How to save yourself in crypto world ?

nikhilaggarwal (25)in #bitcoin • 7 years ago

I was talking to some of my friends who recently started investing in cryptocurrencies. They made a lot of money (in the recent bull run of December ’17) and so were excited about this technology. But, the bull got tired after a month and bear started capturing the ground. That’s when new investors/noobs and my friends started flooding me with questions. While listening to them I found one blunder almost all of them were doing. And this blunder is far more severe than their investment strategy. You can lose 90% of your portfolio value because of a wrong trade but that blunder may result in a complete wipeout of your capital. But before I move ahead, I would like you to answer following questions.

Q.1. Are you using your main/personal email id on all exchanges/ICOs/crypto websites?
Q.2. Are you repeating your password over multiple sites?
Q.3. Do you Google before logging into any crypto exchange?
Q.4. You don’t care about completing KYC unless enforced by exchange?
Q.5. Do you use public/friends system to trade?

If the answer is “Yes” for any of the above questions, then sooner or later you are going to lose ALL of your money.

All fund managers will teach you to do’s and don’ts of trading but no one will teach you very FIRST step. This FIRST step is most important in the crypto world as this world is most vulnerable to attack. Consider Security as your number one priority from the beginning of your journey. Never forget you cannot completely eliminate the risk of getting hacked but you should try your best to minimize the probability of getting hacked.

There are some but VERY CRUCIAL steps everyone should care about and I have listed down some for your help.

Step 1. Never Use your personal email id.
Step 2. Create new email id ( but id should not be generic/common ) and use this in cryptocurrency world.
Step 3. USE Google Auto Password Generator ONLY, to generate your random password.
If it is disabled on your chrome browser then you can enable it using these steps :
-- Go to chrome://flags/ in Chrome.
-- Password generation → Enable
Above step is MOST IMPORTANT as this will help you in generating a strong and unique password on every website and you need not worry about creating and managing one.
Step 4. Save this password on your browser. ← Yes I am not kidding, check next step which will add more security.
Step 5. Activate Google Authenticator( Two Factor Authentication) to this Gmail id.
DO NOT forget to save Authenticator key before linking Google Authenticator. ← Note down these keys and keep it in a safe place at your home.
Step 6. BOOKMARK all exchanges in your browser and open link from Bookmark only.
Step 7. Register yourself on all credible exchanges and do complete your KYC as well. “Generate password as we did in Step 3.”
If you are not going to use this exchange even then we recommend you to register yourself. As this may not result in losing out a trade when registrations are closed.