Bought crypto at a great dip. Now what ? How do you keep your coins safe ?
Now that the markets are dipping, I felt this would be a good time to post about how to keep our crypto safe as we expect the veterans to pull in their friends and family into the crypto markets. This will help all the newbies navigate the security measures in cryptoverse.
- ENABLE 2FA Authenticator everywhere. Use a separate email for crypto. Use google authenticator instead of SMS authenticator. NO QUESTIONS ASKED.
- You take it off the exchange. You do not leave your coins on the exchange. " NOT YOUR KEYS, NOT YOUR COINS." The only times I leave coins on the exchange is when I know that I am looking to buy more coins in the next several hours. That way I avoid paying fees multiple times to withdraw from the wallet. But with coins like ADA , SOL, ONE where the fees is so low that it might even be worth getting the coins off the exchange even if you do intend to buy more coins in the next 12-24 hours. Alternatively, if you bought BTC or ETH/ERC-20 tokens, you could possibly wait till your done accumulating for the session and then pay the fee at once to pull your coins out. Sure you have to pay the transaction fees but hey, that's the cost of doing business here.
- ALWAYS do regular scans on your main computer which you use to buy/store your coins for malware and other threats.
- Never publicly reveal your holdings. Never trust anyone who reveals their holdings publicly either. They are either malicious or they are lying or they are just stupid. You do not need to associate with such people in any case.
- Never use the email you use for your social accounts as your exchange's email. If you have made that mistake already, consider changing the mail or alternatively changing the account. Yes, it may sound extreme but it is worth it.
- Do not visit shady websites from your main computer. Sure, you may have anti-virus but do not risk it. Especially avoid visiting illegal websites that stream shows, sports events and porn.
- Do invest in a hardware wallet as soon as you feel it is worth it. BUT MAKE SURE that you buy directly from the manufacturer's website or from a very reputable retailer.
- I would always suggest choosing wallets which have multiple assets storage over storing your assets in separate chrome extension wallets. Particular example comes to mind with EXODUS vs YOROI when staking ADA.
- FACT CHECK EVERYTHING. I have lost quite a bit (not crypto but in general) by not questioning people because I was afraid I would offend them. If they are correct, they will always be delighted to prove their point.
- DOUBLE CHECK EVERYTHING. Double check whether you pasted the correct wallet address. Double check the authenticator code. Double check whether the girl you like is only into you for your crypto. Double-checking never hurts.
Please feel free to add anything that I may have missed.
Cheers !
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