As Bitcoin is now sitting at its highest historical levels and the crypto community is anticipating more records in the near future, it is important to remember that the safety of crypto holdings very much depends on the user.
As Bitcoin essentially allows to "Be your own bank," the responsibility of storing crypto mainly lies with users.
A popular expression in the crypto community says "Not your keys, not your Bitcoin," meaning that whoever holds the key phrase to a wallet, controls the coins contained therein.
As their name suggests, software wallets are based on software, allowing users to access their crypto by installing applications on their mobile devices or a computer.
A paper crypto wallet is essentially a piece of paper containing a printed out crypto address and its private key in the form of QR codes generated through paper wallet websites.
These codes can be scanned to execute crypto transactions.
In contrast to some traditional financial services, most crypto transactions are irreversible.
Don't ever fall for offers sounding like "Send us Bitcoin and get double your Bitcoin back." This type of attack is quite commonon Twitter, with attackers frequently impersonating celebrities, politicians, or crypto personalities promising to double user's crypto fortune.
As this type of attack is often associated with crypto newcomers, it might get even more exposure with an increasing crypto adoption.
Don't send a bunch of crypto in one single transaction when you need to buy or sell crypto on a crypto exchange.
Simple steps to keep your crypto safe
Published on Nov 15, 2020
by Cointele | Published on Coinage
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