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Securing Your XBY Stash

Discussion in 'Wallets' started by Tristan, Dec 16, 2017.

  1. Tristan

    Tristan Member

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    Hello All,

    I saw Dave posted more good tips for storing XBY securely, you can see them here: https://community.xtrabytes.global/threads/secure-your-coins.268/

    I thought I would write a small guide on the importance of security when storing our XBY and utilizing the paper wallet tool to making sure our members have both their XBY and XFUEL wallets backed up to paper and stored somewhere safe. The way XBY is heading, I feel we need to get people educated on the importance of storing their wallets securely. I follow a set of rules when buying and holding cryptocurrency, and they are as follows:

    • Never hold on an exchange for longer than needed (In XBYs case, the fees are large on cryptopia, so get what you want then send it to your personal wallet.)
    • Never store your wallet.dat or private key in cloud storage.
    • Never store your private key locally in a text file.
    • Never EVER put your private key on any internet website. No one from the XBY team or any crypto team will EVER ask you for your wallets private key. NEVER GIVE THIS OUT.
    • Always turn on encryption on your wallets. Don’t forget your password. Don’t store your password locally or on cloud storage.
    • Utilize paper wallet generation as a backup. With a paper wallet, always store the paper wallet in a fireproof safe or a secret place if you do not have a safe. You could even get a bank deposit box and use that if you want to be fancy.

    How to utilize the paper wallet for existing XBY Wallets.

    The easiest way to do this will be utilizing the XBY paper wallet service here:

    https://paperwallet.xtrabytes.global/

    When you first hit the wallet site, it may ask you to generate a new address. You can safely hit “Skip” if you already have a wallet you wanted to add.

    [​IMG]

    Once you hit skip, choose the “Paper Wallet” option in the menu

    Now, in your wallet you need to dump your privatekey. You can easily do that within the xby wallet console under Help->Debug and choosing the console tab. Then type the following command:

    dumpprivkey XBYWALLETADDRESS

    [​IMG]

    The key you get, copy and paste into the box on the paper wallet site where it says “Enter your own WIF private key”. (For the security conscious, I checked the web traffic when hitting apply. It doesnt phone home or do anything nefarious:sunglasses:)

    Now hit “Apply"

    You will see something similar to this with both Private and Public sections filled out:

    [​IMG]

    What you should see is that your public address matches your wallet address within your XBY wallet.

    Now hit the “Print” button and print out your paper wallet. You can fold it neatly or leave it in a single sheet, write on it, etc. The important part here is to put this piece of paper somewhere safe. If you have a large sum of XBY, and the price reaches the price we all think it will, you want this wallet to be as safe as possible. This paper wallet is basically a deed to your wallet, similar to a house deed if you own a home. Keep it safe, keep it private.

    Now do the same for any other wallets you have using the same steps as above. XFUEL will work the same way.

    You could also simply open a text file, put your private key and wallet address in the text file and print that out. But XBY has such a nice paper wallet generator, why not use it?

    Doing all of these steps and following good secure practices on your PC and websites you visit will make sure you never get your XBY stolen from you. Even storing a private key locally on your PC can be hazardous. Even storing your wallet unlocked can be hazardous. Storing on an exchange is especially hazardous.

    Be safe out there, and good luck!
     

    Attached Files:

    Jamo, jcpbs and army49091 like this.
  2. vutamhoan

    vutamhoan New Member

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    To me, I trust google services so I backup everything important on it. Of cause, 2FA is the must.
    Securing value information offline is too risky to me.
     
  3. NikeNem

    NikeNem Member

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    Hello, thank you so much for this. Is this also working for Xfuel wallet ?
     

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