An Intro To Protecting Your Cryptocurrency (Ignore At Your Own Peril)

WAGMI!

But are we really?

For many, they think their crypto is secure when it really isn’t.

When generational wealth is at stake, it’s important to be extra vigilant.

Reading this article could be the make or break point between sipping champagne on a yacht or eating “ze bugs” in your pod as your bloodline curses you forever.

Table of Contents

Here’s An Intro To Protecting Your Cryptocurrency:

Let’s cut to the chase.

If your coins are on an exchange such as Coinbase or Binance, you own ZERO crypto.

(And have to deal with tons of fees).

Remember when people were blocked from trying to sell when the market dipped?

Exactly.

It’s Better To Buy Bitcoin Via A DEX Or DApp.

What is a DEX?

It’s a decentralized exchange.

This is a peer-2-peer marketplace where traders make transactions directly without handing their funds to a middleman.

These funds are facilitated through the use of self-executing agreements written in code called smart contracts.

DEXs were created to remove the requirement for any authority to oversee and authorize trades performed within a specific exchange.

Next, You Want To Move All Your Coins Off Exchanges And Into Cold Storage

What is cold storage?

It refers to any crypto wallet that isn’t connected to the internet.

(This is done to prevent hacks and sim swaps).

How do you do it?

You get a crypto wallet such as a Trezor or LedgerNano.

This is a touchscreen device that holds your crypto private keys, encrypted in its flash memory.

However, there are many Amazon employees that get paid by hackers to leak the private info of the people who have bought Trezors / LedgerNanos. To avoid this, you will use a fresh email account to purchase a Trezor directly from them and have it shipped to a PO box.

How To Set It Up

Go pick up the Trezor.

When presented with the 24 word recovery seed, do this:

Write down the first 12 words of the recovery seed in a book (and the other 12 words in another book) on an empty page using a pen with UV ink that can only be shown through UV light.

Everything will be hidden in plain sight in case of a robbery.

Never store your 24 word backup on anything digital. It is to be written on paper or stainless steel.

If you’re going to keep your Trezor on you (I don’t suggest it), set up the advanced passphrase feature on the Trezor.

This will allow you to log into a decoy wallet if someone puts a gun to your head and tells you to log in to your BTC wallet.

Regardless, you shouldn’t have your Trezor / book(s) with recovery seed in your house at all.

You want to put them in 2 different security boxes in 2 different cities.

There are other ways to become even more secure, but here’s a simple rundown for beginners.