Monero Unveils “Best Practices” to Help Keep Users Safe
Talking about privacy in the cryptocurrency world, Monero is one of the few digital currency at the fore promoting privacy in the crypto space. Recently, Monero published many pages regarded as its “Best Practices.”
The published pages actually provides information for crypto lovers wanting to manage their Monero in the best and safest ways. As well, it provides necessary updates for newbies and those regarded as experts.
In all, there are nothing less than seven flips with topics ranging from imploring users to study Monero to way by which they can set up their maiden wallet.
While the pages can be viewed, they are still downloadable in.jpg or .pdf to ease distribution and redistribution to people.
The information provided also solves problems of other digital currencies. This makes the update important for those who do not own Monero.
You Get Happiness When Your Wallet Is Secured
Among the seven points raised in the information provided is about wallet. Users who do not have wallet won’t be able to receive or send funds. In fact, some wallet are sophisticated to the extent that they make interaction with DApps possible. In short, users are allowed to own either a “hot” or a “cold wallet.”
While hot wallets are majorly connected to the internet and are used similar to checking account, Cold wallets are used offline and are more of a savings account.
The moment you know the address to a cold wallet, it is easy to send fund to it even while not online. You get the balance once you connect them with the internet.
However, hardware wallets like Ledger or Trezor are more advance and hybrid since they are like a hot wallet but have are secured like a cold wallet.
Understand Your Exchange Safely
The moment you have a safe wallet for your Monero, you must be sure the where you are getting your Monero from. The provided information provides seven tangible questions users of wallet needs to ask themselves before they decide to use any exchange:
- Are there positive reviews available through third-party sources?
- Are they reliable?
- Has it ever been attacked? Was the response to the attack appropriate?
- How long has the exchange been in operation?
- Are the creators/managers known or reputable individuals or entities?
- Are you able to maintain your privacy by not sharing any personal information?
- Does the website use security precautions like captcha and Two-Factor Authentication (2FA)?
- Does it have legitimate security certificates and start with https?
- Are you able to download report of transaction for easy proof when you intend paying taxes?
You can also check the address you are sending to by first testing with a small amount, and also using a decentralized exchanges.
Don’t Tell People How Much You Have?
This particular section talks about individual’s action and not technical actions that makes their wallet more vulnerable and more difficult for hackers.
Those who mention how much Monero they have in their wallets are susceptible to been run after by hackers. If people don’t know your worth, they may not be thinking of stealing your fund.
In countries where there are capital control from government, just saying how much crypto you own could cause agents to visit you.
Don’t Share Your Private Keys
It is not advisable to share your private key with anybody, and under no reason must you do so. The moment your privacy key is intact, your Monero cannot be tampered with.
No one among the exchange support staff or any Monero developers will demand your private key. Once anybody demands this, they are planning to steal your funds. Stay away from them.
More so, it is hard through Monero’s privacy to know who steal your fund. So, be careful. The only thing you can share with people is your public address when they intend paying into your wallet.
Know Your Hard Forks
Unlike other cryptos that do hard folks in case of terrible issues like the Ethereum DAO hack or when the algorithm is to undergo major cganges, Monero does two hard folks yearly.
These are perfected by developers who achieves several updates. For Monero, hard forks make past implementations of Monero incompatible. This makes it necessary for users to update their wallet as at when due for easy sending and receiving of funds.
Note that all necessary things that may possibly affect you have been managed. This page deals with proactivity rather than reactivity.
In the past some practices were focused on building defense, community engagement is not important to keeping your Monero safe, it however, gives users necessary update in case of any threat.
You need to learn more about Monero to get going and to get accustomed with Monero technology, and to also get solutions to problem in case any occurs.
Learning about Monero gives you deep knowledge.
This update works for other cryptocurrencies too, and makes keeping as easy as anything. The increasing need for privacy has heightened the demand for digital currencies like Monero. This literature makes it easy for users of privacy crypto to keep their currency in a safe exchange while helping them also in daily practices.