Dont let your digital money being hacked

The resounding hacking event on nicehash has shown so much more as it is very risky to keep cryptocurrencies out in third parties web wallets. Infact in a web wallet, your money is locked with private keys that are not in your hands. If the webwallet is hacked, then all your money takes the fly. On nicehash all money has been easily stolen by attackers who probably stolen the keys and moved the coins away.

Rules to follow carefully

So first rule is: leave in a web wallet, exchanger or external web service, only minimal amount of digital money and just for the time necessary for your business, then move immediately to your cold wallet. It’s never possible to fully trust a web wallet, too insecure and too away from your control.  This is valid also for people who is purchasing electroneum, please be careful and move the electroneum very fast as soon changed away from exchanger. Always be careful and keep your digital assets safe.

Best offline wallets are electrum for bitcoin and litecoin and metamask for ethereum. Electroneum has instead a command line wallet that is very secure and very useful (a mobile version of wallet will be released shortly by the team).

Each time you install a desktop wallet on your computer, always check the checksum before launching install, and also check the link structure of downloading link. Sometimes the installer could be a backdoored version of original wallet, deep care must be used. Your digital assets are very important and you have to care same way as you keep secure your ordinary money (or maybe more).

The last thing to consider is the transaction time. Infact it’s always easier to transfer light currencies like litecoin, ethereum or so instead of bitcoins. The transfer of bitcoin involves huge fees and time for the transaction to be validated. So it’s clear that a wallet in  bitcoin has more difficulties to be kept and feeded compared to other currencies.

Hardware wallet?

Another solution is the hardware wallet as for example the ledger nano S. The hardware wallet helps you to keep stored your private keys inside it and to sign each transaction securely. This is also important and useful also because multiple currencies are supported. The fact to have with you all the keys, makes the situation very smooth and it’s very secure and quite impossible for your funds to be stolen. So, it’s clear, the hardware wallet is a good solution. For my opinion the hardware wallet is more useful for funds that you want to keep secure without a lot of outbound transactions.