Monero is the top cryptocurrency choice of privacy-focused individuals. RingCT, ring signatures, stealth addresses, and Dandelion++ hide not just the identities of the parties involved, but also conceal transactions and how much XMR is sent or received. Whether you are a HODLer, a day-to-day user, or a miner of Monero, you need a secure wallet to store your XMR. Here are habits you should exercise regularly to maintain the security of your Monero wallet.
Hot wallets are used while connected to the internet. They offer convenience to those who send and receive XMR constantly. Web-based, mobile, and desktop wallets, however, are susceptible to online attacks. You can lower the risk by:
1. Making sure you download only from the official website, if it is your first XMR wallet. There are many scammers who copy apps and list them in app stores.
2. Backing up your Monero wallet. Make several copies of your seed on paper by writing or printing it. Store them in different locations so you still have a backup in case of loss. The seed gives you access to your keys and coins. If you lose this, then your XMR is gone for good.
3. Installing anti-virus and malware software in your device/s. It is worth paying for these services to get comprehensive protection compared to the free versions. There are some that has identify theft monitoring and strong password management. These programs not only secure your XMR; they also protect all your online activities, including crypto.
4. Updating your operating system, apps, and devices. Most updates resolve security issues and it is best that your devices always have the most current versions.
5. Protecting your devices with a password. Many people do not use passwords for easy access, but this also gives other people a trouble-free entryway.
6. Avoiding public network connections, especially when you are transacting with crypto. It is advisable to use a VPN, even if you are home. A VPN encrypts your internet traffic and obscures your online identity, making it difficult for third parties to track your activities and steal your data.
7. Taking advantage of multi-factor authentication wherever possible.
8. Using a separate device for crypto-related activities, if possible.
9. Verifying the website address on the browser of web-based wallets. There are phishing websites that look exactly like the site, but with an entirely different web address.
10. Double-checking a recipient’s wallet address. Some malware change the wallet address when you copy-paste it. Once the transaction is completed, it cannot be reversed on the blockchain.
11. Storing just enough XMR for your day-to-day transactions. Keep the bulk of your Monero coins in a cold wallet.
Cold wallets are offline. Although they are less convenient to use than hot wallets, they significantly reduce your risk off online threats. You still need to have a safety routine for your cold XMR wallet/s.
1. Get your hardware wallet straight from the manufacturer’s website. They are available in online stores, but middlemen may tamper with the device.
2. Just like the seed in hot wallets, make several copies of your paper wallet and your hardware wallet’s recovery phrase. Secure them in different locations as backups in case the original one is lost. Avoid storing them in cloud drives, like Google drive. Even if you lose your hardware wallet device, you can buy another one and use your original recovery phrase.
3. Refrain from sharing your recovery phrase. Once someone gets hold of your device, they can access your XMR. Keep your cold wallets safe from the elements. Fire and water can damage them. Store them in fireproof cases or vaults. Another option is to get a fireproof and water-proof protectors.
4. Double-check the recipient’s address when you are sending XMR.
5. If you use an exchange to get XMR, withdraw and keep it in your cold wallet.
6. The firmware of hardware wallets needs to have occasional updates, and you need to do this online. Make sure you get the update from the genuine website. The correct web address should be what is on your browser. Security experts highly recommend installing VPNs and software against malware and viruses in your PC or laptop.
Use cold wallets in tandem with a hot wallet for convenience. XMRWallet is a secure web-based wallet. It is open source and is developed and updated continuously. There are no registration or KYC requirements. Create your XMR Wallet today. You can also use your original 13 or 25-word seed phrase to make another Monero wallet.