I open up a thread here: Something to pounder for crypto enthusiast regarding LA wildfire. Probably this could be a wake up call for the rest of us to have a good practice on how to protect our keys in case of a natural disaster like what had happened in Los Angeles.
There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.
And you have been buying in the dip and HODLing it for too long.
There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.
And you have been buying in the dip and HODLing it for too long.
Having multiple backup options for your keys is really a good move. You never know what could happen, so spreading them out in different secure places can really give you peace of mind. You just have be prepared for whatever life throws at us especially with how unpredictable natural disasters can be. Always make sure that you stay ahead of whatever comes. It's all about your long-term preparation and making sure that all the effort you have put into buying the dips and HODLing pays off. If one method fails, having your keys secured in different ways gives you that hope and assurance that your hard work isn't lost. It's a smart strategy to keep your investments safe.
I don't think this is a smart strategy at all, if you spread your wallet key in different places then it will be more likely to be noticed by different people. For example, I have written my wallet key in a notebook and I keep it in a safe place as it will definitely be safe from fire, water and natural disasters.
Whenever you store your wallet key in multiple places, if one copy of it is lost immediately then your wallet can be hacked but you will not know it. So it is never a smart strategy to store your wallet key in multiple places.
Fraudsters are always waiting for opportunities and they are always looking for ways to cheat Bitcoin users. If for some reason your account security is weak and fraudsters get that chance, they will attack you in different ways and try to take your account access away from you. There are a few security measures you should take to keep your Bitcoins in your account.
If you keep your Bitcoin in an exchange wallet, then first use some important words as the password of that exchange so that your password is very strong. Second, you'll enable multiple levels of verification, and you'll keep access to each verification to yourself in two ways. If you keep all of your passwords or other verification access on a single device, you'll lose access if your device is damaged or lost. So save your password or important information on another device so that if one is lost or damaged, you can access your account with another.
I open up a thread here: Something to pounder for crypto enthusiast regarding LA wildfire. Probably this could be a wake up call for the rest of us to have a good practice on how to protect our keys in case of a natural disaster like what had happened in Los Angeles.
There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.
And you have been buying in the dip and HODLing it for too long.
Having multiple backup options for your keys is really a good move. You never know what could happen, so spreading them out in different secure places can really give you peace of mind. You just have be prepared for whatever life throws at us especially with how unpredictable natural disasters can be. Always make sure that you stay ahead of whatever comes. It's all about your long-term preparation and making sure that all the effort you have put into buying the dips and HODLing pays off. If one method fails, having your keys secured in different ways gives you that hope and assurance that your hard work isn't lost. It's a smart strategy to keep your investments safe.There could be several, like having your private key stash somewhere outside your home, or maybe in safety deposit box in a bank. Because just imagine if you hide everything at your home, with your keys and your hardware devices, and the amount is more than your home itself. And then going home to see that everything is on smoke.
And you have been buying in the dip and HODLing it for too long.
The first tip is storing somewhere outside the internet, not even drafts in our Gmail. I include the bank as a safe hide out, but it should worth the value accumulated inside of portfolio, with large accumulation the bank is helpful but not a large recognizable amount then personal security is better to also enable easy access.
In addition, disclosing your bitcoin holding might put in you in some form of risk which can pose security threats to you. Remember we have seen increasing cases of kidnappings and ransom demanded in bitcoin. If one disclose such information, you might be exposing yourself to such security challenge. Instead of that, simply save your bitcoin yourself.
I feel that when I deposit money in the bank, the bank does not give me much interest for depositing the money, but if we do the opposite, that is, when we want to borrow money from the bank, the bank demands a much higher interest rate than giving us a loan. That is, the bank will take our money and give us a loan, but they have to pay us interest, but when we keep our money in the bank, they will not pay us interest. If we invest Bitcoin without keeping money in the bank, then if the value of Bitcoin increases, it is based on our money, but we will have certain profit and as we increase the amount of our investment, the amount of profit will increase.
So I personally think it's a good decision to invest all money in bitcoins except some money for expenses without keeping money in the bank.