What is great about having one or more Cryptocurrencies in your portfolio is that YOU are in charge YOUR own money!. You are your own keeper and its really important to keep to some repetitive behaviour. Some best Practices for Cryptocurrency Assets would be to keep to an organisational structure when you are carrying out your cryptocurrency procedures. Some examples could be if you are sending or receiving transactions. Storing your seed words, Similarly hiding your Hardware Wallet. Managing your passwords for all your Cryptocurrency Exchanges. Even protecting your portfolio balance from being detected by beady eyes. Do not let your guard down for one minute and trust no one! you, are after all, your own bank!
Secure your Private and Seed Words
Best Practices for Cryptocurrency Assets are of paramount importance to understand, when you are using any type of Cryptocurrency, your Private Keys and the Seed words which create them initially (which you need to store securely) should be considered as the money. If the Private Key of your Wallet or the Seed Phrase gets into the hands of somebody else, they essentially have your account and everything within it. You would not leave your Cash Wallet or Purse lying around for somebody to pick it up and walk away with all your goodies inside. So please take this part of the process seriously. You need to be very organised, have a procedure to adhere to, and get into the rhythm of practicing the same techniques so it becomes second nature to you.
Crypto Best Practice Tips
Below are a few Best Practices for Cryptocurrency Assets methods that you may find useful. These will help you keep your portfolio of Cryptocurrency safe and secure. Above all away from unscrupulous people.
- Do not let anyone see your Private Keys or Seeds Phrases, unless you trust them with your life!
- Never store your Private Keys or Seeds Phrases on a PC connected to the internet.
- Turn off your Wi-Fi or Unplug your internet cable when your are not using your computer. (Better still turn it off).
- Hot wallets can be apps installed on your phone (Wallets connected to an internet device). Use these for convenience only. Having small amounts stored on them is the safest way to protect your assets from a hack. Do not keep all your eggs in one basket, you can always top this ‘Hot Wallet’ up as and when you need to.
- If you are new to the space and only have your Cryptocurrency on your phone. We strongly advise you purchase a Hardware Wallet. This is a device which can be isolated from the internet and stored in a safe place (cold Storage). There are many brands out there, such as a Keep Key, Cool Wallet S and a Ledger Nano X.
- Be sensible with the mechanisms you put in place to store your Private Keys and Seed Phrases. There have been many instances of people storing them on Hard drives only to be thrown away.
- Thinking your really clever (we are sure you are) by memorisation, only to forget forever, just when you really need it.
- Mixing words up in an order that you actually misinterpret.
- Hiding them in the cloud, like google, only for a hacker to find them, and strip your Crypto accounts!
- Add an additional Seed Word at the beginning or end of your Seed Phrases, a rule you can adhere to throughout all your crypto wallets. Yes you should have many wallets to spread the risk and hedge your bets from being hacked. Your not protected and insured by the banks, you are your own bank remember, and you will not be reimbursed….ever!
- Obtaining a Steel Wallet for your Seed Phrases are pretty much indestructible and can still be hidden or stored in a secure place.