Here are 5 golden rules that I consider the foundation of security in this field:
The first rule: Your cold wallet is your impenetrable fortress 🏰
Simply put, there are two types of wallets: hot (connected to the internet like MetaMask) and cold (not connected to the internet like Ledger).
The hot wallet is like your pocket where you keep your daily expenses, while the cold wallet is the bank vault where you store your wealth.
My advice: Use cold wallets to store 80% or more of your assets that you do not trade daily.
Rule two: Do not trust anyone in your private messages (DMs) 🤫
The Binance support team will not message you first. Elon Musk will not double your Bitcoin. Anyone offering you a fantastic deal or asking for sensitive information in a private message is 99.9% a scammer.
My advice: Close private messages from strangers in your account settings on social media, and never click on any link sent to you privately.
Rule three: The recovery phrase (Seed Phrase) is your life ✍️
Those 12 or 24 words you get when creating a new wallet are the master key to all your funds. Whoever has these words has all your coins.
My advice:
Never store it digitally! (No screenshots, no photos, no text files).
Write it down on paper (or two pieces of paper), and keep it in two different secure places that no one knows but you.
Rule four: Think twice before you click 🖱️
The most dangerous scams are done by convincing you to click on a malicious link or sign a harmful transaction. Fake airdrop sites and fake NFT projects are the most common traps.
My advice: Always check the website address (URL) letter by letter. Only use links from official sources (verified Twitter account, official project website). If you have any doubts for a moment, do not click.
Rule five: Two-factor authentication (2FA) is your additional shield 🛡️
Even if someone manages to steal your password, two-factor authentication (2FA) prevents them from accessing your accounts. It's an additional layer of protection that is indispensable.
My advice: Use an app like Google Authenticator instead of SMS, and enable it on your Binance account and all other platforms now.
Conclusion and call to action:
Protecting your assets is your number one responsibility as an investor. These simple steps are what separate the smart investor from the next victim.
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