Good safety practices for your web3 journey
Scams and other forms of treachery are natural.
The invention of the phone and e-mails offered a god-like reach to thieves all over the world, so imagine Blockchain.
There’s no way around it: new technologies offer new opportunities to steal and it takes some time to adapt.
Using scams as an argument against web3 and decentralisation is akin to say that we should ban phones and e-mails because scammers use them to get to you.
Time and tears have made most of us immune to what we see today as classic scams:
- Extremely generous Nigerian princes
- “You won the lottery” e-mails
- Pay me 10 to receive 100
- We have 8000 ounces of gold to ship to your house but we just need a downpayment
These might sound ludicrous but they became popular because they worked and helped fund huge scam rings across the globe.
Hacks and scams are all over the headlines, pointing fingers at decentralisation and new technologies as if the problem wasn’t people.
Some even dare to use these arguments as building blocks for their anti-web3 narratives, not considering that education is a solution.
Learn, Learn, Pass
Fortunately, we believe in education and empowerment through knowledge so here are some good practices to read and share without moderation.
- Protect your private keys
- Write them down, physically.
- Make 2–3 copies
- Make them accessible to someone you trust
- Protect them from the elements
- Codify them if you don’t trust the location
2. Use Multisig wallets
Criminality evolves fast. Thieves already know they can force you to transfer funds without much consequences.
One way to defend yourself against these kind of attacks is by enabling double signatures access to your wallets.
This french youtuber made this great step-by-step guide about multisig wallets using Gnosis:
3. “We won’t DM you first”
People are well aware of the security issues, so listen to what everybody is saying. Don’t trust people in your DMs. Just don’t.
Those with good intentions know that normalising direct approaches put people at risk. They won’t approach you.
If someone can really help you make money you’ll go to them, not the other way around.
4. DYOR isn’t just a cool acronym
It might seem complicated at first to make your own research but a few google searches and quick overview of the team, the whitepaper and some reddit comments can go a long way.
Check this DYOR guide for a more detailed approach.
5. Gains are always proportional to Risk
Don’t put all your eggs in the same crypto basket.
- Not your yield farming funds
- Not your economies
- Not your agility stablecoins
- Not your investments
- Not your life savings
6. You’ve been told not to trust strangers on the internet for two decades
It’s time to listen.
7. Create lots of wallets
It’s free and easy to do.
Don’t keep big amounts of crypto in wallets that you connect to different dapps and websites.
This will reduce the damage if you fall for phishing scams.
8. Cover your tracks
To live happy live hidden.
When sending funds to people you know, transferring money for purchases or when using your eth domain as your identity on the web you allow other people to explore what’s going on with your adresses.
Same goes for those who flex their NFT on social media.
Use different accounts, tornado or agile cross-chain swaps through exchanges to avoid linking your different addresses.
9. Certified custodians
Pretty much like traditional banks, with a web3 twist, some companies offer custody services to secure your assets.
10. Don’t. Share. Your. Private. Keys
If you must, for practical reasons and/or to use some features be sure to follow these steps:
- Double, triple and quadruple check the website’s address to be sure you’re not on a phishing copy
- Use a specifically purpose made wallet
11. See them coming
The best way to make money is to sell solutions for making money.
People who build real projects have a different approach, most of the time they’re less bling-bling and avoid linking their image to click baits titles.
It might seem like an obvious thing to say but it can’t be overstated.
12. Buy a cold wallet and use it.
This professional financial advisor made a great video about it all.
Take the time to watch it if you’re not familiar with the concept or the usage, it’s worth it.
13. Prepare for the worse
Ask yourself what happens to your funds if something happens to you.
Put strategies in place with people you trust.
14. Consider using a password manager
It can become quite complicated to manage all the private keys and passwords in the digital realm.
Keepass is great.
15. Don’t be overconfident
The worse mistake is to think that people who fall victim to scams are dumb.
Scammers can be very creative, smart and patient. They’re in a very lucrative business.
They can find ways to make you approach them, or answer to one of your messages — creating a feeling of spontaneity and trust.
Don’t hesitate to comment if you have other advice !
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