There was an issue in my close circle that I need addressed IMMEDIATELY here…
when using any type of wallet to hold your cryptocurrencies you must save your wallets private key, password, and 12 word phrase.
Full node desktop wallets will prompt you immediately to save your 12 word phrase, and will even ask you to re-type it before moving on…. when using an extension wallet you must go and find your phrase and back up your wallet yourself. They will tell you once, make sure you back up your wallet, but they will not show you without you taking the proper steps to find it.
This is the most important thing to realize when we use third party services like Jaxx, Coinbase, Etherdelta and so on…they are still in control of our funds… I realized this week when I moved my BTC from Jaxx, they wouldn’t allow me to take out all of my BTC… they said I needed to keep about $3 in there in order to have gas for transactions.
This has me realizing that by using these 3rd party services…I am allowing them to be the custodian of my $, and I am taking the beneficiary role.
We need to put ourselves into a situation where our finances are SELF-DIRECTED.
Doing so means to download full node desktop wallets like Electrum BTC, Electrum LTC, Ethereum Desktop wallet, or a hardware wallet such as a Trezor, or Ledger. While keeping your information backed up in multiple locations and in multiple ways.
We are learning as we go… we learn from our own mistakes and the mistakes of those around us. That’s what this community is for… we trust each other and are here for each other through it all, learning and growing together.
Do not let the fear hold you back…
We’ve all lost money before, we’ve all made mistakes, we’ve all given our power away… but now is the time for us to get through these trials and learn how to be in total control of ourselves.
If you haven’t backed up your wallets and
written down your private key, password and secret phrase…
do so now