The same thing goes for your NFT wallets!If you got into the space in WAX and made an account with WAX Cloud Wallet, you don't own the private keys! Get yourself an anchor wallet and generate the keys, you even get to customize your address from the typical '.wam' that is so commonly used. There are a number of guides on how to do this online. It's dirt cheap (around 0.4 WAX when I created mine) and secures your precious NFTs! (Looking at you Finney)
This is the kind of thing you have to tell everyone.
For some you really have to say this for all the kinds of cryptocurrency. For example, cloud wallets, like the, very popular and easy to setup, wax, are not owned by the user if he doesn't set his private keys.
On the flip side, there have been many people who held and kept their bitcoin and other cyrpto keys but then lost them due to some reason. I think exchanges serve the purpose to integrate the masses and those computer illiterate.
I don’t buy or trade Bitcoin, but my dad does, and I always thought “What if he or the whole website gets hacked”. I think that stills something to get fixed and improve over the time. Unfortunately there is always people who is going to try making profit out of other people’s work.
Good luck and please take your precautions if you’re in the crypto world
Its so important to take time away from all of the busyness in the crypto space, to just evaluate and reflect and make sure that we have the basics lined up. Thanks for the sobering reminder of the steps to take to hopefully not wake up to an empty wallet.
Absolutely agree on this one, security should be the your number one priority specially that you're dealing in a digital space where we have less control over our assets. Creating a private key and an exit strategy would always be the best way to secure your gains
Thank you for this Sobering article. Not your Keys not your Bitcoin probably the most important statement in all of crypto. Taking responsible in life is such a liberating thing to do. By learning how to create a cold storage wallet and moving your Bitcoin and crypto into it you are saying to yourself I will no be a victim to this current financial system. Learn by doing 🤙
The problem with this is, the average user won't be tech savvy enough to get this done. As someone who has worked in IT for years and worked with users on their questions and issues I know very well. Getting this across will be a huge challenge especially for the older generation. Most people don't want the responsibility of managing their own keys and don't want to learn how. Pretty much "Here are the keys to my car, you drive!". I think that Ledger does a very good job in making it easy for people but even then it's still too much for some. I can't count how many times I have to explain to people what cold storage is and why it's important. For someone who has invested in Crypto for years and tech savvy it's easy and makes sense but for others it's not. That being said the newer generations will probably know nothing but crypto so it will be second nature to them. I guess it's our responsibility to keep informing people of the risks and how to protect themselves. Thanks for the article!
Super important PSA, especially for newcomers who are just entering the space. People are used to FDIC insured banks keeping their money safe, but with decentralization and "owning" your own digital assets comes the responsibility of making sure they're stored safely in your own possession. Even on major exchanges, I've heard horror stories of people having their funds locked for many months for arbitrary reasons (and of course the possibility of a hack or exit scam). I think for the majority of us, using web-based "hot" wallets such as metamask is a step in the right direction (although it can still technically be hacked through the web). I've seen many resources recommend swapping most of your crypto to a "cold" hardware wallet such as ledger nano s, so that it's off the web and not possible to digitally steal and only putting a small portion in a "cold" wallet or an exchange to transact with. Of course, private wallets add the responsibility of making sure you safely store private keys and knowing that if you lose your keys you lose access to your funds forever. It's a scary step for all of us, but a necessary one if you want to truly be the gatekeeper to your money and future.
The same thing goes for your NFT wallets!If you got into the space in WAX and made an account with WAX Cloud Wallet, you don't own the private keys! Get yourself an anchor wallet and generate the keys, you even get to customize your address from the typical '.wam' that is so commonly used. There are a number of guides on how to do this online. It's dirt cheap (around 0.4 WAX when I created mine) and secures your precious NFTs! (Looking at you Finney)
Definitely need to tell my friends about this. We all use Coinbase and I haven't really looked into Private keys until now. Thank you !
This is the kind of thing you have to tell everyone.
For some you really have to say this for all the kinds of cryptocurrency. For example, cloud wallets, like the, very popular and easy to setup, wax, are not owned by the user if he doesn't set his private keys.
Best thing to do, get your keys.
On the flip side, there have been many people who held and kept their bitcoin and other cyrpto keys but then lost them due to some reason. I think exchanges serve the purpose to integrate the masses and those computer illiterate.
Not Your Keys Not Your Bitcoin.......So important to have your key safe and in your possession - not on exchange.....Keep your crypto safe people!
Good read!
This was hella interesting.
I don’t buy or trade Bitcoin, but my dad does, and I always thought “What if he or the whole website gets hacked”. I think that stills something to get fixed and improve over the time. Unfortunately there is always people who is going to try making profit out of other people’s work.
Good luck and please take your precautions if you’re in the crypto world
Great info !
Its so important to take time away from all of the busyness in the crypto space, to just evaluate and reflect and make sure that we have the basics lined up. Thanks for the sobering reminder of the steps to take to hopefully not wake up to an empty wallet.
Absolutely agree on this one, security should be the your number one priority specially that you're dealing in a digital space where we have less control over our assets. Creating a private key and an exit strategy would always be the best way to secure your gains
Thank you for this Sobering article. Not your Keys not your Bitcoin probably the most important statement in all of crypto. Taking responsible in life is such a liberating thing to do. By learning how to create a cold storage wallet and moving your Bitcoin and crypto into it you are saying to yourself I will no be a victim to this current financial system. Learn by doing 🤙
we need to understand how important this article is to us
Please do not delay this if you do not have a private key
and get it done right now
this last thodex incident happened in the country where i live
I saw how people are victims
that is not all
This has been an opportunity for cryptocurrencies and those against them
and a real black propaganda was carried out
TVs have told people that this ecosystem is bad and they should stay away.
the government took some drastic measures.
so actually we all lost
So why
because read this article again
The problem with this is, the average user won't be tech savvy enough to get this done. As someone who has worked in IT for years and worked with users on their questions and issues I know very well. Getting this across will be a huge challenge especially for the older generation. Most people don't want the responsibility of managing their own keys and don't want to learn how. Pretty much "Here are the keys to my car, you drive!". I think that Ledger does a very good job in making it easy for people but even then it's still too much for some. I can't count how many times I have to explain to people what cold storage is and why it's important. For someone who has invested in Crypto for years and tech savvy it's easy and makes sense but for others it's not. That being said the newer generations will probably know nothing but crypto so it will be second nature to them. I guess it's our responsibility to keep informing people of the risks and how to protect themselves. Thanks for the article!
Super important PSA, especially for newcomers who are just entering the space. People are used to FDIC insured banks keeping their money safe, but with decentralization and "owning" your own digital assets comes the responsibility of making sure they're stored safely in your own possession. Even on major exchanges, I've heard horror stories of people having their funds locked for many months for arbitrary reasons (and of course the possibility of a hack or exit scam). I think for the majority of us, using web-based "hot" wallets such as metamask is a step in the right direction (although it can still technically be hacked through the web). I've seen many resources recommend swapping most of your crypto to a "cold" hardware wallet such as ledger nano s, so that it's off the web and not possible to digitally steal and only putting a small portion in a "cold" wallet or an exchange to transact with. Of course, private wallets add the responsibility of making sure you safely store private keys and knowing that if you lose your keys you lose access to your funds forever. It's a scary step for all of us, but a necessary one if you want to truly be the gatekeeper to your money and future.