Three ways to keep your cryptocurrency safe
Cryptocurrency holds so many fantastic opportunities, whether you are in it as an investment, because you love the technology, you just want some free crypto or whether you just want the old haggard financial system that destroyed the global economy in 2010 to burn to the ground, either way, it is an exciting and fascinating place to be a part of.
However, with any new and exciting subjects, it can be a daunting and scary world, and there is nothing more scary or daunting than losing your hard-earned money or cryptocurrency. Therefore I have set out a few very short rules to show what you need to do in order to keep your crypto safe.
Never share your passwords or security keys/seed phrase with anyone’
If you have your crypto in your own non-custodial wallet, like 'trust wallet' or 'metamask'. Then you are the person with the power of the crypto, you have the key, so it is therefore absolutely vital that you do not give anyone else this information. You lose it, it will be gone. The great upside of cryptocurrency is that you are in control of all your funds. However, that being said if somebody finds your seed phrase or password for your wallet and can get in. They can then wipe out your crypto holdings completely.
When you open a new wallet, you will be given a 12 or 24-word seed phrase, randomly generated words, that you will need to remember exactly and in the correct order to regain access to your funds were you ever to lose them.
Scammers will obviously want to get these keys from you, do not share this information with anyone ever!!!!
If your crypto is on an exchange you will not have access to the security keys, but you will of course be very vulnerable if somebody gains access to your account. Make a secure password and keep it safe never share it.
2) Back up your passwords/ seed phrases or security keys ON PAPER
When you open that wallet for the first time make sure you take the time to write down the seed phrase so that if you lose your device you can get back into it. You do not want to be one of those people who is a crypto millionaire but can’t gain access to their crypto because they didn’t back up their wallet.
The next thing is you want to back this up on paper and not on the computer no screenshots or word documents emails nothing, if hackers gain access, they could sue these keys to wipe you out. Keep it on paper, keep it safe and locked away where you know where it is.
3) Always enable 2-factor authentication
2-factor authentication protects your account by giving that extra level of security, if you log in and someone has your password but not your 2fa authenticator they will not get in.
An authenticator app is better than text authentication as somebody could clone your phone, your accounts will be very safe using the 2-factor authentication, it may be a pain but it is necessary to protect your funds
Make sure you also back up your authenticator as well, you lose your device, you lose your authenticator, you lose all your access again.
These three things sound quite simple, but it is very easy to not follow and lose it all. Cryptocurrency is exciting, we are back in control of our finances, but with that great control comes huge responsibility..... don't risk it!
If you want to learn about cryptocurrency, the blockchain, and also earn some free cryptocurrency at the same time, then check out Earnathon, a good way to learn about the crypto world, and maybe be getting in on early on a new token, however currently it has no value. Read more about it here
Check out the website www.themoneyearner.co.uk
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