SECURING YOUR CRYPTO CURRENCY

in #cryptocurrency7 years ago

What are CRYPTOCURRENCY and TOKENS ?. These two are two different things. Crypto-currencies are the main utility in a crypto-currency blockchain protocol, such as Ethereum , Bitcoin and then you have tokens which are built on top of blockchain .

For example , using a code storage hard wallet like LEDGER. Depending on the exact amount of money that you have , this advice i often give to people , you just like anything in life ,you don't want to be walking around with a couple of thousand dollars in your pocket , so my advice is that as any high amount of crypto-currency in your wallet (High amount is justifiable in your mind ,each person has their own said level of what they consider high) you should use different secure protocols for as many wallet you have. Let just say you have a high amount that you want to keep safely. There are couple of different methods for different crypto-currencies, couple of different methods for tokens. Unfortunately no hard wallet right now can handle everything , talking all crypto-currencies .For example, right now one of my favorite to use and i use it for various currencies like Dash , Ripple , Bitcoin , Ethereum that are so dominant , i like to use Ledger .The ledger is great for couple of reasons .They have been working very hard for years to build the best technologies so they are not new on the block. What i really love about Ledger is its "simplicity". In case its lost or broken or de-magnetize , you have 24 words phrase with which you can go online and backup your wallet from anywhere in the world .So as long as you have your 24 words , you can backup your crypto-currencies .Now the downside to using Ledger is fact that they don't support everything but very much support the dominant crypto-currencies.
I will also give advice a couple of advice on how to keep your cryptocurrency save. Some people might not find it convenient or easy, you can go on google to find guys for that.
THE PAPER WALLET
Many of these cryptos and many of those tokens do offer Paper wallet storage, where you can actually store your private keys on a piece of paper that you can actually print online to offline. For example, most cryptos do offer these service, honestly it is almost as good as Hard wallet , pretty much you have your private keys on a piece of paper and there is also a word phrase. Just keep in mind that the security of your cryptocurrency is very important because (A)IF you keep using the same bitcion or ethereum wallet online it makes it very easy for people to hack your account. (B) For security, most people keep a lot of money , whether it’s on exchanger or even on your computer, it is easily hackable, your computer is easily hackable.
No central database system is unhackable . Always have your risk portfolio , you distribute your tokens or cryptos on different ledger, on different paper wallet, on different server wallet on your desktop. Just keep it in mind that the security of your account is really important. For the past months there’s been a high gold-rush for cryptocurrency online on different exchangers and do not really put in mind to backup there wallet, or might have lost their private key.
THANKS FOR YOUR TIME !