Best Practices (Do's and Don't's)

Keep your precious cryptocurrency safe by following our guidelines below;

  1. Download only official wallets from verifiable sources. See this page for a list of official sources.
  2. Keep Private keys private. Your private key is literally the key to your coins. Always keep a store of these keys, but ensure they are kept safe and away from prying eyes.
  3. Use hardware wallets such as Ledger to store coins. It is highly recommended large amounts of currency are kept on hardware wallets. Keeping currency in "Cold Storage" (another term for offline) on hardware wallets ensure funds are less likely to be stolen by a potential hacker. Who may have access to your laptop, smartphone, or other electronic device.
  4. Enable encryption on Wallets. Without encryption on a wallet you incur the risk of a hacker being able to view your wallet (including private keys of all addresses it contains) in human readable form. Quite simply - always enable encryption.
  5. Don't store large amounts of coins on Exchanges. There have been numerous hacks on crypto exchanges over the years resulting in the loss of $1,000,000's worth of bitcoin. It is therefore sound advice to move bigger volumes of currency off an exchange and store it personally. (See point 3 again regarding Hardware Wallets.)
  6. Please take a few moments to read our blog article on how to hold your Stratis coins securely.