Do you know what is one of the most common problems in the Crypto World?
Wallets.
You may wonder what a wallet is, or maybe you know what I'm talking about, however, I'll leave here a brief definition according to Google:
It's a decentralized wallet, which means it holds your private keys.
And yes, they are a powerful tool, but really, what's the problem?
First, I must ask you, do you remember what you had to write down when you created your read.cash account? Yes, the seed phrase of your BCH wallet.
This phrase can NOT be sent or shown to anyone, as anyone who gets it will own your wallet as much as you.... :)
Going back... Ah yes, what's the problem?
That one, that if you misplace the paper where you wrote down the seed phrase (you may wonder why you would write it down on paper, easy, because if you have it on any electronic device with internet connection, you would be very vulnerable to anyone can access it, if you want me to explain this further, let me know and I will make an article about it) and someone else knows what wallet that phrase is for, they could enter and steal your funds without inconvenience.
But wait, not so fast, it doesn't end there.
That's just the tip of the iceberg, the real big problem is that you can do absolutely nothing, yes, just as you read it, once your wallet is stolen you just have to accept what happened and try to rescue the funds (if they left you some) and move them to another safe wallet.
But what if that wallet is used to make investments in P2E games or other investments?
There are many other meters of the iceberg; you will have to quickly move the tokens you have left there to the new wallet and every time you make a profit repeat this process. (Wow, it doesn't seem so difficult, does it? :)
Remember that to make any kind of transaction in these wallets, you must have some cryptocurrency (depending on the chain you are in) to pay the "gas" or transaction fee, in the case of BSC (a very common one nowadays) you must have BNB (Binance Coin).
So, what is the problem in this part? That many times people who are dedicated to this, do not perform manual operations, instead they use bots so they can perform transactions in the stolen wallets in different conditions, that is, if you add liquidity to your wallet to move your tokens, you must add +$2, which is an average of the gas you must pay to make the transactions you want (depending on how many you want), then, when the bot detects liquidity in your wallet, it will automatically send it to the wallet they have destined, making you run out of BNB and you can not make any transaction, then it would be very difficult to rescue something from that wallet.
Why do I say there is nothing you can do?
Because these wallets, being decentralized, do not depend on intermediaries and no one but the person who owns the seed phrase can make changes in them.
There is no way to change the seed phrase.
Recommendations:
Do not share your seed phrase with anyone.
Remember to write it down on a piece of paper.
Keep that paper very well guarded.
Do not save your seed phrase on electronic devices connected to the internet.
Want to know how I learned all these tips?
Leave a like or comment and I'll tell you about it in another article :)
