


The complete beginner’s guide to keeping your crypto safe on BNB Chain.
Power and Responsibility
Cryptocurrency puts power in the hands of users. While centralized finance is bound to entities like banks, building protective structures within societies and card technology companies that police it––cryptocurrency cuts those ties.
Most cryptocurrency users consider this freedom from centralization a blessing. However, such blessings can quickly become a curse in moments of carelessness. Without proper security practices, cryptocurrency can host many dangers. Here we’ll discuss some of the best ways to practice responsible coin management, with a particular focus on BNB Chain (BSC).
Private Keys and Custody
One of the first things to consider when dealing with cryptocurrency is who holds the coins. Some users think they hold their coins by default, but that's not actually true.
In fact, one of the longest-standing axioms in crypto is: ‘not your keys, not your coins.’
To explain what this means, we first need to understand the concept of keys in cryptocurrency.
In common with other blockchains, every BNB Chain address has two associated keys. First is the public key which is the source of the wallet address and can be freely shared. Second is the private key, which should only be known to its owner.

Private keys are vital for security because it is the private key which ‘unlocks’ a blockchain address and allows the holder to spend those coins. Private keys can look like a long string of numbers and letters, but they are commonly also represented by a ‘seed phrase.’ On BNB Chain, seed phrases may contain 12, 15, 18, 21, or even 24 words.
BEWARE: If someone other than you learns your seed phrase, they can use it to unlock your wallet and drain your funds.
On centralized exchanges, the private key is retained by the exchange. The exchange acts as the user’s custodian, and it is the exchange’s job to ensure those coins are kept safe. Leaving coins on an exchange is an act of trust. The customer trusts that the exchange will take good care of their coins, not lose them, and continue to grant the customer access to that money.
For this reason, it is sensible not to leave large sums of cryptocurrency to sit idle on centralized exchanges. Further, in the event of requiring a centralized exchange, it is always recommended to use the services of a major recognized player such as Binance.
Non-custodial Wallets
For crypto that needs to be secured safely for the longer term, a non-custodial wallet is recommended. Non-custodial wallets are the name given to wallets in which the user has full control over the coins. For this reason, non-custodial wallets could also be more intuitively called ‘self-custody.’
Within the non-custodial umbrella, there are many differing subcategories, including browser-based wallets, software wallets, and hardware wallets.

Hot or Cold?
The next differentiator between wallets is ‘hot’ wallets and ‘cold’ wallets. The less exposure a wallet has to the internet, the colder and more secure it is. Cold wallets are the gold standard in coin protection and tend to be hardware-based.
Two of the most popular hardware wallets on the market today are Trezor and Ledger. Alternatively, NGRAVE is a completely air-gapped wallet for the most ice cold of storage. Those seeking a wallet with strong BNB Chain support should also consider SafePal, which secured early strategic and financial support from Binance.
SafePal also has an option for a software wallet minus the hardware, giving users another option to consider.
From here, we turn to in-browser wallets of the type that Metamask belongs to. Metamask is the industry leader in this field, and although there are other contenders such as MathWallet and BNB wallet, Metamask retains its #1 position.
Since in-browser wallets are always connected to the internet, they are considered the least secure wallet option. On the other hand, they are quick and convenient, which is why people use them. The best advice for these wallets is, therefore, to leave the absolute minimum of crypto on them at all times. These wallets are useful for holding everyday spending money and working capital, but they are never a long-term storage solution.

Recognizing Scams
Since in-browser wallets are the least secure wallet option, these wallets are targeted most often by hackers and scammers. Conmen want the easiest of wins, and so they will attempt to convince you to hand over your seed phrase or connect your wallet to a phony website.
Scammers will often pose as helpful community members or staff on social media sites like Telegram. Beware of anyone who contacts you on social media offering unsolicited help - they are most likely a scammer.
Scammers can create user names and profiles that look very similar to genuine profiles and likenesses. These ‘cloned accounts’ are designed to confuse and mislead. Scammers typically offer free tokens, airdrop rewards, and other benefits. Sometimes they also provide technical assistance as a way of gaining a person’s trust.
Scammers will invite you to click on a link that takes you to a fake website and to approve this site with your Metamask or in-browser wallet. However, the smart contract will not do what it claims to do and will instead allow the user to drain the wallet.
Another increasingly common scam is the airdrop scam. This occurs when scammers send a worthless token to user wallets. This phishing attack attempts to lure users to a website designed to appear as though it is a genuine crypto project. Should users connect their wallets to the site, the scammers can again drain the user’s wallet.
If you find unsolicited tokens airdropped to your wallet, it is most likely a scam.
A Short List
The above (short) list of common scams will hopefully help you understand why managing your funds safely on BNB Chain is crucial. It only takes a momentary lapse in concentration - and a connection to a phony website - for a scammer to take advantage.
Always practice safe coin management. Stay cautious and alert, and you can always keep your BNB Chain coins safely in a wallet that you, and only you, control.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Related News


Ice Network Releases Whitepaper: Here’s What You Need to Know

The Whitepaper details Ice Network’s components, including tokenomics and more.
Ice Network, a mobile mining blockchain platform, has recently made its long-awaited whitepaper available to its user base, referred to as Snowmen. The whitepaper was released to the public on September 28.
🎉 Exciting news! 🎉 Our Whitepaper is now LIVE! 📄 Access it directly from the app under the news section. 📲
— Ice: Decentralized Future (@ice_blockchain) September 28, 2023
New to Ice? Our invitation page has a fresh look and is packed with all the necessary info, making it easier than ever to dive in! 🚀🤓
But that's not all! We've…
For users eager to access the document, it is available through the Android application in the news section. The protocol has further confirmed that an iOS version will be released for iPhone users soon after confirming its submission on the Appstore store, which ostensibly not yet been accepted.
The whitepaper offers a comprehensive insight into the Ice Open Network (ION), providing information about various components of this mining blockchain. These components include IceID, IceConnect, IceNet, IceVault, and IceQuery. Additionally, the whitepaper delves into the intricacies of Decentralized Community Governance and Tokenomics.
Components of Ice Network
Here’s a quick overview of the components, according to the document:
IceID: IceID is the network’s decentralized digital identity designed to bridge the gap between real-world use cases and blockchain technology. The IceID allows ION-based and other Decentralized Applications (dApps) to interact with verified and trusted users while protecting their personal identification data with enhanced security and privacy measures.
“By decentralizing key aspects of digital identity management – such as data storage and access control – users can decide which dApps can access their data, which attributes are accessed, when they are accessed, and for what purpose,” the document reads.
IceConnect: Ice Network refers to this as “Decentralized Social Media,” aiming to promote information accessibility, limit censorship, and give authority over the spread of information to users.
IceNet: This is the blockchain’s Decentralized Proxy and Content Delivery Network. IceNet was introduced to give users “digital freedom in an era of increasing censorship.” With the service, Ice users can deliver uninterrupted content with privacy. Further, IceNet offers dApps and users secure, swift, and continuous access to content.
IceVault: IceVault is the network’s Decentralized Storage, designed to offer users an alternative to traditional cloud storage providers. Ice Network wrote that the IceVault “provides an infrastructure with reduced risk of hacks, unauthorized access, or data breaches.”
IceQuery: This is the last component, the Decentralized Database, created to provide a transparent, trustworthy, and secure database system for dApps building on the ION ecosystem.
Ice Network aims to provide a comprehensive solution for dApps, data management, and digital identity by combining all components into its platform.
“By integrating these features into a single, scalable blockchain infrastructure capable of handling millions of requests per second and catering to billions of users, the Ice Open Network aims to provide a comprehensive solution for decentralized applications, data management, and digital identity. This positions ION at the forefront of a new, user-centric digital landscape,” Ice wrote.
Building on TON’s Foundation
According to the whitepaper abstract, ION is building upon the foundation of The Open Network (TON) blockchain. Its primary goal is to establish an ecosystem of decentralized services that encourage active participation and genuine content creation. This ecosystem is designed to reward contributors and foster the development of authentic content.
The release of Ice Network's whitepaper is a significant development for the Ice ecosystem, offering a detailed and transparent overview of the platform's key components and objectives.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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