The most important part of owning any type of digital
currency is security both online and of.
When creating your first account, whether through freebit from our
quick-start guide or creating a series of accounts through coinbase, exchanges
or online and offline wallets you MUST take internet security seriously.
I recommend creating a different password for every site you
register to. On top of that, to be extra
careful you shouldn’t auto save your passwords.
Meaning you should get a piece of paper as a backup to save your
passwords. This being said, it may make
sense for you to create a new email address used for all of your crypto related
sign ins. You’ll find that this should
be a better option to manage the sites you sign up for.
There are Online and Offline methods of storing your crypto
currency. Each has there merits and
downsides but you need to ensure your digital assets are safe.
As stated above, the online method requires you to have
passwords and login info of course but you on the other hand, need to do
everything in your power to prevent someone from having the tools to access any
of your crypto accounts. I have many
passwords handwritten because I have completely different passwords, pincodes
and security questions for different sites.
Also, I use 2 Factor identification (2fa) to access sites.
Most sites PREFER you to have 2fa to help you secure your accounts and will
explain the steps to enable you to give your online presence and currency
security. I recommend using your smart
phone to enable text verification wherever possible to ensure you know what is
going on with your accounts at all times.
Some sites also give users the option to create ‘offline’ wallets
that that can be a great method of storing your currency. This options gives creates a wallet of the
specified coin but you literally will hold the keys.
When you create an offline wallet, you normally receive a ONE’TIME PDF
that you can save to your computer and also print copies. This PDF normally has
the scan code you can scan to send and receive money, your wallet address, and
your security password.
The downside of saving to your computer of course is the
possibility of your computer being compromised, your hard drive failing, and
files your forgot what the hell you named them.
This is where the paper copies of your wallet come in. These copies can never be hacked unless
someone came and physically took them from where you stored them and knew what
to do with them. This is a great method
for storing your currency though I recommend storing them in waterproof bags
and a copy at different secure locations if possible. Fires, floods, and other disasters that could
happen is the main reason for this.
“What can go wrong, will go wrong”~Murphy’s Law
In addition to paper wallets, many manufacturers make
external USB wallets & vaults that you can connect to computers to move
your currency on and offline and then remove it and put in a safe place. The downside of this way is the same as with
the paper wallet method but you also have to worry about the condition of the
USB external drive as well as fire and water damage and as with any important document, currency or keepsake I recommend you develop your own plan to keep your digital coins safe accessible only to you.
When entering the digital currency world, new users entering the cryptoworld will be bombarded by all sides by ads, scams and empty promises as they search for news, wallets, faucets and the hunt for more coins. Proper Online security, diligent research, and sometimes listening to your gut can prevent you from losing your hard earn coins.
Buying, selling and trading digital currency can be fun and
make you money. But you want to make
sure that noone else but you can access it.
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A few Reliable Faucets
November 11, 2020
David has a passion for cryptography, collectibles and helping people to form their own opinions.