Secure way to store ERC-20 tokens
Basic security rules, risks of using online services and the most reliable way to store digital assets.


In this article, our partners presented their view on the safe storage of crypto assets. So, in simple words about the most important thing.

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One of the most important tasks of any investor in the cryptocurrency sphere is to decide "on the bank" with the investment attractiveness of a project. But many overlook such an obvious detail as the storage location of acquired tokens, and this, in turn, is no less important for any investor. Agree, it will be a shame to spend your time on the analysis and evaluation of the project, but to lose part or all of the entire portfolio due to an incorrectly chosen strategy for safekeeping of your assets.
Online wallets Mew and Mycrypto
The most common interfaces for storing and using assets of the Ethereum blockchain are MyEtherWallet, Mycrypto wallets. These are open source projects that give the user full control over their funds. When creating a wallet, the user is asked to save a private key - proof of ownership of assets and it allows the user to spend money from your address. If an attacker gains access to a private key, he will be able to steal all available assets.
Risks of using online wallets
Phishing

This is one of the most common types of attacks in which attackers create absolutely identical copies of the original sites. As a result, all the data that users enter is transferred to attackers or resold on the black market for later use.

Newsletters

Users quite often receive emails about a proposal to transfer funds to public addresses belonging to the attackers.

Malicious programs

The victims often are users who install infected wallets distributions. Also known are special types of programs that may exist on a PC for a long time to transfer all the information entered via the keyboard to an attacker.

Keeping private keys

The private key can be intercepted by attackers, so it is very important to store it in encrypted form or on offline media. At the end of the article we will talk about the most reliable method of storing private keys.

Using private keys

If your PC is infected, then extracting private keys from an encrypted file or offline storage also carries risks.
Basic safety rules
There are several basic rules you must follow to safeguard your digital assets:

  • Memorize the addresses of sites that you use, and always look through the browser's address bar.
  • Pay attention to browser error messagesSSL certificate. Do not ignore them.
  • It is not recommended to follow links in the field of contextual advertising GoogleAdwords, YandexDirect. Unscrupulous site to get into contextual advertising is even easier than to organic issue.
  • Do not upload your private key to the site until you are 100% sure that the site is genuine.
  • Use programs to assess the harmfulness of visited sites. For example, WOT (WebofTrust), which evaluates the visited site by many parameters.

When using hot and online wallets, you must always be extremely attentive, consistent and follow strict hygiene of your PC. But there is a method that does not require such effort on the part of the user and ensures maximum security.
The safest place for your tokens
A hardware wallet is a device for storing private keys. In order to steal your money, an attacker can just gain access to your PC. If you use a hardware wallet, a hacker will not have enough control over your PC, since there is also an external device. Access to it is impossible due to the special operating system and secure hardware of the wallet. In addition, there are other benefits:

  • Even the user cannot extract, display or see private keys. They are securely hidden.
  • Any transaction is accompanied by a physical confirmation on the hardware wallet by pressing a button. This eliminates any possibility of remote theft of funds.
  • The hardware wallet display allows you to verify the address for authenticity. This is phishing prevention.
  • If the device is lost, the user can restore the funds using a mnemonic phrase, which can consist of 12, 18 or 24 words.
  • You are not tied to a specific hardware wallet manufacturer. If necessary, you can transfer assets to other wallets that are compatible with industry standards BIP32,39,44.
    Which hardware wallet to choose?
    There are many manufacturers of hardware wallets on the market today. We will focus on the most popular: Trezor, Ledger, KeepKey.

    One of the important advantages of these wallets is the ability to make transactions directly from the original interface. No need to use MyEtherWallet and MyCrypto online wallets. Accordingly, all the above risks disappear.
    Vladimir Abovyan, co-founder in Cryptonist
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