You can turn Electrum LTC into a cold wallet by following these directions:ĭownload and move Electrum onto a thumb drive.īack up your wallet by writing down your seed keys. ![]() So use the exchanges to make your trades and then get off.ī) Desktop Wallets (Recommended Option for Newcomers) When these things happen, there’s very little you can do to get your coins back. shut out tens of thousands of customers from their cryptocurrencies when they seized BTC-E on July 28, 2017. For example, popular exchanges such as GDAX or Poloniex have been known to occasionally be out of service either due to a DDOS attack or their servers being overwhelmed. The reason is that there is no guarantee that these exchanges will be available when you need them to be. I highly recommend only using online exchanges for a short period of time. This creates an extra layer of security so that if your account gets hacked, you won’t lose your coins because the person must also know the 2FA code. These apps then create and cycle through randomly generated #’s which you must input to access your online account. ![]() You can easily download Authy and Google Authenticator onto your phone. If you have Fido authentication, then even better. There are two apps that I’d recommend to do this: Authy and Google Authenticator. Also, make sure to only use exchanges that authorize Two-Factor Authentification (2FA). Make sure you have different passwords and emails for different exchanges. There is no way to turn these wallets into cold ones because only the exchange has control over your private keys. Here are my suggestions on how to secure your wallets through the various wallet clients mentioned in my previous post: This is why it is so important to turn our hot wallets into cold wallets. ![]() If you haven’t noticed by now, all the points of attack come from being connected to the internet. If they do this, they can easily import or sweep your address into a wallet client and take your Litecoins. They steal the private key to your address. Social Engineering- They get you to give away important info or passwords via e-mail, fake websites, or phone calls and use that information to access your accounts.īrute Force- They make educated guesses based on your personal life that they’ve researched and begin throwing randomly generated passwords until they gain access to your account. This allows them to look at your emails and automatically send LTC if they gain access to your wallet. Remote Access Control- This is when you inadvertently download a software via email or website that allows the hacker remote access to your computer. Keylogging- This is when you inadvertently download a software via email or website that allows a hacker to record everything you type. The Different Ways to Steal Your Litecoins
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