A Secure Wallet is a Happy Wallet
Your Monero (XMR) wallet is your vault that contains your XMR and keeps it safe. If you want to make sure it stays that way, there are a few best practices you’ll want to follow in order to keep your wallet/s secure as possible.
‘Hot’ Wallets are wallets that are connected to the internet, while ‘cold’ wallets are not. Cold wallets are generally more secure, but they come at a sacrifice to convenience.
A ‘hard’ wallet, like the popular Ledger or Trezor, might be viewed as the middle ground between hot and cold wallets because you can connect them to an internet connected device in order to send/receive, but when disconnected they are not accessible via the internet.
Here are a few general best practices to be aware of when it comes to wallet security:
1. To avoid scams that might steal your XMR, only use wallets approved by the Monero community. Do your research before setting up any wallets. A good place to start is the information section of r/monero which is located here: reddit.com/r/Monero/
2. If setting up a cold wallet (one example is a “paper” wallet) for long term storage, be sure to do your research and follow one of the tutorials online that have the strongest and most positive reviews/comments. Like these Reddit links:
a. Sending to Paper Wallet Tutorial
b. Guide for Securely Generating an Cold Paper Wallet
3. Consider keeping a cold wallet for XMR you plan on holding for a while, and a hot wallet for XMR you plan on spending or trading. Think: Cold wallet=savings account, hot wallet=checking account.
4. Visit online forums and ask around to learn the variety of ways people keep their private keys or mnemonic seeds safe and secure, then chose the option that works best for you. Start here: getmonero.org/community/hangouts/ Having any strategy is much better than none at all. Are you seeing yet that research is a big theme?
5. Follow other best practices here like never share your private keys, only use reputable exchanges, update your wallet/s after every network upgrade/hard fork, don’t talk about how much XMR you have, and always seek to learn more!