PSA: Never trust any exchange/email that asks to import private keys - Cryptocurrency Reporters - A Light To Cryptocurrency World

Saturday, 14 April 2018

PSA: Never trust any exchange/email that asks to import private keys


Just sort of rehashing what people have said regarding this new scam:https://ift.tt/2vfJswU you're new to cryptocurrency, please remember that there is no situation in which you would import private keys to an exchange.Sometimes an advanced user might need to import a private key into an online wallet service, but the risk is very high I would recommend any newbie against it.Any service that has your private key can spend you coins. This is actually true for client side web wallets too, in the event their server is compromised a small change to the JS will allow scraping of any private key entered client side. Hardware wallets are generally the safest option whilst being usable.If you're a newbie follow this:Get a hardware wallet.Only place cryptocurrency onto an exchange that you intend to trade.Coins on a wallet or exchange where you do not hold the private key are not really yours. Many exchanges have been hacked and your assets on them are more of an IOU.I know this advice seems obvious to many of us, but with more newbies coming into cryptocurrency every day and not used to the concept of actually controlling your own assets, we do need to keep awareness high regarding this concept and what it actually means.Also feel free to discuss the merits of paper wallets. I personally don't use them but I know many swear by them as being the most secure option for cryptocurrency holdings. via /r/CryptoCurrency https://ift.tt/2EKfzUM Just sort of rehashing what people have said regarding this new scam:https://ift.tt/2vfJswU you're new to cryptocurrency, please remember that there is no situation in which you would import private keys to an exchange.Sometimes an advanced user might need to import a private key into an online wallet service, but the risk is very high I would recommend any newbie against it.Any service that has your private key can spend you coins. This is actually true for client side web wallets too, in the event their server is compromised a small change to the JS will allow scraping of any private key entered client side. Hardware wallets are generally the safest option whilst being usable.If you're a newbie follow this:Get a hardware wallet.Only place cryptocurrency onto an exchange that you intend to trade.Coins on a wallet or exchange where you do not hold the private key are not really yours. Many exchanges have been hacked and your assets on them are more of an IOU.I know this advice seems obvious to many of us, but with more newbies coming into cryptocurrency every day and not used to the concept of actually controlling your own assets, we do need to keep awareness high regarding this concept and what it actually means.Also feel free to discuss the merits of paper wallets. I personally don't use them but I know many swear by them as being the most secure option for cryptocurrency holdings.

Just sort of rehashing what people have said regarding this new scam:

https://www.reddit.com/r/CryptoCurrency/comments/8c33ce/scam_alert_coinbase_erc20_support/

If you're new to cryptocurrency, please remember that there is no situation in which you would import private keys to an exchange.

Sometimes an advanced user might need to import a private key into an online wallet service, but the risk is very high I would recommend any newbie against it.

Any service that has your private key can spend you coins. This is actually true for client side web wallets too, in the event their server is compromised a small change to the JS will allow scraping of any private key entered client side. Hardware wallets are generally the safest option whilst being usable.

If you're a newbie follow this:

  1. Get a hardware wallet.

  2. Only place cryptocurrency onto an exchange that you intend to trade.

  3. Coins on a wallet or exchange where you do not hold the private key are not really yours. Many exchanges have been hacked and your assets on them are more of an IOU.


I know this advice seems obvious to many of us, but with more newbies coming into cryptocurrency every day and not used to the concept of actually controlling your own assets, we do need to keep awareness high regarding this concept and what it actually means.


Also feel free to discuss the merits of paper wallets. I personally don't use them but I know many swear by them as being the most secure option for cryptocurrency holdings.

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