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How to store Status(SNT) coins

For optimal security, store your Status Network Token (SNT) in a hardware wallet like Trezor or Ledger, which keeps your private key offline and protected from potential cyberattacks.

Dec 13, 2024 at 08:36 am

How to Store Status (SNT) Coins

The Status Network Token (SNT) is an Ethereum-based utility token that fuels the Status decentralized mobile messaging application. SNT can be stored in various ways, including hardware wallets, software wallets, and custodial exchanges. The most secure option is to use a hardware wallet, such as a Trezor or Ledger, which stores your private key offline and away from potential hackers. Software wallets, such as MetaMask or Trust Wallet, provide a more convenient option for storing SNT, but they are not as secure as hardware wallets. Custodial exchanges, such as Binance or Coinbase, offer a convenient way to store SNT, but they hold your private key for you, which means that they have control over your funds.

Steps to Store SNT Coins

1. Choose a Storage Option

Hardware Wallets: Trezor, Ledger, SafePal S1
Software Wallets: MetaMask, Trust Wallet, Coinbase Wallet
Custodial Exchanges: Binance, Coinbase, Kraken

2. Create a Wallet

Hardware Wallets: Follow the manufacturer's instructions to set up your hardware wallet.
Software Wallets: Download the software wallet of your choice and create a new wallet.
Custodial Exchanges: Sign up for an account on the exchange and create a new wallet.

3. Receive SNT Coins

Hardware Wallets: Send SNT coins to the public address associated with your hardware wallet.
Software Wallets: Send SNT coins to the public address associated with your software wallet.
Custodial Exchanges: Purchase SNT coins on the exchange and they will be deposited into your exchange wallet.

4. Secure Your Private Key

Hardware Wallets: Your private key is stored on the hardware wallet itself. Keep your hardware wallet safe and secure.
Software Wallets: Your private key is stored on your computer or mobile device. Back up your private key to a secure location.
Custodial Exchanges: Your private key is held by the exchange. Trust the exchange to keep your funds safe.

5. Manage Your SNT Coins

Hardware Wallets: Use the hardware wallet's interface to manage your SNT coins.
Software Wallets: Use the software wallet's interface to manage your SNT coins.
Custodial Exchanges: Use the exchange's platform to manage your SNT coins.

Additional Tips for Securing Your SNT Coins

Use a strong password for your wallet.
Enable Two-Factor Authentication (2FA) on your wallet and custodial exchange accounts.
Avoid storing large amounts of SNT coins in a single wallet.
Keep your software wallet up to date with the latest security patches.
Be aware of phishing scams and never share your private key with anyone.

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