Jan 27
3 min read
How to keep your funds safe
Cryptocurrency allowed us to achieve financial freedom. By being in charge of our funds, we are no longer subject to the banks’ or government’s whims and desires.
But there is another side to the story. Paired with the freedom of having full control of your funds, comes the not lower responsibility of keeping them safe. You can’t just complain to your bank or broker if your funds go missing. They are in your custody, and it is your duty to protect them as well as possible.
We will list some of the best practices you should have in order to keep your funds SAFU
- Keep your seed phrases written down and NEVER share them online
Your seed phrase is like the key to your vault on a bank. It is all you need to access your funds, and you should never share them with anyone. Besides that, don’t write on a digital platform with internet access. Write it on a piece of paper (or 2 to be safe), and store it somewhere safe - Do NOT connect your wallet with untrusted Dapps
There are hundreds of thousands of Dapps with wallet connections. While a majority of these are legit, some use bad code and as soon as you connect with them, they drain all your funds.
Only connect your wallet with trusted parties, and make sure that you are accessing their real app. To guarantee this, always go through the link on the project’s official website. - Use password generators, vaults, and 2FA
There is a reason you have different keys to your car, house, safe, etc… If you had one key for all, and someone stole it, you would lose all at once. So multiple keys offer an extra layer of security. Passwords work in the same way. But how are you going to remember them all? Either you use very simple passwords (which is a greater risk in itself. The top 100 used passwords take less than a minute to crack) or you use a vault and password generator, with a 2FA to go along. This allows you to have all your passwords stored safely and with the second layer of protection. - Beware of anyone sending you PMs on social platforms (Telegram, Discord, Twitter, etc..)
When I first joined Crypto Twitter, I got a DM from Bitboy. He was being really cool, and asking me about my investment strategy. I thought to myself, “for a guy with so many followers, this guy really takes the time to talk to some of them!”. Of course, a few minutes later, he was telling me about a guaranteed 50% return/month investment, that I only needed to start with 500$. It wasn’t the real Bitboy, but a very really well-crafted copy. Scammers are everywhere, and they will try to fool you with promises of crazy returns and easy money. Remember, if it seems too good to be true, it usually is! - Use a VPN
One easy way to increase your security is using a VPN. This allows you to keep your location and information secret. No IP leaks means your computer can’t be hacked, and your information can’t be drained. In this day and age, data is all that matters. Keep yours safe!
