Hey guys, Matt here with Crypto Blick. Hope you’re having a fantastic day today. Right now I’m going to tell you about the Five Do’s with Cryptocurrency.
1. DON’T SHARE YOUR PRIVATE KEYS
Number one, don’t share your private keys. Sounds like a no-brainer, I know, but people can do it, sometimes they do it. You are your own bank. Do not share them with someone else. They are private to you. If you want others to hack into your wallet or take your crypto, sure share it with them. I would not do it
2. DON’T STORE ALL OF YOUR CRYPTO ON AN EXCHANGE
Number two, to don’t store all of your crypto on an exchange or apps and what I mean by that is… say for example, that Exchange is attacked or that Exchange loses service or suddenly maybe a government entity takes the Exchange, you know take control of it… make sure that you own your key. As they say, “Your keys, your coins. Not your keys, not your coins.” Remember that okay? There been plenty of stories in the past of… well Mt. Gox was one of them… of an Exchange that was hacked and people lost all of their crypto in that account. That was because they left their crypto on the Exchange. Those Exchanges are not responsible for your crypto. So make sure that you pull that off, store it in a Mobile Wallet or Hardware Wallet.
3. DON’T INVEST MORE THAN YOU CAN AFFORD TO LOSE
Alright number three, don’t invest more than you’re willing to lose or can afford to lose. Just like with the stock market make sure that whatever you invest you’re not investing your mortgage or not investing say you all your life savings. Make sure that if you lost all of your money because the price tanke or if you lost it all tomorrow, that you would be okay. That you would not be on the street begging for money and food to eat. Okay? Make sure that you don’t invest more than than you can afford to lose.
4. DON’T EMOTIONALLY PANIC SELL OR BUY
Number four, don’t panic okay. Don’t panic and don’t emotionally sell or buy. I’ve done this in the past. You base your logic on emotion and think there’s a number that you want to wait for because it’s a great price… but just be patient and logically think through your buying and you’re selling. Don’t ever Panic don’t ever emotionally make decisions when emotions come into play. You’ll end up making bad decisions. So logically think through when you are going to buy and when are you going to sell.
5. DON’T STORE PRIVATE KEYS ON UNENCRYPTED PLATFORMS OR HARDWARE
Number five, don’t store private keys on unencrypted platforms or hardware such as your laptop in your Notes app or things like that. Or say anything even on your phone in a document. Make sure that you keep your Private Keys safe. Not on a laptop or a desktop or somewhere that can be hacked… or someone will conveniently steal your Private Keys. The most common way people protect themselves as they right now is right it down on a piece of paper (or one of those metal encasings on Amazon) and they maybe have multiple papers in different locations that are safe just in case they need to pull it out and get their private key.
So those are the Five Don’ts with Cryptocurrency. Hope you’re having a fantastic day and they’ll be more content coming down the road!