Monero, one of the most prominent privacy-focused cryptocurrencies, recently released a series of pages collectively called “Monero Best Practices.”
The collection has tips for those looking to handle their Monero in the safest manner possible and has useful information for beginners and veterans alike. In total, there are seven pages with topics spanning from setting up your first wallet to encouraging users to learn about Monero continually.
All pages can be viewed here, with each page downloadable as either a .jpg or .pdf for distribution to other people. Many of the tips within their content could also apply to many other cryptocurrencies, so even if you don’t own Monero, it’s still worth a read.A Secure Wallet is a Happy Wallet
The first of the seven talks about the basis of any cryptocurrency: a wallet. Without it, users wouldn’t be able to send or receive payments.
Some advanced wallets even allow you to interact with DApps, providing additional functionality without making the user have to go anywhere else.
In its most basic form: the user has the choice between a “hot” and “cold wallet.”
Hot wallets are typically connected to the internet and recommended to be used akin to a checking account. Cold wallets are kept offline and used more like a savings account.
This works because as long as you know the address to a cold wallet, you can continue to send funds to that wallet even if it’s online; the balance will be reflected as soon as you bring the cold wallet online.
Lately, hardware wallets (such as ones from Ledger or Trezor) have risen in popularity as sort of a unique hybrid: convenience of a hot wallet but the security of a cold wallet when not in use.Know Your Exchange Safely
Now that users have a safe place for their Monero to stay, the second place to worry about is where you’re getting Monero from. The page has seven useful questions you should ask yourself when considering t...