How To Keep Your Cryptocurrency Safe

Unlike banks, you’re the one in control of your cryptocurrencies. While this means that these funds are indeed yours, it also means that the responsibility to secure them falls entirely on you. Here are some practices you should follow to ensure that you do not lose them!

Tips For Protecting your Digital Currencies

Keep Your Seed Phrase Safe

Seed phrases are the password to our wallets, enabling us to restore our wallets on any device. Never share this phrase with anyone or leave it in a place where someone can access/see them! Anyone with access to this phrase would have access to all the funds inside your wallet.

Record your seed phrase offline (paper and pen, etc,) and lock it up! Recording your seed phrase online (mobile/desktop) leaves it vulnerable to your phrase being seen or leaked. If you decide to keep your seed phrase online, remember the encrypt them with a password so only you have access to them.

Never Share Your Seed Phrase

Under no circumstances should anyone ask you for your seed phrase, nor should you share them. Sharing your seed phrase with anyone is basically you trusting, and giving someone all the money inside your wallet. Many scammers disguise themselves as a “Support” or “Official Ambassador” to gain your trust in sending them your seed phrase. The only function of a seed phrase is to grant you access to your funds, nothing else. It can’t be used for verification, to troubleshoot technical difficulties, etc..., and you should never, in any circumstance, send your seed phrase to these people or anyone.

Be Cautious Of Everything

If something is too good to be true, it probably is. Be cautious of what you're signing up for, and do your own due diligence. Is that an official URL? Are you talking to a verified account? These are some questions you can ask. Always seek clarification if you're unsure! It never hurts to seek a second opinion from a second source, a friend, or someone you trust.

Anyone can edit a video/photo, change their username, buy followers on social media, or even create websites/apps. Scammers often pretend to be from or affiliated with official organisations, offering giveaways/promotions with huge returns. However, there would always be a catch, such as sending them some money first or even your seed phrase. 10/10 times, those are always a scam, and you should never go for it, no matter how tempting it might seem. If you wouldn’t fall for the “Nigerian Letter Scam”, you shouldn’t fall for this either!

Use Official Sources

Download wallets or any tools from official sources only! Do not use links that somebody posts to download something. Always head to the official site of the cryptocurrency and look for information there (E.g., https://cardano.org/). Anyone can create an app, and some do so with malicious intent, such as getting you to send them your seed phrase.

Key Takeaways

• Do not allow anyone access to your seed phrase

• So not share your seed phrase with anyone

• Do your due diligence

• Only trust official / verifiable sources