When you're new to bitcoin, understanding it can seem daunting, let alone securing it. But what if you had a cheat sheet to help you protect your stack?
Now, there's just the thing. This week, we're exploring Jameson's 21 tips for locking down your sats.
They're a good primer for all bitcoiners, new and old, with a new bull market upon us. The stakes are as high as they've ever been. Here's a sneak peek:
Don’t trust unsolicited communications (email, DM, SMS text message, phone call, etc.)
Beware of random messages. When you take self-custody, the attack surface for bad actors moves from technology to you, the investor. Verify requests independently using another form of communication.
Use a multisig wallet for long-term holdings
You should increase your security as your level of investment increases. For significant long-term holdings, we recommend a multisig wallet for your protection.
Multisig wallets require you to use multiple keys to sign transactions. This arrangement is designed to protect your assets from single points of failure, such as a stolen or lost device.
Avoid having immediate access to your long-term holdings
It’s easy to leave your keys nearby when you first set up your multisig wallet. Don’t let complacency undermine your security. Avoid keeping a majority of keys in your primary residence or on your person.
Take self-custody in amounts of at least 0.01 BTC
Avoid sending excessive transactions and strive to transact in amounts of at least 0.01 BTC. That way, you’re not spending more than you’re HODLing.
Don’t allow your seed phrase backups to be a single point of failure
Seed phrases are overrated. Hiding a piece of paper from the world forever requires security knowledge most people don’t have. If you choose to use a seed phrase backup with multisig, we would recommend that you maintain redundancy with your backups.
Want to check out the full list? Click the link below for all 21 tips.
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