Getting Started with Cryptocurrency: Safety

Nov 13, 2020

The world of cryptocurrency is new and exciting. As with all things that offer the opportunity to make tremendous amounts of money there are some perils to consider. If you follow these ten simple steps when making transactions and storing you crypto your chances of being successful increase tremendously.  After you have read these guidelines, lets get you a wallet and get you on your way to some free cryptocurrency. Go here next.

  1. Don't keep your cryptocurrency all in one place. Have multiple wallets so that you never have a situation where you whole investment has been lost or stolen.
  2. Use wallets from well known sources. There are a lot of wallets on the market that are offering free coins for your deposits. Make sure that they are reputable,  you could end up with malware or even loosing your investment. You can use the wallets listed here.
  3. Never use the same wallet for online transactions that you use to store you crypto. I suggest having a minimum of two wallets but you may need more as all currencies are not supported by all wallets. 
  4. Make sure your passwords are long and not related to anything in your life. If someone decides to try to enter your wallets the first passwords they will try is something close to you. Make them long and difficult and use symbols where allowed. 
  5.  Always store your Seed phrases somewhere secure and on paper. DO NOT store them on your phone or computer because in the event your phone or computer gets hacked, broken or gets a virus you still have access to your wallets. I use an encrypted USB drive and an excel sheet.  Get this sheet here.
  6. Always opt-in for 2FA security on all of your digital storage and wallet options. If you accidentally show someone your password, with 2FA they will still need to get authorization to enter your wallet.  
  7. Research, research, research. There are thousands of so called opportunities for new coins introduced daily. Most of these coins are scams or just don't make it. My rule of thumbs is to get as many free airdrops as possible but never invest my money in a new coin. I usually determine if I am going to invest in a coin on if they are listed on an exchange and how old they are.
  8. If you are not investing your cryptocurrency to gain some interest on it then keep your crypto in cold storage. You can generate a paper wallet, and store it with your logins, and seed phrases or buy a hardware wallet to store it in. Find cold storage options here.
  9.  Keep a backup copy of all of your logins and seed phrases somewhere else. Maybe keep one copy at your house and another somewhere you trust outside of your home that only you have access to. You can get a lock box and store it at your parents or close friends house. 
  10.  Last of all don't talk about your investment in detail. I know your not walking around telling people how much money you have in your bank account, neither should you be walking around telling people how much of what coins you own.

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