Know who controls the keys
A wallet helps you receive and manage cryptocurrency. With self-custody, you control the private keys or the recovery method that restores them. With a custodial account, a service controls the keys and you rely on its access and withdrawal rules. The same word “wallet” can describe both, so identify which arrangement you are using.
A hardware wallet can help keep signing keys separated from an everyday computer, but it does not remove the need for careful setup and backups. An exchange balance introduces a different dependency: the exchange must permit and process your withdrawal. Choose deliberately rather than using whichever address first appears in an app.
Separate public information from secrets
A pool needs a receiving address for its supported payout coin and network. It does not need your recovery phrase, private key, PIN, or one-time login code. Copy the address from your wallet, verify it carefully, and check it on the trusted device display where that feature is available. A Bitcoin receiving address is not a Litecoin receiving address.
Follow your wallet maker’s official backup and recovery instructions. Protect recovery material from theft, damage, and accidental disclosure. Do not photograph a recovery phrase or send it through chat or email. Learn the official recovery-check process before substantial funds accumulate; an unfamiliar website claiming to verify a phrase is not a safe test.
Protect the accounts around the wallet
Use unique passwords and enable the strongest available multifactor authentication on your pool, email, and custodial accounts. Review payout-address locks or change notifications where offered. Save a record of the first confirmed payment and keep ongoing balances manageable. If an address changes unexpectedly, investigate before assuming future payouts are safe.
- Use official wallet applications and verify the publisher.
- Keep backup instructions accessible without exposing the backup itself.
- Never approve an unexpected request to sign, transfer, or reveal secrets.