Ethereum is one of the most commonly-used forms of crypto in the world today. While it can provide great value, considerable investment potential, and many functional purposes, there are always risks that come with using Ethereum and any other type of crypto. Because of this, it is always important that you are always as careful as possible when it comes to purchasing, storing, and using your Ethereum and other crypto assets.
Storing Your Seed Phrase
One of the tips to follow when it comes to managing your Ethereum investment and account is to store your seed phrase. A seed phrase is a phrase that you can use to log into your wallet. As ensuring your wallet is secure is very important, you also want to make sure you are storing your seed phrase as well as you can. It would be a good idea to store it in a secure place that will not be accessible by other people.
Checking Contracts Before Interacting
When you are completing transactions using Ethereum, you will likely be entering into a variety of smart contracts. While the smart contracts are designed to ensure efficiency, accuracy, and security, there are always risks that you could be working with someone with nefarious intentions. Because of this, it is important that you always scan the contract and check terms and review it for any security risks. When you do this, you can be assured that you are entering into an agreement that you are happy with.
Double-Checking Domains You Visit
When you are going to purchase new Ethereum, you also want to ensure you are not visiting any websites that come with risks. Because of this, you will want to check all domains and websites you visit to ensure they are reputable and that you are not at risk of having your information illegally accessed. This diligence should extend to emails you open and links you click on as both could be phishing attempts to steal your information.
Revoking Wallet Permissions
Wallet permissions are very important to understand and manage. Generally, these refer to actions that another wallet user or owner can take. In almost all cases, you will want to completely restrict wallet permissions, but you may have situations when more access needs to be granted. Some common forms of access can include read-only, send-only, and full access. If you only need to provide access temporarily, it is important to take it away and have it revoked as soon as possible to retain proper security protocols.
Backup Wallet
One of the worst things that can happen if you have Ethereum invested in a wallet is that you lose access to it. If this occurs, it could risk your access ability moving forward and your ability to use the currency. Because of this, you should make sure that you are properly backing up your Ethereum account and wallet and keeping any such information in a secure location.
The use of Ethereum continues to be very common for anyone in the crypto space today. While there are advantages that come with purchasing and using this cryptocurrency, there are always risks as well. Fortunately, by following this guide, you will be able to better manage your risks and ensure you are as safe as possible.
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