Steemians how would it feel to lose all your Bitcoins, Ethereum, Steem Power, Shit coins etc? I'm sure it wouldn't be something we would be that fond of, but it is a HUGE problem that the whole crypto currency faces. Many early adopters of bitcoin have had a first hand experience of either having their coins stolen, or losing them....I'm not really sure which one would be worse, but I know both problems can be prevented!
How can this be prevented?
- Never store your coins on a platform or a wallet that doesn't allow you to hold the private key. This means DO NOT hold your money in Coinbase, but instead move it over to wallet like Jaxx or Ethereumwallet.
Steemians how would it feel to lose all your Bitcoins, Ethereum, Steem Power, Shit coins etc? I'm sure it wouldn't be something we would be that fond of, but it is a HUGE problem that the whole crypto currency industry faces. Many early adopters of bitcoin have had a first hand experience of either having their coins stolen, or losing them....I'm not really sure which one would be worse, but I know both problems can be prevented!
^^WATCH THIS VIDEO ABOUT LOSING BITCOINS BY CEDRIC DAHL^^
How can this be prevented?
1. Never store your coins on a platform or a wallet that doesn't allow you to hold the private key. This means DO NOT hold your money in Coinbase, but instead move it over to wallet like Jaxx or Ethereumwallet.
2. Store your coins off line on a cold storage device. Yes, the device is not free, but it worth its weight in bitcoin. The ledger nano S is great device and this video by btc sessions shows how to work it properly.
^^WATCH VIDEO ABOUT NANO S^^
So Steemians please make sure to move your coins to a secure wallet. I would move them sooner then later before any forks happen. If you have your coins stored on platform that doesn't let you keep the private key you will be SOL if they do a hard fork....Please be smart family.
Just take the time to educate yourselves....Knowledge is power.
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Hold your private keys!!!!
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Do yourself a favor and actually take this advice...Money well spent!!!
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There is never to much security
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Unfortunately, a lot more people than you think are in crypto and don't understand it entirely which is why its always good seeing tutorial videos to help drive towards mass adoption! Plus, you don't actually own your coins when you don't have the private keys :)
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Take a look at the Sovrin Project or Hyperledger Indy! It deals with the problem of losing private keys
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Hard wallets FTW
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