Take Action To Secure Your Crypto Assets

Unless one lives in the cave we are all aware of the FTX trending gist by now and the account hacked that follows. I can bet my nose that this won't be the last of its kind.

The crypto world is growing rapidly by the second with a stack of funds moving around and most sitting at the crypto exchange platforms.

This has exposed people's funds to criminal elements such as scammers, hackers, and sometimes mismanagement of funds on the part of the centralized exchange platforms. Therefore, there is a great need, more than ever before, to secure our crypto assets to avoid the stories that touch.

I will explain below some secure ways we can keep our funds safe. But note; 'this is not in any way financial advice, you should still carry out your research.'

Before I go any further, I will like to mention that our hive funds are way more secure than those in exchange platforms as long as one does not keep his or her hive keys in an unsafe place or expose it to a scammer's website. We all own our funds, unlike a centralized exchange platform. As we might be familiar with the phrase, Not Your Key Not Your Money I will talk more about this in a few minutes but before then let's talk about seed phrase

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What is Seed phrase?

Seed phrase; These Are some number of words that will first pop up when one wanted to register an account on a trading platform Such as MetaMask and Trust wallet.

Why seed phrase?

Seed phrases were put in place to be used for account recoveries. These words should be well kept in a hidden safe place as once it is exposed to the wrong hands, they can have access to your account and that could sure be the end of such a person's fund.

How can you keep the seed phrase?

You might be tempted to just do a screenshot of the seed phrase once in the pop-up, but that is very risky because once someone has access to such a screenshot your fund can be imported into their account.

Pro-tip; write down your seed phrase on more than one piece of paper, and keep them secretly safe at different locations.

Saving your seed phrase in your Google drive or email is very risky because, if hackers happen to get access to your account it will be disastrous.

Keeping account keys and password safe

The best way to keep account keys and passwords safe so far is to make use of the cold wallet.

Cold wallets are wallet storage that is not based online, such as (Ledger starting price of $79), (Ellipal starting price of $119) and (Trezor starting price of $72).

Below is a Twitter of what Khal has to say about that.

You might find it easy or tempted to have account keys and details saved online such as on drive or an email account but this is very risky. If such an email account or Google drive is compromised by hackers, they can easily have unrestricted access to such an account and can do away with funds.

Keeping crypto funds safe

Activation of 2Factor authentication using Authenticator App:

Another great measure in keeping crypto funds safe is to make use of 2factor authentication. This will require one to activate the 2factor authentication option and once activated before a transaction can be completed, a code will be sent to your mobile number which will then be used to complete a transaction. This will prevent unauthorized persons from accessing your crypto fund unless they can have access to your mobile phone which is very unlikely without your notice.

Using Google Authenticator App

Just like using an authenticator code, when using a Google authenticator app, before a transaction can be completed on a centralized exchange a code will be required for you to copy from the Google Authenticator app to complete any transaction. All you have to do is to download the app from the Google play store or App store, install it on your Android phone or computer and then link it to your centralized exchange app.

Storage of crypto funds

You might probably hear the phrase 'if it is not your key, then it is not your fund'.

Saving your crypto funds on a decentralized platform like #hive is a sure way to safeguard your fund. As you will be in charge of your wallet and any amount of funds in it. Unlike on a decentralized platform Such as FTX where your fund is in the custody of such a platform. In case of a situation when such a platform is under attack by hackers or funds mismanagement on their end, your fund will be at risk as well.

Pro-tip; don't save a huge amount of money on a Centralized exchange platform use a decentralized platform like #hive or make use of a cold wallet 'this might be a bit expensive but if you have a huge amount it will be worth it.

It is a cold world out there, the street is not smiling. Do your best and be safe.

Thank you, until some other time, enjoy your week.
@funshee