Practical Session: Ten Daily Rules
Before you start investing your money, know that there are Ten Rules you should observe every day in order to be safe in the Crypto Market.
Copy these ten rules out and paste them at a conspicuous place as a constant reminder. Refer to them daily or when in doubt!
Rule #1: Never share your Seed Phrase
Your Seed Phrase is also called Secret Recovery Phrase or Private Key. NEVER EVER share it.
Rule #2: Never enter your Seed Phrase into any website.
You do not need your Seed Phrase to receive any crypto from anyone. Any person who wants to send you a crypto will need only your public key (also known as your wallet address) and not your Seed Phrase.
You may need your private key to send out your cryptos or to recover your account but NEVER to receive a crypto.
Your private key is like the password of your email – you need your password to login to your email account but you do not need to give your password to anyone to send you an email message; do you?
Rule #3: Never share your wallet's private key or JSON file
Your private key and/or JSON file give access to your wallet and funds. Whoever has access to them can send all your cryptos to themselves or others, and you cannot recover them.
Rule #4: Never use a public or shared computer to access your wallets
Someone could have installed software on that computer that records keystrokes. These software programs can then send the data to a third party who can use your private key or password to steal your cryptos.
Rule #5: Never use public Wi-Fi to access your wallets
The Wi-Fi provider or other people on that network could be monitoring your traffic and capturing your private keys or passwords.
Rule #6: Never click on any links in emails, messages, or forums
The link could take you to a fake website that looks exactly like the website you want to visit, such as a wallet or exchange website. If you enter your private key or password on such a site, the owner of the site will have access to your cryptos.
Rule #7: Always double-check before making a transaction
Check the wallet address several times before sending a transaction. Once sent, it's impossible to reverse the transaction.
Rule #8: Keep your computer and software updated
Software updates often contain security patches that fix vulnerabilities that hackers could exploit to steal your private keys or passwords.
Rule #9: Enable two-factor authentication (2FA) wherever possible
Two-factor authentication adds an extra layer of security to your accounts. Even if someone has your password, they cannot access your account without the second factor, which is typically a code sent to your phone or email.
Rule #10: Invest only what you can afford to lose
Crypto markets are highly volatile, and you could lose all your investment. Never invest money that you cannot afford to lose, such as your savings for rent, food, or bills.
Remember!!!
If you practice these Ten Daily Rules in all your cryptocurrency transactions, your investment will be save and preserved from the nefarious activities of the children of the underworld.