"Not Your Keys, Not Your Coins."

Author

Mr Brondor
November 15, 2023

CRYPTO SAFETY 101: YOUR EASY GUIDE TO SECURE DEFI

"Not Your Keys, Not Your Coins."

It's simple to say, and it's even easier to do. So, why not keep your coins in a Cold Wallet?

What's a Cold Wallet?

Imagine it as a super-secure savings account. A Cold Wallet is an offline storage device, like a USB drive or hardware wallet. It keeps your tokens offline, shielding them from hacking and unauthorized access. I personally use @Ledger, but other secure options include @Trezor.

Lesson from Recent Events: CEX Isn't Safe

Recent events, like the Poloniex exploit, showed us one crucial thing: your funds are not safe in a Centralized Exchange (CEX). Even FTX was a clear signal to move your coins off-chain.

Steps to Be 1000% SAFU:

  1. Clean PC: Use a clean PC, preferably a new one dedicated to transactions. It's a bit challenging, but it's the best way to stay 1000% secure.

  2. Cold Wallet Protocol: Don't connect your cold wallet to any DeFi protocol. Unplug it from services like MetaMask for added security.

  3. Key Safety: Keep your keys safe. Hint: a paper sheet isn't secure. Do your own research (DYOR) on safer options.

  4. Multiple Cold Wallets: If your capital is significant, consider investing in several cold wallets. The $100 investment is always worth it, especially with a 5k portfolio, in my opinion.

  5. Chain Token Awareness: Remember, for each token, you need the chain token for gas fees. For instance, if you store $VXV in the ERC-20 chain of ETHEREUM, you need some $ETH to cover gas fees when moving assets.

  6. Lost Wallet? No Problem: If you lose your hardware cold wallet, worry not. With the 24-word recovery phrase, you can regain access to all your funds. Simply buy a new cold wallet.

Stay secure and keep those crypto investments safe! 💰🔐

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