Eight Simple Rules For Protecting Your Cryptocurrency

Eight simple rules for protecting your cryptocurrency

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It's crucial to understand that decentralized money means you and only you are responsible for it's safety. At this stage of the game, it takes a certain level of technical competence to manage crypto assets safely (although exchanges like CoinBase are building a brand of safety...

setting the stage for wider adoption.)


  • Bitcoin Cash (usually by ticker BCH or BCC) is not the Bitcoin you are looking for.

    Beginner Security in Crypto

    It's a fork also known as "BCash." Unless you are playing the miner game, you don't want it!

  • Don't visit or buy from bitcoin.com because they are trying to sell you BCash. You don't want it!

**PRO TIPs**

  • Before you take the plunge, dedicate a new email address with an encryption service like @protonmail.

    Eight simple rules for protecting your cryptocurrency

    Use it only for your crypto accounts.

  • Use 2 Factor Authentication like the Authy or Google Authenticator apps. Make sure you keep backup keys in a very safe place.

Crypto Wallets

Crypto assets usually have an associated software wallet -- basically an app. Many have their own unique wallet, while tokens built on Ethereum can be stored by myethereumwallet or something similar.

Eight simple rules for protecting your cryptocurrency

Others, like Exodus, help you manage 40 or more cryptocurrencies and tokens. Serious Bitcoin HODLers store their coins offline in paper or hardware wallets (Trezor and Ledger Nano are favorites.)

The fundamental concept is a digital asset has a public key and a private key.

The immutable ledger of the blockchain let's you and everyone else know with certainty how much "asset" is accounted for with that public key.

Eight simple rules for protecting your cryptocurrency

The private key (encrypted password) is your claim to that asset. If somebody else gets that key, you are screwed! These are distributed, de-centralized networks. There is not a central authority to sort it out.

Again, it's your responsibility to protect your crypto assets. There are many kinds of wallets and even more opinions about which are best.

Eight simple rules for protecting your cryptocurrency

Diversifying your assets (spreading around different wallets) is recommended. Storing backups of wallet files and password keys with a friend or relative is also a good call.

Definitely do your own research and due diligence. What works best really depends on how you operate.

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