How to secure the Commercium wallet and keep your keys safe


Introduction

We want to express the importance of this article. The security of your wallet should be always the №1 priority after you installed the Commercium core wallet and before you send Funds to your newly generated Address. You have to acknowledge the fact, that you and you alone are responsible for your funds and no one can retrieve your funds if you lose eg. your backup-wallet or the associated private key to the public key. But with some easy steps you can sleep tight every night, knowing, that your funds are safe. We would advice you to unplug your computer from the internet and take care of the following steps offline.

Step 1 - Wallet encryption

Encrypting your wallet with a password is the first layer of security. This way no one can send funds from your wallet, unless he has the password.

Click Settings - Encrypt wallet

Type in a unique password. The most secure passwords are random letters and numbers. If you need a password manager with an integrated password generator you can download one here.

The wallet will give you one last warning and close itself.

After you have restarted the wallet, you´ll notice a little key sign in the status bar. Your wallet is now encrypted.

If you want to send funds now, you have to unlock the wallet first:

Go to Help - Debug window - console 
type “walletpassphrase <Your Password> <Time in seconds you want the wallet to be unlocked>

Your wallet is now unlocked and will lock itself after the given time.

Step 2 - Wallet backup

After you have encrypted your wallet, its necessary to make a backup of your wallet.dat file to a secure location. You can save it to an USB-Stick or a portable harddrive. Its advised to make a backup every time you use a new address.

Click File - Backup Wallet

With this file you have access to your wallet wherever you are. If, for example, your computer malfunction and you have to setup a new operating system, your data is most likely lost.
With your saved wallet.dat file, you´ll have access to your funds again:

  • Download Commercium core wallet
  • Open the folder, where you have saved the Commercium data (as default %appdata%commercium)
  • Copy your saved wallet.dat file into the folder
  • Start Commercium-qt.exe

After the blockchain is fully synced, your funds will appear

Step 3 - Private key

You can read about the basics of Public/Private keys here

To access the private key associated to a public key (CMM address):

Go to Help - Debug window - console
Unlock your wallet (Step 1)
type “dumpprivkey <Your CMM address>”

Write the private key on a paper or print it with an offline printer and keep it safe.

Note: EVERYONE which has access to your Private key, has access to the funds associated with this address.

If you ever lose eg. your wallet backup, you can import the private key into the wallet. The wallet will make a rescan of the hole blockchain and after that, your funds, associated with the private key, will appear in your balance:

Go to Help — Debug window — console
type “importprivkey <Your Private key>”


The CMM Support team can be found on Discord (here) so if you have any further questions about the security of the wallet come and find us in the #helpdesk channel. We are a very friendly bunch and we are helpful too! 😃

If you found this guide helpful please give us a 👏 or drop us a comment below.

Website: https://www.commercium.net/

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