Five things Everyone should do when playing with Cryptocurrencies
Two Factor Authentication
A pain in the a$$ at times but it’s vital you use it every chance you get. Two Factor Authentication (2FA) or Multi-Factor Authentication creates an extra level of authentication on top of your password. It will often utilise a secondary device (your phone) to ensure you are why you say you are and remain secure even if someone has managed to get your passwords
Isolate your Cryptocurrency Activities from your normal Internet Usage
If you’re like me and you use the internet for just about everything. You should get into the habit of isolating your activities. Download as many Internet browsers as you need and use them for different things.
Internet Explorer, despite its reputation is a pretty good browser now, Google Chrome, Firefox, Opera and Brave are all browsers I use.
I use 1 for social media, (until recently) 1 for banking and crypto, 1 for general internet and most importantly 1 for development work. This is important for me because i use a whole heap of browser plugins and sometimes these tools are not all they make out to be.
December 2018 Update – I took my Cryptocurrency to a whole new level of isolation. Now I use a encrypted, password protected Virtual Machine with Hot wallets. Now, Nothing Cypto related is stored on the main machine’s O.S. and I don’t have to deal with Cold storage.
Manage Your Passwords
Stop using the same password for everything. You’re making a hackers life way too easy when you make your Hotmail, gmail and bank passwords all the same.
You can download a password manager, many of them are free. They allow you to create really strong passwords without you needing to remember really crazy random text.
Use The Right Wallet
This goes without saying, do your research and make sure the wallets you use are reliable and trustworthy. There are a lot bad players in this scene and downloading the wrong wallet could see you sending your hard earned cash straight to these people.
Where to start? well, the bet place is cold storage, then turn to the the official wallet of the coin. If a coin doesn’t have a wallet, then be warry of the coin in general, It’s probably too young and therefore too risky to be playing with.
Avoid ‘all in one solutions’. Programs that allow you to create multiple coin wallets in 1 place can also be a huge red flag. In saying that, there are a few that have proven themselves.
This should go without saying. But, don’t just avoid ‘over investing’, aim to under invest. Pick your budget and put in say 75-80% of it and have a play
If you get into a spot where you’re desperate to ‘add more’ due to FOMO (we’ve all done it, trust me when i say you will too), you’ll be happy when you realise that you left yourself a pool of money that you wont regret dipping into.
This scene is addictive and urges and impulses can be hard to over come. Keep your wits about you. Honestly, If you aren’t prepared to say good bye to your money right now, there you’re not ready to get into this market.