Become your own banker (without getting hacked!) part #2

Our previous post should have given you a few helpful hints regarding the Do’s and Don’ts of becoming your own banker. Still, there is a lot you need to know, in order to avoid security risks, and protect your digital assets.

Choosing the right wallet is an essential step towards responsibly managing your cryptocurrency. But how do you decide which is right for you?

There are already many different types of e-wallets available on the market – and the spectrum of available features is wide. Still (with all due respect for the community’s efforts and attempts to develop ever better solutions), because of the decentralized nature of the crypto community, there are currently no defined standards for operational safety and security.

Choosing a secure provider is not easy – and, unfortunately, all responsibility is upon you, as a user.

That’s why we’ve taken the time to outline a few guidelines, which should make the process easier, and more transparent:

To securely maintain your “daily account”, follow these tips. (Or read more about managing your daily account, here.)
As always – security takes center stage. However, when it comes to managing your daily account, you may want to consider a few aspects or features which provide added convenience.

Because the bulk of your funds should be stored in your savings account, it’s okay to personalize your daily wallet, in ways which will help you save time and hassle. Remember, you’ll be using this account often in order to make your daily transactions, trades, and transfers – so it’s important to select a wallet which is user-friendly, and allows you quick and convenient access to your funds. Why give yourself a headache? :)

Establish a safe “savings account” for your cryptocurrency. We really can’t repeat it enough – security comes first! It doesn’t matter how user-friendly your wallet is, if it won’t keep your assets safe from theft or malicious activity. And, since your savings account is where you’ll be storing most of your cryptocurrency, you’ll want to take extra precautions to make sure both your assets and personal data are ultra secure.

First and foremost, make sure your savings wallet allows you to maintain control of your own private keys – and that it is protected with a secure, encrypted password. You’ll also want to make sure that the account is held with a real company or host, whom you can contact in the event of a crisis or question.

If you intend to hold several different currencies, create a separate wallet for each one. It might seem like an unnecessary step – but it will help provide another layer of security between your assets, and accidental exposure to loss.

(To learn more about this topic, click here to access more in-depth information, on the CORION Blog.)

Remember, when it comes to security, there is no compromise! In fact, this phrase is one of the defining principles of CORION.

Security is our top priority – however, we’ve also gone out of our way to provide a user-friendly wallet and services which provide all the features you need. None of the other e-wallets currently available on the market can claim to provide all of the features we’ve included – which is why CORION wallet is the best choice for those who wish to become their own personal banker.

Still not sure? We’ve provided this helpful checklist, to see what is worth consideration.

Security

  • Real, existing provider company/person/community [ Yes / No ]
  • Private key is stored by the user [ Yes / No ]
  • Multifactor sign-in e.g.: password + fingerprint [ Yes / No ]
  • PIN or CID code within the wallet [ Yes / No ]
  • Open-source developed [ Yes / No ]

Usability

  • Available as app [ Yes / No ]
  • Responsible provider website [ Yes / No ]
  • Support available in 24 hours [ Yes / No ]

Other services

  • At least 3 cryptocurrencies supported [ Yes / No ]
  • Transaction history (even in pdf format) [ Yes / No ]
  • Address management (import/export) [ Yes / No ]
  • Multilingual [ Yes / No ]
  • FIAT currencies (USD, EUR, etc…) supported [ Yes / No ]
  • Dashboard, and exchange rate charts [ Yes / No ]
  • QR code reader / generator [ Yes / No ]
  • Card and NFC payment methods [ Yes / No ]
  • Address book [ Yes / No ]
  • Multi-sign opportunity (multiple signatures are required to transfer) [ Yes / No ]
  • Automated payment of bills [ Yes / No ]

 

In our next post, we’ll provide details regarding the backdoor security threat we mentioned, previously. This threat leaves sensitive data (even your private keys) vulnerable to potential exposure by wallet providers who have failed to do their due diligence – so, stay tuned!

 

If you missed the other part of this “How to become your own banker” series, please find here:

Become your own banker (without getting hacked) part #1

Become your own banker (without getting hacked) part #2 – You are just reading this

Become your own banker (without getting hacked) part #3

How corion wallet protects you from hackers

By | 2017-08-24T20:53:13+00:00 August 21st, 2017|CORION|