Securing your Private Keys
In crypto we live by one phrase “Not Your keys, Not Your Crypto“
If you buy crypto and leave it on the exchange you don’t technically own the asset, the exchange has full control of your tokens and may lock or freeze your account for what ever reason. For this reason it is recommended that after you purchase your crypto asset you move it into your personal hardware wallet where you control the private keys.
Below are the two of the most secured popular hardware wallets on the market:
- Ledger Nano X
- Trezor Model T
Once you set up the hardware wallet you will be provided with a 24-word seed phrase. The 24-word recovery phrase is your only backup, Ledger nor Trezor keeps a backup or your 24 words. The seed phrase will provide access to multiple crytpo assets on your hardware wallet.
Ways to protect your private keys after you write them down:
- Best to store in a fire proof safe
- Create a backup on a password protected USB device. “Protected with Bitlocker”
- Engrave the 2-words on a metal plate to protect from water or fire
The private keys are never to be shared with anyone, also never paste your private keys on any website for whatever reason. If you ever feel that your seed phrase is compromised move your funds to another wallet with a separate 24-word seed phrase.
Hardware Wallet Tip:
The crypto is not actually held inside the wallet, the crypto lives on the blockchain and is only accessed with the private keys on the wallet.