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. DO BACK UP YOUR PRIVATE KEYS
Number one, make sure to backup your Private Keys. You’d be amazed at what people do. They won’t write them down or they may put them on their Notes app or in an email draft and then forget about it. Those electronic versions can be hacked… but two, if you take your app off your phone or you lose your phone or you break your phone, say for a mobile wallet… you know I’ve had it where the Jaxx Liberty wallet, I updated the app and they asked me to put in my Private Keys again to verify that it was me. If I did not have my Private Keys saved, I would have lost my funds. So make sure that you protect your account, that you save your Private Keys in a secure location. I advise you to have it in more than one spot just in case you forget where it was or you lose it… or say your house burns down and you had your Private Keys in your house. You are your own bank. Protect your privacy keys.
2. DO USE TWO-FACTOR AUTHENTICATION (ie. 2FA)
Do use two-factor authentication. Within Exchanges, like Coinbase and Kraken, you can use an email or text option, or you can use the Google Authenticator app (or other apps as well) that are out there. That’s a great way to add another layer of authentication and protection when getting on your Exchanges. So make sure to use that.
3. DO RE-VERIFY YOUR TRANSACTIONS WITH PURCHASES
Number three, do re-verify your transactions when you make your purchases or when you’re sending crypto to someone else receiving it. That is something I always do to make sure that the address is the correct address. I’ll have examples on the side here but always make sure that it is the exact address because as again you are your own bank. Don’t trust just any app or anyone… maybe you copied the wrong address and suddenly you’re screwed because you sent your Bitcoin to an Ethereum address or Bitcoin to a BAT address. Don’t do that. So re-verify your transaction before you click that final “Confirm” button.
4. DO YOUR OWN RESEARCH
Number four, do your own research. I know many people think that “duh, that’s dumb, of course people are going to do their own research.” But you’d be surprised. I’ve had people reach out to me and ask about Bitcoin and if it is a worthwhile investment. I can give you my opinion but do your own research. Or they’ll ask me what coin to invest in. I’m like “Hold on, you need to do your own research on those coins.” Those who are excited to learn, will do it. Those who don’t and just want a quick answer, will get upset. But in the end, in order to really influence individuals, in order to understand where your investment is going, just like with Stocks or with businesses, if you buy a business or you invest in a business or invest in certain Stocks, you’re going to do your own research on those Stocks. So always make sure to do your own research. Don’t just buy Bitcoin or Ethereum because the price is looking good. Don’t ever do that.
5. DO USE REPUTABLE EXCHANGES
Number five, do use reputable exchanges. I can’t stress that enough… and I’ll thrown apps in there as well. There are plenty of Exchanges out there that have popped up from time to time since Bitcoin has been around and they have failed. They’ve gotten hacked. I highly recommend Coinbase, Kraken or Binance. Those are the three I would recommend.
I’ve also done videos on the Robinhood app and the Cash App in terms of buying through an app. None the less, do use reputable Exchanges. Don’t just go out there and willy-nilly and buy and sell Bitcoin. Many people have lost a lot of money by being foolish. So make sure you know what you’re doing in that regard.
That is my Five Do’s with Cryptocurrency. Hope you guys are having a fantastic day. If you have any questions comment below and I’ll be happy to address them as they come in. Alright guys catch you later.