Happy Wednesday everyone! Welcome to todays post. I don’t have much else to add besides ENJOY!

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Owning Your Cryptocurrency!

Since the inception of cryptocurrencies, like any market, there are scammers, hackers, and criminals that try to take advantage of the uneducated.

Enormous amounts of money have been stolen, and value wiped from markets “rugged”.

One of the questions you should ask yourself when owning cryptocurrency is…

Where is my cryptocurrency?

Is it one an exchange? (decentralized or centralized) A mobile wallet? A paper wallet? A hardware wallet?

All of these these may seem the same, but they each are different.

When you keep cryptocurrency on an exchange, you do not own the private keys to that money, instead the exchange just has a directory that points to the fact that this is yours. This is important to understand because if the exchange is to crash, or get hacked, or just general fraud from the company, then there is unlikely any way of recovering your investment.

A good example of this is the FTX case. FTX was one of the largest exchange, that was valued at $1 trillion, rumours that it was over leveraged and facing liquidity issues, unable to find a bailout they declared bankruptcy in November 2022, wiping $5 billion dollars of customer money overnight.

Then how do I keep my cryptocurrency safe?

To be 100% certain of keeping your money safe it is important, that you, and only you own your private keys, and seed-phrase. Your private key is a hash that proofs that you own the cryptocurrency on the actual blockchain. The seed phrase is a 12-24 word password that allows you to recover a wallet.

It is important that you keep your seed-phrase secure. The safest way is to have it written down, and use a hardware wallet that isn’t connected to any external software, or exchange.

The key takeaways from this post are:

• Keep your private key and seed phrase important

• Be aware of the accessibility and ownership of your money

• To be safe own your cryptocurrency

• Own your keys.

• Use a hardware wallet

Thanks

Ben -AKA Waldo