Updated: Feb 27
In this Blog post we provide simple directions on how to safely invest in cryptocurrencies. Our mission is to facilitate mass adoption and so our goal with this guide is to make it so simple that anyone can enter the space and confidently begin investing in digital assets.
DEFI is fairly new and outside of major exchanges there are hardly any protections in place. Decentralized means there is no contact but the dev team if you make a mistake or leave yourself vulnerable to hackers, so investing according to your personal risk tolerance is recommended. Crypto markets are also subject to wild swings called volatility so strategy plays a very important role in managing your risk.
Step 1: Obtain composition books
Storing any of your critical data on any device that is or will ever be connected to the internet exposes your data to unnecessary risk so before getting started obtain at least 2 composition books to record your login info, passwords, private keys and any other critical data for all your accounts i.e wallets, exchanges, games. To add another layer of security the information should be recorded on paper, in duplicate and your composition books should be kept in two separate secure, dry locations.
Step 3: Create unique passwords for every Account
Modern man is spending more and more time in the digi-verse, whether its social media, banking, email or shopping were always online. Major security risks include insecure passwords and shared accounts by using the same password for personal and business apps, reusing passwords across multiple apps, sharing passwords with employees or coworkers, and storing passwords insecurely. People often use the same passwords for all their accounts, although doing so may be easier to remember, considering that a security breach on one account could expose all your accounts is a scary thought.
Setting up crypto asset security infrastructure requires setting up many different accounts. It is important to note that hackers resource sophisticated tools and techniques including simply guessing your info, phishing attacks, dictionary attacks and brute force techniques to try to compromise your security.
Many crypto sites and the encrypted password managers have advanced security settings but if your master password is compromised this won't do you any good because the hacker will be able to use your password to change your settings and access your critical information. So when setting up your accounts it is important to remember that choosing and securely storing unique passwords offline are integral to safely navigating the crypto space.
Password creation tips
Minimum 10 different characters containing a mix of lower and uppercase letters with symbols, and numbers without using any personal information like your birthday or pets name or any other thing a hacker may be able to obtain online in your social accounts etc. example: “b0+T@$k-0x82”. Additionally when asked to establish security questions for your account you should handle the answers to your security questions just like your passwords because hackers may be able to track down the real answers. The key is to create complex, fake answers. lastly always remember to store the fake answers to your security questions in your composition book.
Q. What is your mothers maiden name?