer than necessary. Move your assets to a hardware wallet for safer storage. We have seen numerous examples of the risks associated with exchanges. Consider the Mt. Gox incident in 2014, where users lost approximately 740,000 bitcoins. Likewise, the unexpected closure of the QuadrigaCX exchange resulted in significant loss of customer assets. Last year, the bankruptcy of the FTX exchange left many users in financial difficulties. Maintain control over your digital assets. Accept self-custody! In the meantime, learn more about self-custody. Trust us. This holiday season, you can have conversations around the dinner table 🙂.
• Back up your recovery seed. When you set up your Trezor or other hardware wallet, you will be provided with a recovery seed/recovery phrase (usually 12-24 words). The recovery seed provides full access to the associated wallet (the private key is mathematically derived from the seed). That’s why you need to keep it secure. This is the ultimate backup for your wallet. Be sure to write it down and keep it in a safe place. Do not store it digitally to avoid the risk of being hacked. Other ways to save backups include:
• Always double-check your address. Double-check your receiving address every time you send cryptocurrency. If your device has been compromised by malware, the addresses may be swapped. The Trezor device displays addresses on the screen for this purpose.
• Please use your password: great. Passwords make you more awesome. Trezor Suite’s crypto feature is a method used to increase the security of your assets by creating unique hidden wallets. This helps protect your account from unauthorized access. A password is an additional word added to the recovery phrase, providing additional security. Generates a completely new set of private keys. Please note that if you forget your password, your assets will be lost forever. Find out more here.

Let me add one more thing here. You are always DYOR, no FOMO.

• Share your recovery seeds: This way there is no coming back from misbehavior. Your seeds of restoration are sacred. Do not share it with anyone, including Trezor support or your loved ones. This is your master key, so anyone with access to it can access your data. It has two meanings. If you lose your recovery seed, you also lose your backup. Additionally, if someone steals your recovery seed, they can access all your funds and data even without a Trezor device. Here are more details about this:

In the meantime, don’t save your recovery phrase digitally. You may want to take a photo of your recovery phrase or save it to a digital document. This exposes you to unnecessary risk. If your device is compromised, hackers can access your recovery phrase.

• Use public Wi-Fi for transactions: Public Wi-Fi networks may not be secure. Do not access your wallet or make any transactions when connected to a public network.
• Ignoring physical security: Digital security is important, but physical security should not be overlooked. Keep your Trezor wallet and recovery seed in a safe place.
• Fall for a phishing attempt: Be careful of emails or messages requesting personal information or wallet information. Always check the source before responding.
• It doesn’t matter where you buy your hardware wallet.A: It’s important. Trezor does not recommend purchasing Trezor hardware wallets from unauthorized third parties. If you purchased your device from an authorized retailer Treasure store, amazon storeor approved resellerIt is likely safe to use.

(Here are some useful tips that can help you get rid of the bad label when it comes to device safety.)

Understanding and implementing cryptocurrency security best practices can help you prevent the most common threats to digital assets. Stay vigilant and stay informed. And most importantly, you have control over your cryptocurrency. If you’re ready to take the leap into the world of self-care, Trezor will make your journey safe and secure!

We are offering special free shipping on all Trezor products until December 15th. Check it out now.