At Sanctuary Dex™ “We make cryptocurrency useful”. From a self-custody mobile wallet to gift cards and Merchant Pay™, we continue to innovate and design software solutions to support the adoption of Bitcoin and other major cryptocurrencies.
How to Keep Your Crypto Safe
If you are new to cryptocurrency or have assets on centralized exchanges or wallets, I recommend you learn all you can about taking custody of your own crypto assets, using a decentralized solution like Sanctuary™ Dex.
The goals of Sanctuary Dex are straightforward; “We Make Cryptocurrency Useful”. Link: https://sanctuarydex.com
Decentralized Wallets – Benefits
- Mitigates the risk of losing funds due to hacking. Centralized exchanges are huge “honey pots” for hackers and $2.66 billion has been lost since 2012.
- Total access and control over your assets 24 hours a day, year-round, even during bank holidays!
- Pseudo-anonymity of your financial activity. Your personal information is not tied to your cryptocurrency transactions! Only your wallet address is recorded on the blockchain. Centralized exchanges know your wallet addresses and link your personal information. As a result, they could be forced to disclose your activity by regulators.
- Complete portability. While I don’t recommend trying to commit your private keys to memory ONLY, you could travel globally and recreate your wallet at will. You would just need internet access and a software wallet like one of the ones available from Sanctuary Dex. Once created, your wallet and private keys grant you access to any cryptocurrency you control with those keys.
How to Avoid Scams
For mobile users:
- Contact your carrier and request a SIM lock PIN number. This prevents a rogue employee or hacker from cloning your phone and accessing your data. Secure your PIN separately from your private key!
- Use 2-factor authentication (2FA) or biometric identification when available.
- Avoid SMS authentication, if possible, especially if 2FA or biometric ID is available.
- Do not keep much of your cryptocurrency on a “hot” or mobile wallet as these funds should only be used for planned purchases.
- Avoid using public hotspots and never click on attachments or links where you do not know the sender.
- Avoid clicking on links in text messages from unknown sources.
For mobile and desktop users:
- Keep your software up to date with the latest security updates as hackers often reverse-engineer updates to identify vulnerabilities in the previous software version.
- Bookmark legitimate web links and avoid clicking links in emails as they may be phishing attacks, sending you to roque websites to steal your login information or private keys.
- Use a secured VPN service where permissible as laws vary by country. Source: https://www.forbes.com/advisor/business/software/why-use-a-vpn/
- Use the Apple App Store or Google Play Store to ensure applications are legitimate. Read the customer reviews BEFORE installing!
- Never download applications directly from a website other than Apple or Google as it could be malicious code.
- Never screenshot or save your private keys in the cloud or in any electronic form!
- Private keys should be written down on paper and saved in at least two different locations significantly apart from each other.
- NEVER share your private keys with ANYONE! Do not assume your crypto holdings will never become a significant amount financially! (I wonder how many waiters and waitresses retired when their Doge went up over 16,000%!)
How to Avoid Scams
Do not rely on a single point of data when investing in crypto. Use multiple sources, especially social media. When viewing video content, be wary of videos that do not allow comments. Avoid sending crypto to a wallet address with the promise of receiving more of the same in return. Remember, if it is “too good to be true”, it probably is.
Most legitimate crypto projects have a Telegram channel that allows for live Q&A. When interacting with Telegram users, avoid direct messages providing unsolicited advice. Read all of the pinned messages before engaging with participants as most of the common questions are addressed in that manner.
By no means is this list exhaustive as new scams and levels of protection to combat them are ever-evolving.