2024 Crypto Wallets & Safety
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Let’s cover — Digital Wallets, Seedphrases & passwords
There are 2 common wallets — A hot wallet and a cold wallet.
HOT WALLETS: (Free & stored on the Internet subject to hackers) easy to create and very convenient to use for fast transactions like trading.
- Inside a trading or brokerage app like Coinspot & Swyftx
- Metamask: A browser extension digital wallet
- Trust wallet: A smartphone app
- Exodus: A desktop app
COLD WALLETS: (Paid & stored offline safe from hackers) a usb connector to your laptop or bluetooth capability and highly suggested to hold your crypto off exchanges especially during a bear market, because you never know what may happen if they are liquidated during this time. Long-term holds for Non-fungible Tokens (NFT’s) to keep them very safe.
- A Ledger
Make it a priority to purchase a Ledger cold wallet from the official website — Get Yours Here
Note: When you receive your Ledger in the mail, make sure your box is sealed with plastic. I witnessed a peer who received his Ledger that was not wrapped in plastic, and unfortunately lost all his assets. Send it back if this is the case, prowlers are in transit!
Let’s Keep This Simple For You…
I assume you have created an account with CoinSpot or Swyftx — both have inbuilt digital cryptocurrency wallets for you to store your digital assets to start.
You will NEED a cold wallet like a Ledger. I highly suggest a Ledger NanoX and the difference is price and storage capability. Me personally can invest confidently knowing that I have not one- but two NanoX! It’s the end of 2024 from the time I have written this blog for you in 2022, and I have not once been hacked.
Note: Start investing in top 10 Caps — You can also view on CoinMarketCap.
I cannot stress this enough, DO NOT store crypto & NFTs long-term without getting a COLD WALLET like a Ledger.
I have seen too many people get drained from HOT WALLETS — 3rd party sites. Assume high risk at all times and never let your guard down.
Be extremely cautious…malicious links, impersonations, DMs, phishing emails & messages to your phone can lead you to getting your wallet cleaned out in a blink of an eye and there’s no way of getting it back!!!
Investors may not be 100% bullet proof, but try your best to minimise your risk and take it seriously. Use the hot wallets to dabble in crypto with a few dollars here and there just to get the feel of it.
Order your Ledger while you are activating your Coinspot or Swyfx account. Also, be careful to double & triple check your links.
Seed/Recovery Phrases Are Your Keys To Your Digital Assets (Money)
DO NOT UNDER ANY CIRCUMSTANCES give out your ‘Seed phrase’ to anyone. Not through help desk, online/offline, emails… not me, not even your best friend. No-one should ever ask you for this!
Seed Phrases are a string of usually 12–24 words.
WARNING:❌ DO NOT Screenshot your seed phrase
❌ DO NOT take a photo of your seed phrase
❌ DO NOT store your seed phrase on your computer
❌ DO NOT give your seed phrase to anyone!!!
DO THIS INSTEAD…
✅ Write it down, make copies (handwritten) and store in a safe place.
Don’t feel overwhelmed by this process, it is the inevitable to learn this if you want to invest in cryptocurrency. Once you get to know how to use my safe principles, it will become second nature.
Thank you for reading I know this will help ease your cryptocurrency journey.
If you want more content like this make a comment below.
— NatMo
** Disclaimer: The information provided by Natmo Crypto is provided in good faith for educational and general information purposes only. Any action you take is not financial advice and strictly at your own risk . The opinions expressed in this blog are solely those of the writer and not of this platform. Affliliate links are used in my blog, thank you for your support.
