Cryptocurrency Tips

• Before buying any cryptocurrency, do your own research and be sure to consult with a financial advisor.
• Before buying any cryptocurrency, be sure to setup your personal crypto wallets first; desktop and mobile crypto wallet applications.
• Before buying any cryptocurrency, when setting up you desktop and mobile crypto wallet applications, be sure to copy down the mnemonic seed / recovery phrase for each of the applications. The order in which (the numbered order) that your seed / recovery phrase appears is important. Copy down both the associated number and its word in the order in which they appear. Be sure to store them in a safe place and have a backup copy stored someplace else.
• Before buying any cryptocurrency, have a plan. How do you plan to use, invest, exchange, and store them?

Practice Safe Crypto and Self-Custody

• Treat cryptocurrency as you would cash. Keep them safe, if you lose or miss placed them, it is your responsibility.
• After you purchase your cryptocurrencies, don't leave them where you purchased them or on an exchange in their Custodial Wallets, unless you plan use them immediately or trade them. Take Self-Custody of your purchased cryptocurrencies by moving them from their Custodial wallet onto your own Self-Custody wallet.
• Only place the cryptocurrencies you plan to use immediately onto your desktop, mobile, or online wallets. All other cryptocurrencies should be stored offline in either a hardware, or paper wallet
• Don't store all of your cryptocurrencies on one hardware wallet, minimize your risk of lost by storing them across several hardware wallets. This also applies to paper wallets, spread your cryptocurrencies out and story them across multiple paper wallets.
• Don't store your hardware and paper wallets all in the same place, minimize your risk of lost by diversifying their storage locations.
• Protect and safe guard your private keys, seed phrase, and recovery words; protect them like you protect cash and never share them online.
• Have more than one copy of your private keys, seed phrase, and recovery words for all of your wallets; minimize your risk of lost by diversifying their storage locations.
• Before using any hardware wallet verify that you can recovery the wallet using the recovery and seed phrases. See How do I verify and test a hardware wallet?
• Before creating paper wallets, be sure to isolate your computer, printer, and your router network from the Internet. See Paper Wallets - Cold Storage.
• After you have created your paper wallets, and before reconnecting to the Internet, be sure to remove from your computer all digital copies of your paper wallets you may have created, including any Keystore JSON files and or images that might have been created when using the MyCrypto - Ethereum Paper Wallet Generator application.
• Protect your hardware/paper wallets and USB stick devices from all forms of lost, including theft, fire, water damage, including from electrostatic discharge (ESD) and electromagnetic pulse (EMP). See Mission Darkness or Faraday Defense.
• Be sure to setup Multi-factor (MFA) and Two-Factor Authentication (2FA) to secure not only the access to your online account but also to confirm all wallet transfers.
• When using any crypto point-of-sale terminal application, be sure to treat the point-of-sale wallet just like a cash register drawer and perform nightly drawer close down procedures including the transfer of sales off of the point-of-sale wallet to an offline hardware or paper wallet.

Multi-factor (MFA) and Two-Factor Authentication (2FA)

Authenticator Applications

Authenticator applications like Google Authenticator, and Authy ID, use an account specific generated QR code at the time an “account for login” is being setup. It is recommended to save a copy of the generated QR code (screen capture / take a picture of the QR code and then store it someplace save as an image). Note: These types of Authenticator Applications are tied to an account credential, generally like a account ID / email address plus a phone number; the backup copy of the generated QR code could come in handy if the mobile phone was lost / stolen and a new replacement phone was being setup with the same phone number and account credentials.

Security Keys

When setting and using security keys, it is highly recommended to use a minimum of two (2) security keys, and many of today’s accounts will now require 2 keys when selecting the security keys option using security keys. Be sure to protect and safely store all security keys from all forms of lost.

Yubico / YubiKeys that are being setup to use the Yubico Authenticator application for account login with a generated QR code, the Yubico Authenticator application can be setup with a primary and backup security keys at the time the “account for login” is being setup. During the “account for login” setup, be sure to save a copy of the generated QR code (screen capture / take a picture of the QR code and then store it someplace save as an image). To setup using two (2) security keys: save a copy of the generated QR code, open the Yubico Authenticator application, insert the first/primary security key, select add new Account and scan the generated QR code; then unplug the first security key, insert the second/backup security key and repeat the process of: select add new Account and scan the generated QR code.

MFA / 2FA One-Time-Use Access Codes

When setting an account with MFA / 2FA, the account being set up may offer additional / backup One-Time-Use Access Codes. These codes are for backup use in case of lost of your primary means (Authenticator Application or Security Keys) to perform authentication. Be sure to save a copy of the One-Time-Use Access Codes (screen capture / take a picture / create an image / print PDF) and then protect and safely store all Access Codes from all forms of lost.

Buying Cryptos

Is there a similarity between a bank checking account and a crypto wallet?

Buying cryptocurrencies is like going to the bank and withdrawing cash (bills) from the teller or ATM. What's different is the "cash" is now in the form of a crypto, the amount of crypto held is now the digital representation of the "cash" value. You hold the crypto in a wallet, each and every crypto wallet has its own unique public and private keys which are the addresses to your wallet. The public and private keys are like the routing and account number found on the bottom of your checks to your checking account, you access your cryptocurrencies that are held in your wallet using a desktop or mobile application, and some wallets can be accessed via a web application.

What will one need to know and provided when creating their first crypto account for purchasing cryptocurrencies?

• You will have to present your identity information, (KYC - Know Your Customer), an email address, in some case a telephone number, and some sort of payment method.
• Be sure to setup Multi-factor (MFA) and Two-Factor Authentication (2FA) to secure the access to your account.
• Once the account is setup, know how to display your account public keys for each of the crypto wallet types within your account.
• Use a block explorer, using your above mentioned crypto wallet public keys, and verify their existence on the blockchain.
• For your first crypto purchase, start with a small purchase; only a few dollars worth for each crypto type you wish to purchase.
• View your purchase(s) online via the transaction ID link, or view your account crypto wallet using a block explorer.
• Before moving your newly purchased cryptocurrencies, verify your purchase via the transaction ID link and/or block explorer that your transaction has been confirmed.
• Before moving your whole purchase, send a small amount of crypto to test out your receiving wallet address is correct and operational.

After Purchasing Cryptos

What should one do with their cryptocurrencies after purchasing them?

After you purchase your cryptocurrencies, don't leave them where your purchase them, don't leave them on an exchange unless you plan to trade them, move them to your personal crypto wallet(s). If you don't hold them you don't own them.

What cryptocurrencies are good to practice sending and receiving between wallets?

Once you have a small amount of crypto, practice moving the cryptocurrencies between wallets. You could practice sending and receiving between your desktop and mobile hot wallet applications. Cryptos like DigiByte and DASH are great for practicing with, as their fast block times allow you to quickly receive your transactions and confirmations.

Are there any Bitcoin / Cryptocurrency Debit Cards?

There are several companies that do offer debit cards, for US residents BitPay, Coinbase, Gemini, Nexo, for the EU Coinbase or Wirex.

Wallets Tips

Can one create a hardware wallet using a USB stick?

A hardware wallet can be made out of USB stick for storing paper wallets. Before placing anything onto the USB stick be sure to reformat the USB stick and consider encryption and or password protection to the USB stick. One could consider this now a "secure USB stick". When printing a paper wallet, one can also, at the same time frame, save the paper wallet into other digital formats where one can password protect the file, creating a digital secure copy. Once the file has been created it can be place onto the "secure USB stick".

How does one Practice Safe Crypto when creating a paper wallet?

When creating paper wallets, be sure to turn off your WiFi connection and disconnect any Ethernet cables on your device, disconnect your Internet Service Provider ISP from your router, shutdown and then reboot your computer. Next on reboot make sure your computer is unable to connect to the Internet. Attach your printer to your computer, then using one of the previously downloaded programs (Paper WalletGenerator and MyCrypto - Ethereum Paper Wallet Generator), create and print your paper wallets. One can also create a digital secure copy of the paper wallet and place it onto a "secure USB stick". Be sure to remove from your computer all digital copies of your paper wallets you may have created, including any Keystore / JSON files or images that might have been created when using the MyCrypto application. After you have created, printed, and stored your paper wallets, shutdown and then reboot your computer before reconnecting to the Internet.

How should one protect and store crypto hardware wallets and other USB storage devices?

Best practices for protecting and storing crypto hardware wallets and other USB storage devices are to protect them from all forms of lost, including theft, fire, water damage, and electrostatic discharge (ESD) including electromagnetic pulse (EMP). A small water proof fire safe are idea for this, along with placing your USB sticks and devices into an electrostatic discharge protection bags. ESD/EMP bags are available from Faraday Defense and Mission Darkness. Placing an ESD/EMP bag within another ESD/EMP bag increase the protection from an "ESD/EMP event" that could cause the lost of the data on the device.

How many paper wallets should one create?

When creating paper wallets, create additional wallets for each of the crypto types you are creating. These additional wallets come in handy as spares and to practice with.

How does one move / transfer cryptocurrencies from a paper wallet?

When first starting out in cryptocurrencies one might want to practice moving cryptocurrencies from a paper wallet to a desktop, mobile, or online wallet. Paper wallets can receive multiple transaction, but they are not designed to send multiple, its a one time move / transfer of the entire content of a given cryptocurrency or a given Ethereum ERC20 token. When moving Ethereum ERC20 tokens be sure to have a small amount of Ethereum in the wallet to provide the Ether (gas) to pay for the transaction fee of the move. Using a spare paper wallet for a given crypto type, send a small amount to the public address or scan the public QR code of the paper wallet and then view the public address of the papaer wallet online using a block explorer and confirm the transaction has been received by the paper wallet. Now send the cryptocurrencies back from your paper wallet, from within the a desktop, mobile, or online wallet, selecting the matching crypto wallet type, select Move / Import funds, enter the private key or scan the private QR code of the paper wallet, and then confirm the transaction via the application or block explorer.

Can one reuse a paper wallet after a cryptocurrency transfer?

Once a paper wallet has been imported into a desktop or mobile wallet application, using its private key, delete / destroy the paper wallet, as the private key has been exposed to the desktop or mobile wallet application which uses the key to import the contents of the paper wallet into the desktop or mobile application's wallet. It is recommended to discard and not to use the paper wallet after its private key has been used/exposed to import the contents into a wallet application.

How does one restore a crypto wallet?

When first starting out into cryptocurrency you might want to practice recovering a desktop or mobile application. Place a small amount into the wallet(s) of the desktop or mobile application(s), be sure to confirm you have your mnemonic seed phase / recovery words written down, then delete the application. Reinstall the application and then select Recover Wallet.

How do I verify and test a hardware wallet?

1. When setting up a hardware wallet be sure to copy down all recovery and seed phrases.
2. Setup your hardware wallet to connect to a crypto software wallet application.
3. Transfer a small amount of cryptocurrency to the hardware wallet.
4. Restart your computer / mobile device, then verify you can access you hardware wallet using the crypto software wallet application.
5. Test sending and receiving a small amount of crypto from your hardware wallet using the crypto software wallet application.
6. Restart your computer / mobile device again.
7. Using the hardware wallet manufacturers instructions to recover a hardware wallet, verify that you can recover the hardware wallet using the recovery and seed phrases copied down when the hardware wallet was initially set up.
8. Be sure to verify all of this before transferring large amounts of cryptocurrencies onto a hardware wallet.

How do I verify and test a paper wallet?

1. Before creating paper wallets, be sure to isolate your computer, printer, and the router of your network from the Internet. See Paper Wallets - Cold Storage.
2. When initially starting out to use paper wallets, create a few wallets to practice with.
3. Before using any paper wallet, verify the wallet address using a block explore.
4. Send a small amount of cryptocurrency to the wallet and then using a block explore verify that the funds arrive and the transaction confirms.
5. Practice swiping / importing the contents of the paper wallet into a crypto desktop or mobile wallet application.
6. After creating a paper wallet, the wallet generator can also be used to view the wallet details, including the public wallet address, by using the private key and in the case of the MyCrypto wallet for the ETH using the keystore file or mnemonic phrase. Verify and confirm, using the wallet generator to display the wallet details, that the public wallet address displayed matches your paper wallet address.
7. Never reuse a paper wallet once the contents of the wallet has been swiped / imported into a crypto desktop or mobile wallet application, as the private key has now been exposed to the application.
8. Be sure to verify all of this before transferring large amounts of cryptocurrencies onto a paper wallet.