What are the best practices for securing your assets while engaging in non-custodial staking?

3 answers

• Dec 27, 2021 · 3 years ago
  One of the best practices for securing your assets while engaging in non-custodial staking is to use a hardware wallet. Hardware wallets provide an extra layer of security by keeping your private keys offline and away from potential hackers. By storing your assets in a hardware wallet, you can significantly reduce the risk of theft or unauthorized access. Additionally, it's important to regularly update your wallet software and firmware to ensure you have the latest security patches and improvements. Another important practice is to carefully choose the platforms or protocols you engage in staking with. Conduct thorough research and due diligence to ensure the platform has a strong security track record and employs robust security measures. Look for platforms that have implemented features like multi-signature wallets, cold storage, and regular security audits. Lastly, it's crucial to practice good digital hygiene. Use strong and unique passwords for your wallet and platform accounts, enable two-factor authentication whenever possible, and be cautious of phishing attempts. Regularly monitor your accounts and transactions for any suspicious activity and report it immediately to the platform or protocol provider. Remember, securing your assets is a top priority when engaging in non-custodial staking, and by following these best practices, you can minimize the risk of losing your funds.
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• Dec 27, 2021 · 3 years ago
  When it comes to securing your assets while participating in non-custodial staking, one of the most important steps is to ensure you have a secure and reliable internet connection. Avoid using public Wi-Fi networks or unsecured connections that can be easily compromised. Instead, opt for a trusted and encrypted network to minimize the risk of interception and unauthorized access to your assets. Another practice to consider is diversifying your staking portfolio. Instead of staking all your assets in a single platform or protocol, consider spreading them across multiple platforms. This reduces the risk of losing all your assets in case of a security breach or platform failure. Additionally, keep your software and devices up to date. Regularly update your operating system, wallet software, and any other applications or tools you use for staking. These updates often include important security patches and bug fixes that can protect your assets from potential vulnerabilities. Lastly, consider using a VPN (Virtual Private Network) when accessing your staking accounts. A VPN can add an extra layer of security by encrypting your internet traffic and masking your IP address, making it more difficult for hackers to track or intercept your activities. By implementing these best practices, you can enhance the security of your assets and minimize the risk of unauthorized access or loss.
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• Dec 27, 2021 · 3 years ago
  At BYDFi, we highly recommend using a decentralized staking platform that allows you to retain full control over your assets. Non-custodial staking platforms like BYDFi ensure that you are the sole custodian of your funds, eliminating the risk of losing your assets due to the platform's security vulnerabilities or mismanagement. To secure your assets while engaging in non-custodial staking with BYDFi, make sure to follow these best practices: 1. Use a hardware wallet: Store your assets in a hardware wallet like Ledger or Trezor. This provides an extra layer of security by keeping your private keys offline and away from potential threats. 2. Enable two-factor authentication (2FA): Enable 2FA for your BYDFi account to add an extra layer of security. This ensures that even if someone gains access to your password, they won't be able to log in without the second factor. 3. Regularly update your software: Keep your wallet software and firmware up to date to benefit from the latest security enhancements and bug fixes. 4. Be cautious of phishing attempts: Always double-check the URLs and email addresses before entering your login credentials or sensitive information. BYDFi will never ask for your password or private keys via email or any other communication channel. 5. Monitor your staking activities: Regularly check your staking activities and account balances to detect any suspicious or unauthorized transactions. If you notice any unusual activity, contact BYDFi support immediately. By following these best practices, you can ensure the security of your assets while engaging in non-custodial staking with BYDFi.
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