Hi,
about less than two weeks ago, I wrote a post how another exchange got the rug pull. You can read the post about Bitforex in here.
No, today we don't have the same issue, as it was another good day on the crypto market. As now crypto seems to gain traction, there will be a lot of scams appearing in the space and some bad intended individuals will try to steal your stake. I wish, they will all go to El Salvador in jail.
So, what to do, to prevent any attacks on your stake. First, use a secure connection, going to starbucks for a shared wi-fi, will make the coffee even more expensive than it is. If you connect, do it either from your secured home location, or via your secured tethering line from your phone. Everything else is risky.
Maybe this point shall be the first one, not your keys, not your crypto. Never keep your funds on an exchange. If you want to trade, do the trade, and pull everything out, that is not needed. We had so many cases where the exchange went offline in a matter of minutes. So, don't be lazy and move the funds into a wallet, where you have the keys. And here, don't keep your keys in your email or on some cloud storage. Everything that is online, can be hacked.
If you use an exchange, use two-factor authentication, short 2FA. Did I mention to pull out the funds after the trade has been made?
Also, be patient, and don't respond to FOMO or FUD. FOMO is fear of missing out and FUD is fear, doubt, and uncertainty. Both are deadly and wealth destroyers. Do your own research and read, analyse and then take actions. Influencers are mostly paid to shill tokens. I remember McAfee, when he was tweeting his shitcoins. Everyone was waiting to pump and dump. Pump and dump happen also today, and a lot of people lose their funds. Better grow slow and steady, then to lose a fortune in 5 minutes against trade bots that are prepared for this.
Think long term, but take profits when you can. Taking profits, shows you the value that crypto can bring you in your life. It will change your mind set, as I have some friends, that are still not aware of the power of their wallets and what opportunities it can bring to their lives.
After learning the hard way, where I've lost thousands, I'm following the above and try to be as mature as it gets with my cryptofolio.
How about you? How do you treat your crypto security?
This is part of the initiative #marchinleo, which aims increasing the interaction and the quality of posts, where you should participate. All the details are in here.
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