But have you also thought:
- How should I protect my cryptocurrencies?
- Which wallet should I be using?
- How not to get my crypto hacked?
Owning cryptocurrencies allows you to be your own bank. While it may feel good not having a central authority looking over your shoulders, such freedom comes with a great deal of responsibility. Being your own bank means you must now decide how to protect your cryptocurrencies. Ignore this and risk losing your crypto. Below is a list of areas where precautions are necessary, together with a few examples of what could go wrong in each.
1.Using cryptocurrency wallets
WGGW: Downloading fake wallets, using weak pins, not making adequate backups.
2. Using cryptocurrency exchanges.
WGGW: Using fraudulent exchanges, storing funds on exchanges, revealing login credentials to fake support staff
3. Sending and receiving funds
WGGW: Sending funds to wrong person, paying excessive fees
4. Inheritance planning
WGGW: Your family and loved ones have no way of retrieving your funds.
In the subsequent parts of this mini-series, we would discuss each of these aspects and provide easy to follow tips to users on how they can protect their funds.
Visit us at WhoTookMyCrypto.com for more cryptocurrency security guides.
In Part 2, we discuss General Security Best Practices (click here).