The

Crypto
Guardian's
Handbook
Essential Strategies
to Protect Your
Cryptocurrency Investments

getcoinplate.com
Copyrights
All rights reserved. No part of this book may be reproduced in any form on by
an electronic or mechanical means, including information storage and
retrieval systems, without permission in writing from the publisher, except by
a reviewer who may quote brief passages in a review.

Copyright © Coinplate, 2023

Cover photo: Image by fabrikasimf on Freepik

First Edition: May 2023

Published by Coinplate

DISCLAIMER
This book is an edited commentary and opinion. It is meant to promote thoughtful
consideration of ideas, spur philosophical debate, and inspire further independent
research. It is not investment advice; don’t use it to make investment-related
decisions. It’s not legal advice; consult a lawyer in your jurisdiction with legal
questions. It may contain errors and omissions, despite our best efforts. Coinplate
assumes no responsibility for errors or omissions. Things change quickly in the
crypto asset industry; use this book as one reference, not your only reference.

References to trademarked or copyrighted works are for criticism and

commentary only. Any trademarked terms are the property of their respective
owners. References to individuals, companies, products, and services are
included for illustrative purposes only and should not be considered
endorsements.

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2
 About
the
Authors
Coinplate
The guide was written
by our expert team

At Coinplate, our passion for blockchain and Our cryptocurrency knowledge, coupled with our
cryptocurrency drives us to empower you with the passion for providing secure and reliable storage
knowledge and tools you need to navigate this solutions, has earned us the trust of readers and
innovative space safely and confidently. Our team of customers alike..
dedicated crypto enthusiasts not only creates best-
in-class products but also offers valuable insights STAY CONNECTED
into various aspects of cryptocurrency through our
getcoinplate.com/blog
popular blog.
@getCoinplate
With over a decade of experience in manufacturing
durable metal products for heavy industries, we
apply our expertise to develop secure, high-quality
storage solutions for your seed phrases. Our
commitment to simplicity ensures that Coinplate's
seed phrase storage solutions are user-friendly and
easily accessible to everyone.

3
Table of
Contents
// 05 Introduction

// 06 General Safety Tips

// 12 Tips For Safe Crypto Holding

// 21 Extra Tips For Advanced Users

and Big Holders

// 27 Secure Your Coins With

Coinplate Discount

// 28 Bonus: Crypto Glossary –

50+ Essential Terms

4
Welcome to
INTRODUCTION
The Crypto Guardian's
Handbook
Essential Strategies to Protect Your Crypto
by the Coinplate team
In this comprehensive guide, we aim to provide you
with the knowledge and tools necessary to
safeguard your cryptocurrency investments and
minimize the risks associated with this exciting, yet
unpredictable, digital landscape.
As the world of cryptocurrencies continues to evolve
and expand, the need for security and vigilance has
never been more critical.
This guide will walk you through general safety tips,
best practices for holding your crypto safely, key and
backup management, and advanced security
measures for high-risk profiles or large holdings.
In addition to the valuable information
and practical tips found within these
pages, we have also included exclusive
bonuses and discounts for our readers:
• Exclusive discount
special 10% discount on ultra-durable seed
phrase backups from the Coinplate store
• The Ultimate Cryptocurrency Glossary
Bonus content with 50+ essential terms and
concepts every crypto enthusiast should know
These extras are designed to further
enhance your cryptocurrency journey and
provide you with the resources you need to
navigate this dynamic industry confidently.
We have designed this ebook to cater to both
beginners and experienced crypto enthusiasts,
ensuring that everyone can benefit from our expert
advice and insights.
So, without further ado, let's dive into the world of
cryptocurrency security and learn how to protect
your digital assets effectively. We hope you find this
guide informative, practical, and empowering.
Happy reading!
5
General
CHAPTER 1

Safety Tips

6
General Safety
Tips
Only you, the owner, are 100%
responsible for the safety of your funds.
The cryptocurrency space is very different from the
traditional finance sphere. The main difference is
that only you, the owner, are 100% responsible for
the safety of your funds.
There is no credit card company, bank, government
agency, or insurance company to protect you and
refund your lost funds. It might change in the future,
but for now and probably for years to come, only you
are responsible for the safety of your funds.
In the crypto space, you are truly your own bank,
which demands you to be responsible,
so act like it and build a solid security protocol to
protect yourself. You will be sleeping well while being
ahead of 90% of crypto holders if you implement the
security tips we mention later.
Also, don’t stop there and learn more about things
we discuss, and crypto in general, it will benefit you
greatly in the long run. Be aware that the attackers
will often target you, as people are the biggest
weakness of crypto security.
7
General Safety Tips 1/3
1. ALWAYS DOUBLE OR TRIPLE CHECK ADDRESS
AND NETWORK OF YOUR TRANSFER.
Transfers made to the wrong address will make the Be aware that there are viruses and malware which
funds disappear, the same with transfers to the will replace the address you have copied with one
seemingly correct address but on the wrong owned by scammers. We’ve had this happen to us,
network. The funds could end up inaccessible so be wise and always double-check the addresses.
forever. It could be quite confusing to make a If you use a hardware wallet to make a transaction,
transfer, for example from an exchange, because always check the address displayed on the hardware
you will be offered to use 3-4 different methods of wallet itself.
transfer, all seemingly good.
Always check if the network you use is the one
supported by the other address. If unsure, make a
test transfer first (see next tip).

2. IF UNSURE ABOUT TRANSFER OR SMART

CONTRACT, MAKE A TEST TRANSACTION FIRST
You will have to pay the transaction fees, but you will
avoid losing funds if you mess something up or if it is
a scam. One has to be diligent about what they do in
the crypto space, as wrong transactions usually
cannot be reverted.
There are examples of people who made a wrong
transfer worth millions of dollars and lost their funds,
just because they didn’t want to pay a few dollars to
make a test transfer first. Don’t be like them.

8
General Safety Tips 2/3
3. DON’T BRAG ABOUT YOUR CRYPTO
PORTFOLIOS
Don’t discuss balances with anyone but your
closest ones. Consider totally avoiding talking
about crypto
There are many stories from all around the world of
burglars breaking into homes, the owners being
tortured, blackmailed, kidnapped, or hacked because
attackers heard about their crypto holdings.
You might not even have that much in your wallet,
but it doesn’t matter if an attacker thinks you hold a
lot. Sometimes this idea could come back to a
potential attacker even after a few years when he
hears about bitcoin’s new all-time high in the news.
4. NEVER BLINDLY TRUST ANY WEBSITE,
SOFTWARE, NETWORK OR DEVICE
Always approach websites and software with
caution, verifying legitimacy, website addresses,
and internet connections. Maintain online
privacy.
There are loads of websites with similar website
addresses to the legit ones, hackers buy out ads and
set up websites to appear in Google searches.
Always check if the website address is correct,
preferably access your crypto websites via saved
bookmarks only.
Avoid being a target of criminals and just keep your
mouth tight, both in real life and online. You should
always be cautious about discussing crypto with
other people or online, as they can pass this on to
someone else.
Remember that many people assume that stealing
crypto is like stealing cash, easy to spend, and hard
to track, so it’s what thieves want. You would be an
easy target if you tell around you hold $1mln in cash
at your house, the same is with crypto.
If a physical threat is within your risk profile anyway,
learn about decoy wallets, which we mention later.
Avoid using any open wireless networks, preferably
any network that you don’t own. If you have to use
cellular Internet or other Wifi networks, consider
using a VPN on your devices.
Don’t use your work computer or phone for non-
work-related stuff, it is probably heavily monitored
and can track data. Use internet browsers that
protect your privacy.
9
General Safety Tips 3/3
5. PROTECT YOUR ONLINE AND SERVICES
ACCOUNTS.
Protect your e-mail accounts, exchange accounts, Avoid putting your phone number in any services as
and other website accounts with a strong password the criminals often use sim-swapping to gain access
paired with two-factor authentication. Avoid reusing to your services, also avoid using SMS as a 2FA tool.
passwords and consider setting up a secure
password manager.

6. KEEP SMALL AMOUNTS IN A SEPARATE, EASY-

TO-ACCESS WALLET.
It is usually a good practice to keep a small amount The rest will be secured in a hardware wallet with
for everyday use in a separate wallet, while the rest proper seed phrase backups. You will avoid then
of the funds are kept in a safe place. One can use a carrying your hardware wallet with you.
software or mobile wallet for everyday transactions
and top it up from time to time from the main wallet.

“
Lost coins only make everyone else's
coins worth slightly more. Think of it
as a donation to everyone.
Satoshi Nakamoto

10
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Tips For
CHAPTER 2

Holding Your
Crypto Safely

1
2
Holding Your
Crypto Safely
Protect your crypto holdings and secure your
financial future for the long term.
In this section, we will explore a range of tips and
best practices for holding your cryptocurrency
safely and securely. We'll emphasize the
importance of taking control of your own digital
assets, rather than relying on third-party wallets,
such as exchanges, investment apps, and lending
platforms. You'll learn about the crucial role of
private keys and seed phrases, and why
understanding them is vital for any crypto holder.

Furthermore, we'll discuss the benefits of using

hardware wallets, which provide an additional layer
of security, ensuring that you remain the sole
owner of your digital assets. We will guide you
through setting up your hardware wallet safely and
choosing wallets that adhere to industry standards.
We'll also focus on the proper storage and handling
of your seed phrase backup, including tips for
safeguarding it against loss, damage, or
unauthorized access.

Lastly, we'll stress the importance of routinely

using and checking your hardware wallet and seed
phrase backup, as well as taking necessary
precautions when handling your seed phrase to
minimize the risk of exposing your digital assets to
potential threats.

With these tips in hand, you'll be well-equipped to

protect your cryptocurrency investments and
secure your financial future in the digital realm.

13
HOLDING YOUR CRYPTO
SAFELY 1/6
1. DON’T HOLD SIGNIFICANT AMOUNTS IN
WALLETS MANAGED BY SOMEONE ELSE.
This includes exchanges, investment apps, and The managers of exchanges and lending platforms
lending platforms. often use your funds to finance their own business
and invest your coins while showing you virtual
When you keep your coins in a wallet managed by a
amounts on your virtual accounts.
crypto exchange company (i.e. Coinbase, Binance),
investment app (i.e. Robinhood) or lending platform
There were multiple cases of lost funds because of
(i.e. Celsius, Nexo), you truly don’t own anything and
hacks, mismanagement, or outright fraud, and the
your coins can be taken from you without further
users were left with nothing. The recent example of
notice.
Celsius bankruptcy with almost $5bln worth of coins
lost, shows that you have to be aware of the risk and
One could think that this is similar to traditional
even better avoid it altogether and only use your own
banks, but the difference is that no insurance or
wallet with your own keys.
government will refund your stolen or defrauded
funds.

2. LEARN WHAT THE PRIVATE KEYS AND SEED

PHRASES ARE
Your seed phrase is both a recovery/backup as well
as an instruction set for your wallet. The seed phrase
instructs the wallet which addresses and private
keys to set up. With your seed phrase, anyone can
access all your addresses.
Always make a physical backup of your seed phrase,
preferably on a durable medium, or use ready-to-use
backup solutions like Coinplate. We have a full guide
on this topic on our website.

If you lose your seed phrase you will be unable to

recover your wallet when it’s broken or lost

14
HOLDING YOUR CRYPTO
SAFELY 2/6
3. REMEMBER THAT YOUR SEED PHRASE IS
IMPORTANT.
Seed phrase is both a recovery/backup as well as Always make a backup of your seed phrase,
an instruction set for your wallet. preferably on a durable medium, or use ready-to-use
backup solutions like Coinplate.
With your seed phrase, anyone can access all your
addresses kept in a wallet. If you lose your seed Remember that the seed phrase can be used to
phrase you will be unable to recover your wallet make a direct copy of your wallet with all your
when it’s broken or lost. accounts and balances.

4. MOVE YOUR FUNDS TO A HARDWARE WALLET

- BE TRULY THE ONLY OWNER OF THE COINS.
Anyone who holds a significant worth of coins should
keep them at addresses protected by a hardware
wallet. What is significant will differ from one person
to another, but the rule is if you hold enough to make
the loss painful, get a hardware wallet asap.
Remember that your coins might be worth 10 or 100
times more in a few years so protect your portfolio
like it would be worth $1 million., even if it’s now much
less. It can be worth that much or more in the future
and you will regret it if you lose it because of your
laziness.
Hardware wallets keep your coins secure from
hackers by holding the private keys to each address
securely inside. No one can see the private keys, the
hardware wallet only uses them to make
transactions, after you authorize it with the PIN
code.
Remember that the seed phrase can be used to
make a direct copy of your wallet.

15
HOLDING YOUR CRYPTO
SAFELY 3/6
5. KNOW HOW TO SET UP YOUR NEW
HARDWARE WALLET SAFELY.
Learn how to set up your hardware wallet safely
with this mini guide.
Before we start. Always order the hardware wallets
from the manufacturer’s official store or authorized
reseller, even if it will cost you more. You will not
have to worry in the future if it was tampered with.
First we initiate the device and check if everything
works all right. Initiate your hardware wallet as a new
wallet, and write down your seed phrase on a piece
of paper. The wallet will never again show you this
seed phrase, so be sure you wrote it down correctly,
triple check if necessary.
Use your wallet or software that connects to your
wallet to set up addresses for your coins. Use
receiving address to make a small test transfer of
coins, it should be just a few dollars. Using the
wallet’s software to check if the transfer was
successful and your balance increased, might take a
few minutes. Remember or write down the balance
and coins you have.
Then restart your hardware wallet and wipe it out
altogether, to test your seed phrase backup. You
want to erase it and restore it from the seed phrase
you wrote down earlier. When restored, check if your
balance is the same as before, if not, you probably
wrote the seed phrase incorrectly. Remember that
the order of words is important, you can’t shuffle
them.
You should also check how the recovery check
feature works, it allows you to see if the seed phrase
backup you have is correct, without risking the loss
of funds. This will prove handy in the future when you
make more backups of your seed phrase.
If everything went all right, you can make a return
transfer to see how to make transfers from your new
wallet. Check the first account if successful.
Finally, make a proper backup of your seed phrase,
one that will survive accidental damage, preferably
also disasters. With stainless steel backup devices
like Coinplate Alpha, in minutes you will make a seed
phrase backup that will last decades.
Triple-check if your backup is correct, you may also
use a recovery check feature on your wallet we
mentioned earlier.
Hide your backup in a safe place. Most people should
probably avoid making digital backups and stick with
physical backups.
16
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HOLDING YOUR CRYPTO
SAFELY 4/6
6. USE HARDWARE WALLETS THAT IMPLEMENT
INDUSTRY STANDARDS,
It allows you to use different brands and switch
between them if necessary
The best hardware wallets use industry standards
like BIP39, BIP44, and others which will allow you to
use the seed phrase you created with one device to
restore your wallet on another device, even if made
by a different manufacturer.
This will protect you from losing your funds if the
manufacturer discontinues the hardware wallet
model you own because you can
7. MAKE SURE YOU SAFELY STORE YOUR SEED
PHRASE BACKUP, YOU WILL NEED IT.
Be aware that your hardware wallet requires a PIN
code to open. If you enter the code incorrectly a few
times, it will wipe itself out and you will have to use
your seed phrase backup to set it up again.
That’s why we advised you to test it right after
setting it up for the first time. You will have to know
how to restore it from the seed because you will do it
at least a few times in the future. If you lose your
seed phrase, you will probably also lose all your
funds.
Keep your seed phrase backup on a solid medium,
preferably thick stainless steel plates like Coinplate
Alpha – a ready-to-use device for making durable
backups of your seed phrase
choose from multiple devices from different
manufacturers
We advise against using hardware wallets that use
their proprietary backup systems (like social
recovery) or custom seed phrases. These could
have their own benefits but you should first use tried
and tested technology before trying something new.
You can also go with a DIY option with metal plates,
letter stamps, and a heavy hammer. Hide your
backup well, but keep it accessible if there is a need.
You might want to make at least two backups of your
seed phrase, one in a fairly accessible place if you
need it, and another one in a harder-to-reach spot if
you lose the first one.
You might want to put a tamper-evident seal on your
backups to see if someone checked what’s inside. If
you are worried about your seed phrase backup
being found by someone else, learn more about
passphrases which we discuss later.
18
HOLDING YOUR CRYPTO
SAFELY 5/6
8. CHECK YOUR SEED PHRASE BACKUP AND
WALLET FROM TIME TO TIME
Use your hardware wallet from time to time.
Check your seed phrase backup from time to time.
We advise at least once a year.
Even if you are just holding your coins for the long
term, you should use your hardware wallet once in a
while to see if it’s not broken and update its firmware.
The updates are important as they protect you from
hackers that will always try to find some weak spot in
the firmware or software hardware wallets use. It will
also allow you to not forget the pin code for the
hardware wallet and remember how the thing works.
Once in a while, check if your seed phrase backup is
intact. You can use a recovery check feature of your
hardware wallet to check if the seed written on the
backup is correct. If you have more than one
hardware wallet, you can also practice recovery from
the seed phrase from time to time, just to have
practice.
Practice using your hardware wallets might prove
necessary if you ever need to perform some actions
on it while stressed or in a hurry. You should know
what you are doing when using your hardware wallet,
and avoid mistakes.

9. DON’T EXPOSE YOUR SEED PHRASE TO

ELECTRONIC DEVICES
Never input your wallet’s seed phrase into an If you type your seed phrase on your computer (even
electronic device. Never make a photo of it or if just using notepad), chances are, that hackers will
even read it aloud. empty your accounts faster than you will be able to
make anything about it.
You can encounter fake websites, scam e-mails or
phone calls with requests to share your seed phrase. Never give your keys or seed to anyone, never put
Also, there are countless viruses and other malware your seed anywhere. The only places you can put
software that will sweep all files on your computer or your seed phrase are the hardware wallet when you
phone, check everything you type, scan all your restore it, and the seed phrase backup. Even a
photos, and even use microphones to listen for webcam or CCTV can be a security risk
anything that resembles a seed phrase.

19
HOLDING YOUR CRYPTO
SAFELY 6/6
10. DON’T OVERDO YOUR KEY AND SEED PHRASE
SECURITY
Most users should avoid adding extra layers of
security like encryption.
Making your seed phrase or wallet much harder to
access might be tempting. But remember that you
should find a balance between making it so hard no
one will access it and making it easy enough to
access that you will be able to use it.
You might be well aware of how your seed phrase
encryption works now, but you might be less sure
about it in a year not to mention five or more years in
the future.
11. CONSIDER INFORMING YOUR CLOSEST ONES
ON HOW TO ACCESS THE FUNDS.
You can put the instruction on how to access your
crypto portfolio or retrieve the funds in the will or tell
them in advance if you trust them.
What about if you have a stroke? Don’t forget about
your heirs or significant others, who might need to
access your wallets in case something bad happens
to you.
Keep it as simple as possible and don’t increase
complexity. If you want to add an extra layer of
security to your seed phrase backup: Instead of
inventing custom schemes, consider using a
passphrase which we discuss later, it is quite easy to
use and widely supported.
You may want to show them how to use a hardware
wallet safely, and how to exchange the funds, in
case something bad happens to you and they need
the funds.
20
EXTRA SAFETY
CHAPTER 3

STEPS FOR
ADVANCED USERS
AND USERS WITH A HIGH-RISK PROFILE,
OR WITH LARGE HOLDINGS

21
EXTRA SAFETY
STEPS FOR
ADVANCED USERS
AND USERS WITH A HIGH-RISK PROFILE,
OR WITH LARGE HOLDINGS
Welcome to the advanced section of our guide,
specially designed for crypto enthusiasts with
a high-risk profile or substantial holdings. This
section is the treasure chest of extra safety
steps that go beyond the basics.

It's important to remember, however, that

security isn't a one-size-fits-all approach. Your
unique circumstances will determine the best
strategies for you.

Remember, these advanced steps carry their

own set of benefits and limitations.
Implementing these might be more complex
and demand a deeper understanding of crypto
security.

Always conduct your own research and make

informed decisions before you integrate these
practices into your security regimen.

It's crucial because, in the realm of crypto,

forgetting your particular security scheme
could result in permanent loss of access to your
funds. Let's dive in and explore these
sophisticated strategies together.

22
EXTRA SAFETY STEPS FOR
ADVANCED USERS 1/3
1. CONSIDER KEEPING MULTIPLE HARDWARE
WALLETS READY
Owning multiple hardware wallets provides an
additional layer of security and accessibility for
your cryptoassets.
By creating copies of each other, these wallets can
store the same private keys, public addresses,
accounts, transaction history, and cryptoassets,
even if they come from different manufacturers like
Trezor and Ledger.
If one wallet is lost, stolen, or damaged, you can
quickly regain access to your assets using the other
wallet. However, it's important to note that some
coins may only be supported by specific wallet
models, so consider owning two of the same model if
necessary.
To duplicate hardware wallets, import the recovery
seed from one device to another. While hardware
wallets can generate unlimited recovery seeds, they
store only one at a time. Back up your recovery
seed(s) offline on paper or steel backup like
Coinplate to avoid losing your seed phrase.
Using multiple hardware wallets can significantly
enhance the security of your assets in the event
that a device is lost or stolen. If your hardware wallet
is lost or stolen, the PIN code provides a layer of
protection against unauthorized access. However, a
determined attacker with engineering capabilities
might still be able to extract the recovery seed from
the device.
To safeguard your assets in such a scenario, it's
essential to send your cryptoassets from the lost or
stolen wallet to a new one with a different recovery
seed as soon as possible. This is why having at least
two hardware wallets is recommended, so you don't
have to wait for a replacement to arrive.
If you only have two hardware wallets and one is lost
or stolen, follow these steps:
1. Ensure you have a backup copy of the recovery
seed from the missing wallet.
2. If your remaining hardware wallet already has a
recovery seed, wipe the device to remove it.
3. Create a new wallet with the remaining hardware
wallet and note down the new recovery seed.
4. Copy the public addresses of the coins you want
to recover and paste them into a document.
5. Wipe the hardware wallet again.
6. Import the recovery seed from the missing wallet
into the just-wiped hardware wallet.
7. Send all your cryptoassets to the public
addresses saved in your document (transferring
your assets to the new recovery seed).
8. Wipe the hardware wallet once more.
9. Import the new recovery seed into the hardware
wallet.
Your cryptoassets will now be stored with a new and
secure recovery seed, and you won't have to worry
about the compromised seed.
On the next page, we describe the process with
three hardware wallets, which makes things easier.
23
EXTRA SAFETY STEPS FOR
ADVANCED USERS 2/3
If you have three or more hardware wallets and one is Now, all your crypto assets are stored under a new,
lost or stolen, the process becomes easier and secure recovery seed.
faster:
1. Import the recovery seed from the missing wallet Understanding the advantages of using multiple
into one of your remaining hardware wallets (if hardware wallets and setting up this system is
your missing wallet was a copy of another, this crucial for serious cryptocurrency investors.
step is already complete).
2. Create a new wallet (new recovery seed) with This strategy helps back up assets and spread risk,
another remaining hardware wallet. Copy down ensuring that your investments remain secure
the public addresses of the coins you want to
transfer into a document.
3. Sign in to the hardware wallet that shares the
same recovery seed as the missing wallet.
4. Send all your cryptoassets to the public
addresses you copied earlier..

2. CONSIDER SPLITTING YOUR WEALTH INTO

MULTIPLE WALLETS OR USING DECOY
WALLETS.
A decoy wallet is a wallet with a relatively small
amount of coins, that you will be ready to surrender if
threatened. The size of it should be relative to your
financial situation and should be big enough to
satisfy the attacker’s expectations.
You can make multiple wallets easily with a seed
phrase passphrase (25th word) which we cover
later. With larger portfolios, you might consider
splitting your portfolio into a few wallets. In case of a
terrible mistake with key management, extortion, or
elaborate hack you will not lose all your funds, just a
portion of them.
If someone manages to force you with physical
violence to give access to your wallet, you might get
away with giving a decoy wallet or just a portion of
your wealth.
The wallets should have no prior transactions
between them, to avoid being discovered or tracked.
Be aware that this makes wallet management harder.
Using passphrases is probably the easiest way to
manage multiple wallets.

24
EXTRA SAFETY STEPS FOR
ADVANCED USERS 1/3
3. CONSIDER USING A PASSPHRASE
Passphrase is an additional layer of protection to
your seed phrase backup and an easy way to
create multiple wallets.
Probably the easiest way to protect your seed
phrase backup from being used by a thief is to
implement a passphrase - also called the 25th word.
The standard for creating seed phrases (BIP39)
allows using an extra encoding phrase – a
passphrase, which will be used to calculate all
addresses and private keys.
For example, The basic 24 words seed phrase will
create and restore wallet A. The basic seed phrase
with a passphrase “bigbumblebee” will create and
restore wallet B. While the basic seed phrase +
passphrase “extramustard” will create and restore
wallet C.
4. CONSIDER A MULTI-SIGNATURE MODEL OR
SECRET SHARING SCHEME
Holding substantial cryptocurrency assets
necessitates advanced security measures.
One such approach is the multi-signature model,
which involves multiple hardware wallets authorizing
each transaction - akin to a safety deposit box
requiring two keys to unlock.
Another method is using secret sharing schemes like
the Shamir Secret Scheme.
All of these wallets will be normal wallets accessible
with your hardware wallet, but completely separate
entities. Some hardware wallets even let you use
separate pin codes for each of those, so you can
switch between them at ease, without ever exposing
one with the other.
Remember to make a solid backup of your
passphrases, just like with the main seed phrase,
and keep them separate. This is an advanced
feature, you should understand it well before
implementing it.
Shamir Secret Scheme approach fragments your
seed phrase into several parts, with a certain number
required to access the wallet. It adds a robust layer
of security but also increases complexity.
Both these models demand a deeper understanding
and meticulous implementation. As always, consider
these methods carefully based on your security
needs and technical proficiency.
25
Closing
and a quick recap
Be safe on your crypto journey with our guide
In conclusion, we hope that this guide, "Crypto Guardian's Handbook
Essential Strategies to Protect Your Cryptocurrency Investments" by the
Coinplate team, has provided you with valuable insights and practical tips to
ensure the utmost security for your digital assets. As you navigate the world of
cryptocurrencies, it's crucial to stay vigilant and proactive in safeguarding your
investments.

Here’s a quick recap of our most important tips:

Remember to double-check addresses and networks, make test transactions
when uncertain, and maintain discretion about your crypto holdings. Be skeptical
of websites and software, protect your online accounts, and keep small amounts
in separate, easily accessible wallets.

When it comes to holding your crypto safely, refrain from storing substantial
amounts on platforms managed by third parties. Educate yourself on private
keys and seed phrases, and opt for hardware wallets to retain full ownership of
your coins. Safely store your seed phrase backup, and never input it into an
electronic device.

For key and backup management, avoid over-complicating your security

measures and consider informing your closest ones about accessing your funds
in case of an emergency. Advanced users, high-risk profiles, or those with large
holdings can take extra safety steps such as using multiple hardware wallets,
splitting wealth among various wallets, employing passphrases, and exploring
multi-signature models or secret sharing schemes.

By following these essential tips and best practices, you can secure your
cryptocurrency holdings and enjoy the benefits of digital assets with
confidence. Stay informed, stay vigilant, and continue learning to adapt to the
ever-evolving landscape of cryptocurrencies.

26
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Crypto Glossary –
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