How To Protect Your Crypto Holdings?

in crypto •  2 years ago 

You are so excited about this new found technology, you read so much on how people got filthy rich just because they got in at the right time on a crypto currency!

You are practically inundated with the amount of reading materials that you have to read to keep up and be up to date with a certain "coin".

At the same time ICO's and IPO's and all sorts of crypto start-up "businesses" and offerings keeps popping up. You are overwhelmed with excitement and the feeling of FOMO(Fear Of Missing Out). So you bought and traded and did all sorts of things crypto related.

Then one day, when you thought you had it made, you feel you are already "crypto" rich, the unexpected happen. You LOST your crypto holdings!

Crying.png
IMAGE CREDIT screen grab of a GIF

It's okay. Don't feel too bad (unless you lost millions!). We all make mistakes. Mistakes that we pay one way or the other.

Okay, so how do you avoid losing your funds?

There is no sure fire way to do this, but you can be guided by one MAIN PRINCIPLE. That is Safety first.

Yes, that's right always put SAFETY above all else of your crypto activities.

This kind of mentality will protect you no matter what kind of coin/token or platform you use.

First, read up...there's no substitute for that. Find out all you can about the viability and potentials of your chosen crypto.
It will determine if your funds will lose value or multiply many folds in the long run.

Second, try installing the wallets, try all of it's functions as much as possible, especially BACKING-UP and RESTORATION. Yes, you can do those things even without any coins in them. This way, you can assure yourself that if worst comes to worst with your PC, you are intellectually equipped enough to recover your wallets and whatever is in them.

Third, If you will use crypto exchanges, choose the reputable ones. Keep as little funds in them as much as practicable. We are not sure when they will suddenly be gone with your fund's balance. Use strong passwords, and the 2FA function everytime it's available, don't use the SMS type 2FA they are easily bypassed by phisers. Decentralized exchanges do win on this matter.

Fourth, have a copy of your passwords and 2FA images (QRcodes), ZIP them with passwords and email them to a secured email that you use. You can thank me later when you're so happy that you applied this tip.

Fifth, stay away from non-official wallets and apps that has access to your funds, like for example MOBILE wallet apps that are not reviewed or inspected by reputable teams and or individuals. Even "open sourced" ones are not that safe. You see, on mobile devices, an "update" can be pushed anytime, therefore no one can guarantee that what is clean and safe today will be such tomorrow.

Sixth, always have a Zipped with password copies of your private keys.

Seventh, don't join fishy offers, click unfamiliar websites, or even talk to strangers online. You can never tell when you are talking to a seasoned hacker. Sadly FB is now full of such offers and chances. Newbies fall victims, again and again.

Thats all for now, I won't go into so much technical details of the hows and whys of those tips above, since this article is for the benefit of the less tech savvy ones.

I hope that you'll be saved from the heartbreak of losing your money just because YOU DIDN'T KNOW BETTER.

Till next this is east.

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Thanks man. Making the world a better place one step at a time.

Would you say hard wallets are the best?

Regards
Nixeus

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I dont have any experience with a hard wallet yet so I am not qualified to even comment about them. There are several signs though to determine a wallet security.

  1. You alone got the access what's inside.
  2. You alone can recover your access.
  3. It is weather proof.
  4. You can access your wallet whatever happens.

and maybe you can think of something else. I think you'll get the idea :D Cheers!

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Thanks. Appreciated.

Interesting article, I promiss to my self that, I would cry like the guy in the picture, when I'm loosing tje money. Thanks for sharing 100% upvoted from @chanthasam

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Thanks! ;D

Education Education Education.

I've always seen many people go into the wild crypto world without doing their homework, and shortly after all kind of disasters happen.

Educate yourself before you invest your money or time in anything. Because if you don't, others will have a greater advantage and you're guaranteed to fail.

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Absolutely right!

Well easteagle13 thanks this is interesting. Not that I have Cryptocurrency as yet, not that I have any idea how to go about getting the right "wallet" in whatever Cryptobank there is, but the above gives me an insight for when I do>