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Drip — essential security

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Silver iMac Near White Ceramic Kettle with the iMac showing blank screen — Photo by MockupEditor.com from Pexels

Hardware wallet

Use Hardware wallets to secure your cryptocurrency private keys. Using a Ledger, Trezor or Lattice is a small price to pay for peace of mind.

Ledger Hardware (cold) Wallet
Ledger Hardware (cold) Wallet
  • Or AU$250 (€160, US$180) for a Ledger pack of a Ledger Nano X for trading and a Ledger Nano S for backup (The S is an older and less capable Nano; however it can hold all the same private keys and with some work can trade most of the same crypto coins). Why backup? So you can get working again quickly; if you are in the middle of some crucial trades, the last thing you want to have to do is rebuild the wallet. Or worse, buy a new one first.
  • A Trezor Gold is EU€59 (AU$93) and the Trezor Model T is EU€189 (AU$296). They don’t advertise a ‘backup pack’ but Ledger give you the S for half price so let’s say a Trezor T and half price Gold- EU€220 (AU$345)
  • A Lattice1 is US$397 (AU$549). I don’t know much about this and this price seems a bit steep in comparison.
  • The time to set it up the main wallet (eg. Nano X) — 30 minutes to an 1 hour
  • The time to setup the backup wallet if any (eg. Nano S) — 10 minutes as it is simply just entering the pass phrase in
  • The time to plan the backup of the pin and seed phrase — 15 to 30 minutes plus the time to execute this. See more on this below.
  • The wallets need to be unlocked with the pin — 10 to 20 seconds. But it will timeout if the wallet isn’t used for a while. I have 12 wallets and I check for airdrops and rewards for each. If I have received some then I need to record these in my spreadsheet. When this happens a wallet timeout is likely to occur and I will need to unlock it again.
  • Then for every transaction I need to review the 5 screens — 10 seconds.
  • If you add or delete wallets then you should plug in the backup and synchronize — 5 to 10 minutes

Backup of Pin and Seed Phrase

You should NOT store the seed phrase on your computer or anywhere that is internet connected. If a malicious person found this (via a hack or malware) then they could reconstruct your wallet (on some other device) and take control of your assets. Most likely they would transfer them to a new wallet address so they have absolute control over them.

Use a dedicated browser for Crypto

I discussed using just a dedicated browser for Crypto in my Drip — a detailed setup howto for noobs article. And don’t use that browser for any other web surfing. Browsers are getting better but you also need to protect you from you. There are known vulnerabilities across browser tabs or windows.

Scammers

Scams are everywhere with Crypto trading. As long as you follow a few simple rules you will stay safe.

Telegram group for Drip Tech Support
Telegram group for Drip Tech Support — note the list of members.
Drip user that belongs to a specific teams Telegram group
Drip user that belongs to a specific teams Telegram group
Drip Scammer on Telegram
Drip Scammer on Telegram
Drip Support /adminlist
Drip Support /adminlist

How to get in to Drip

See my other articles:

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Also, Read

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Coinmonks (http://coinmonks.io/) is a non-profit Crypto Educational Publication. Follow us on Twitter @coinmonks and Our other project —  https://coincodecap.com, Email  — gaurav@coincodecap.com

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Brooke

Australian Software engineer and Apple user since 90’s. Crypto enthusiast fascinated with smart contracts. I prefer to be active with walking, swimming .. more.