Wallet Set-up
One of the primary concerns of any crypto investor should be wallet security, the last thing you want is to get fisted for your funds and have them drained away by some unscrupulous scammer!!!
Last updated
One of the primary concerns of any crypto investor should be wallet security, the last thing you want is to get fisted for your funds and have them drained away by some unscrupulous scammer!!!
Last updated
Self-custody of assets is a double edged sword, it's one of the core drivers for crypto adoption as it means you and you alone have control of your assets, no banks, no institutions & no middlemen. However this also means that very few people are going to be able to help you if things go wrong. Here are some things you need to know and some tips to avoid losing your hard earned $BLF (other assets are available).
Not your keys not your Crypto! A private key is an alphanumeric code used in cryptography, similar to a password. In cryptocurrency, private keys are used to authorize transactions and prove ownership of a blockchain asset. You generate a private key (along with a corresponding public key) any time you create a blockchain address. Your Seed phrase is a 12, 18, or 24-word pattern generated each time a new wallet is created, it is the “master key” for all of your crypto accounts – it is your private keys in mnemonic form. These words, when entered into another crypto wallet (in the correct order) will recover all of the private keys you were storing on your original wallet. The purpose? Giving you control. Having this phrase means that even if you lose your physical hardware device, you’ll still have access to your blockchain assets. These keys are generated when you create a new wallet or address on the blockchain, it is advisable to store them offline on a good old piece of paper in a safe place, where prying eyes and digital thieves cannot access them.
Cold wallets are one of the most secure forms of crypto storage, these are usually a physical device with a pin number or password that has to be plugged into a computer in order to access your assets. These are less susceptible to digital attacks or hacks and require someone to obtain both access to the physical device and your password or pincode to access your assets. Which should be damn near impossible! We have listed some popular cold storage options, used by the BLF team themselves, below.
Trezor hardware wallets are the ultimate in Bitcoin and cryptocurrency security. Connect your wallet with the Trezor Suite app and easily manage your assets in a secure crypto ecosystem.
Here is a handy unboxing & setup guide from CoinBureau on the Trezor Hardware wallet.
Brilliantly secure.
Here is another guide from CoinBureau on the Ledger Hardware wallet
A hot wallet is a less secure storage solution than a cold (hardware) wallet, but when used correctly is versatile, convenient & still secure enough for day to day activities. A hot wallet is a cryptocurrency wallet that is always connected to the internet and cryptocurrency network. Hot wallets are used to send and receive cryptocurrency, they allow you to view how many tokens you have available to use and access Web3 & Dapps. Being connected to the internet & blockchain all the time (Hot!) is convenient but also means they are more susceptible to digital attacks, so the devices you use them on need to be secure too! We have listed some popular hot wallet options, used by the BLF team themselves, below.
This is one of the most well known and popular software wallets available, used by Degens everywhere! Available as a browser extension and as a mobile app, MetaMask equips you with a key vault, secure login, token wallet, and token exchange—everything you need to manage your digital assets.
A lesser known option, but a very user friendly and versatile software wallet! Advertised as a one wallet does all wallet. 50+ networks supported. Swap between 1000s of assets. Connect to 12+ Networks including Ethereum, Solana, BSC with the Exodus Chrome browser extension. Manage multiple portfolios, stake and buy crypto, view your NFTs, and explore Web3 on Android and iOS.
👊🏿 Self-custody - It's awesome! but you need to be prepared for the responsibility. 👊🏿 Private Keys & Seed Phrases - Store offline if possible & DON'T LOSE THEM! 👊🏿 Cold Storage - Super secure, physical devices for storing and accessing your Crypto. 👊🏿 Hot Wallets - Less secure but very convenient, maybe don't store your life savings here!
Great video on Metamask security and a 101 guide from our favourite youtuber.... CoinBureau!
Another popular option, Trustwallet, with over 60 million users. Advertised as the most trusted & secure crypto wallet, it's in the name after all! Exchange Instantly, No forms, no selfies. Trade crypto anytime with ease. Use your favourite decentralized apps & find new ones, without leaving your wallet. Here's a setup vid from the TrustWallet youtube channel to get you started!
Exodus have a series of videos on their Youtube channel with tutorials for everything you could need to know about the Exodus ecosystem