Storing your BIPs and tokens

Previously we've talked about managing our assets, but didn't take a look on storing assets in Minter Network. It is not a hard problem to solve but there are a couple of things you should know.

First, let's we should understand, that any crypto coin, doesn't matter if it is BIPs and tokens or other blockchains' coins, are not storing in any software you use. All you have is a code phrase (SEED) or private key to unlock your account/wallet/address, and only you have an access to it. I remember the time of an ICO hype when people asked if them could store their tokens on MyEtherWallet. It was an incorrect question, because MEW is not a wallet, it is a some kind of an entry point to blockchain, to your account. The same thing is in Minter. All we have now are: on-line console, desktop console and mobile app; just provide us an access to our address and allow us to interact with it. Well, everyone can create his own app and use it. The main thing is your SEED. And you have to save it carefully. Because as long as you will allow somebody to obtain it, you will loose your funds, they are no longer yours. In regular bank, where after fraud you can try to return your funds, there is no way to do that in blockchain. Nobody can brake an access to your account. It could be reachable only by entering SEED phrase. So, if you lost your funds that means you let it happen and it is only your fault.

That is really sad moment when you loose funds. So to protect yourself from such things you should use simple rules.

How can you compromise your SEED:

1) Attacker will "physically" see and fix it;

2) Attacker will gain access to the physical device with the passphrase;

3) Attacker will gain physical access to the computer or mobile device that has an installed wallet and is logged in;

4) Attacker will gain physical access to the computer or mobile device where the unencrypted SEED is stored ;

5) Hacking an unencrypted or weakly protected file with the SEED stored in the cloud storage;

6) Interception of a passphrase when entering on a phishing site;

7) Interception of the passphrase from the clipboard (both on the computer and on the mobile device)

8) Using third-party wallets from unknown developers or disguised as official applications;

9) Obtaining SEED directly from the owner by deception.

Here is a list of possible ways of loosing control on your funds and there are some recommendations how to avoid them:

1. Use antiviruses and other software on your PC. Upgrade their bases and check your device for viruses and other malware regularly;
2. Do not open file and/or physically written SEED in public places. Try to be alone at the moment when entering SEED;
3. Do not store your SEED in the clod storage without proper encryption. Well, you shouldn't do that even with encryption, but if necessary use serious encryption and 2-FA to enter cloud storage.
4. DO NOT EVER USE PUBLIC/FREE Wi-Fi. NEVER!
5. Do not visit third party websites, websites with torrents a others from the PC with your SEED;
6. Always check for SSL certificate on the website you're visiting. (An address should have httpS:\\ on the start of its name)
7. If you don't know correct address of a website you want to enter and are searching it through Google or other search engine, watch carefully where are you going to click. Phishing websites are often shown as adverts on the list of search results. Their names looks like original but with replaced letters inside address. Their authors use , for example, "0" instead of "O".
8. Logout every time you finish working with console. Especially it is important if you use online console.
9. Do not use unverified applications, applications from unknown authors, where you need to enter your SEED. First, make sure that the working application is not phishing, and the authors are not anonymous and known in the community. Now most of the developers are present in the chat rooms and understand who is doing what is very simple. And if no one has announced the appearance of the application, you should refrain, at least for a while, from using it.
10. DO NOT EVER GIVE ANYONE YOUR SEED!
11. Keep physical media with SEED, meaning pads, notebooks etc. where your passphrase physically recorded , in inaccessible to others place. It is desirable so that children and Pets also have no access to them, and that anything can happen..

These are the main rules to follow. We could add a lot of other words but the main thing to realize is: it is only up to you save your funds!

By the way, there is a crypto community called "not your keys, not your coins". That means that any third party service who store your SEED or private keys is potentially could be broken and compromised. So you shouldn't store your funds at the place that is not under your control and after using it withdraw your funds immediately. That's not related to traders, because they use deposit in their work, but they shouldn't store more than they need at the time.

We hope this article will help you to protect your funds and assets.

Best wishes,

Yours @Minter_Magazine