With interest in blockchain technology and cryptocurrencies increasing quickly, many newcomers to crypto are starting to learn about the blockchain industry and how to transact with cryptocurrencies, including Cardano ada.
EMURGO – a founding entity of the Cardano blockchain and the developers behind Yoroi Wallet – strongly advocates for certain best practices regarding secure self-custody of one’s own ada and crypto.
To make it simple, we have put together a checklist for Cardano ada users on how to securely self-custody and store their crypto with a few simple tips.
#1 – Self-custody and store your Cardano ADA in Yoroi or a hardware wallet
After acquiring Cardano ada, it is best to always move it off a crypto exchange or from any third-party custodian and into your own control via a self-custodial wallet such as Yoroi Wallet or a reputable hardware wallet.
Yoroi is a self-custody light wallet for Cardano ada users that enables simple and secure storage via mobile and desktop browser extensions for the average daily user.
If you keep your Cardano ada on an exchange or with a third-party custodian, you are susceptible to getting blocked from accessing your ada and/or even a loss of your funds as you technically do not have complete control over your ada.
There have been several instances where exchanges have gone bankrupt or gotten hacked which resulted in users being unable to access their crypto that was kept there.
Yoroi is also compatible with hardware wallets such as Ledger and Trezor which allows you to connect Yoroi to safely store your Cardano ada there too.
As there are many unofficial, fake versions of Yoroi and other wallets, please double-check to confirm that you are downloading official versions only by doing a simple search online prior to downloading.
Trusted download links are posted on official websites such as Yoroi’s: https://yoroi-wallet.com
Never rely on links posted by others on unofficial channels.
#2 – Safely keep your recovery key phrase and private key offline at all times
Upon downloading and installing a self-storage wallet such as Yoroi for the first time, a recovery key phrase will be shown.
It will consist of 12-24 words in random order.
This order of words will enable you to generate your private key.
In case you aren’t able to access your wallet at a later date, you can rely on your recovery key phrase and its order to regain access to your wallet.
Anybody who has or knows your recovery key phrase can access your funds, so it is very important to always keep it offline in a secure location at all times and known only to you and/or trusted others.
Never write and store it on your computer, smartphone, cloud storage, and/or any other device connected to the Internet.
Do not take a picture of it and store it on your smartphone nor email it to yourself.
Read here for a list of ways to safeguard your private key.
#3 – Never send your cryptocurrency, recovery phrase, or private key in a contest or giveaway in return for more cryptocurrency
One of the effects of increased interest in cryptocurrencies is the rise in scammers.
There are a variety of scams being promoted online to target newcomers to cryptocurrencies including enticing “free” giveaways.
Usually, these scams will ask users to send ada or cryptocurrency to a wallet address, recovery phrase, or password, in return for a greater amount of ada.
As a formal policy, EMURGO and our Cardano ecosystem partners IOHK and Cardano Foundation will never ask users for their ada recovery phrase, and/or password.
If an offer sounds too good to be true, it usually is.
#4 – Only trust official websites & communications channels
Due to the numerous scammers targeted at cryptocurrency users, it is imperative that users only rely on official websites and channels.
In the case of Yoroi Wallet, please only download links from Yoroi’s website and trust announcements from Yoroi’s Twitter channel.
For customer issues, please refer to Yoroi’s website support page.
A simple Google search for the company, wallet, or project name will yield the correct URL and official communications channels.
Do not just blindly trust links from others, especially on social media channels and forums.
Download Yoroi Wallet now
Yoroi is a self-custodial wallet that allows Cardano ada holders to always have full control over their ada cryptocurrency.
Aside from self-custody, Yoroi also enables ada users to securely send, receive, and stake ada to secure Cardano’s network through its interface.
As the first light wallet for the Cardano ada community, Yoroi is designed to be the everyday wallet for the Cardano ada user and a gateway to Cardano’s Web3 ecosystem of dApps including Cardano DeFi, Cardano NFTs, and the $USDA stablecoin.
Download Yoroi Wallet now at the official Yoroi homepage here and follow on Twitter using the link below.
About Yoroi Wallet
- Yoroi Twitter: @YoroiWallet
- Yoroi Homepage: https://yoroi-wallet.com/
- Official Homepage: emurgo.io
- Twitter (Global): @EMURGO_io
- YouTube: EMURGO channel
- Telegram: EMURGO Announcements
- Facebook: @EMURGO.io
- Instagram: @EMURGO_io
- Medium: EMURGO Announcement
- LinkedIn: @EMURGO_io