Beginner’s Guide to Blockchain XVI: How to stay safe in crypto

Image: unknown / Article by Chris Pace

Hello my friends and welcome to another article of our series Beginner’s Guide to Blockchain.

In this episode, we are going to cover a very important question “how to stay safe in crypto”

But before we start, you should know I write other articles about crypto-related stuff but for now, I consider you should read these 4 to get a better context for this topic

  1. Beginner's Guide to Blockchain Part II: What is Blockchain?
  2. Beginners Guide to Blockchain X: What are the real risks in crypto?
  3. Beginner’s Guide to Blockchain XI: What is Decentralization
  4. Beginners Guide to Blockchain IX: Crypto Dictionary (other terms you need to know).

Now that we are ready let's get right into it.

There are a few very simple ways how you can stay safe within the crypto world, I'm going to list the 4 I think are the most important right here:

1. Use a cold Wallet

Image: unknown / Article by Chris Pace

Paper or hardware wallets are often referred to as cold wallets. They are the safest kind of digital wallet since they are not online and thus cannot be hacked.

Offline hardware, such as a USB drive or a hard disk, prevents coin theft by avoiding storage on internet exchanges. A paper wallet, which is a piece of paper holding a crypto address and a private key in the form of QR codes, is also a good choice.

This wallet is incredibly secure against hackers.

2. Pay attention to scams

Image: eamesBot / Article by Chris Pace

There are many types of scams in crypto, although the most common are giveaways and phishing scams.

Be careful of advertisements or people who beg you to pay them crypto in exchange for a bonus, or who promise they can help you get more by giving them your private keys.

Also, be aware of clicking on links that ask for your passwords or keys, double-check website security certifications, and avoid clicking on links from unfamiliar emails.

So overall to stay safe within this danger, always be careful on what you click and never trust anyone with your private keys.

3. Use strong passwords and multi-factor authentication steps

Image: unknown / Article by Chris Pace

Although using simple passwords is the easiest, it is not really the safest.

Hackers always try to find their way into your wallet, and using long passwords could make it less probable that you suffer from fraud also when several signatures or multiple keys are used to approve transactions, the risks of fraud are considerably reduced.

So… if your password looks something like “Password1234” you should really consider changing it

4. Create wallet backups

Image: unknown / Article by Chris pace

In the case of a computer breakdown, regular backups will allow you to retrieve your cryptocurrency.

Additional security methods include storing your keys and backing them up to many locations, such as a hard disk or a USB drive.

Make sure your backup has a strong password so it can’t be hacked.

Closing thoughts

So that was it, those were my top 4 best ways to stay safe in the crypto world.

overall you should really pay attention to everything about your crypto information because with 1 wrong move you could lose everything

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If you would like to hear more crypto-related stuff, make sure to follow @bychrispace on Twitter and on pretty much all other social media.

Chris Pace.

thechrispace.com

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Chris Pace

Chris Pace

👉 I’ll help you launch and scale past 7 figs using tech & story. 🔥 Revealing the secrets of LATAM to english speakers. 😱 +$100M in student results.