Tag: Wallet

Categories
Cryptocurrency Divine I Am Existence Most Popular

BACKUP your Wallet!

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

Categories
Cryptocurrency Divine I Am Education Existence Most Popular

Cryptocurrency Wallets

Now that you’ve purchased some BTC and ETH on Coinbase it’s time to get a private wallet.

See when you purchase your currency on Coinbase, they hold your wallet information. If something were to occur with the site, your wallets could be compromised. So that’s why we have private wallets.

There are a few types of private wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.

  • Desktop: wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.
  • Online: wallets run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
  • Mobile: wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because of the limited space available on a mobile.
  • Hardware: wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. Hardware wallets can be compatible with several web interfaces and can support different currencies; it just depends on which one you decide to use. What’s more, making a transaction is easy. Users simply plug in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.
  • Paper: wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Transferring Bitcoin or any other currency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done manually by entering your private keys or by scanning the QR code on the paper wallet.

I have experience with using:

Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network.

Remember that no matter which wallet you use, losing your private keys will lead you to lose your money. If your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful! You are solely responsible.

  • Backup your wallet. Store only small amounts of currency for everyday use online, on your computer or mobile, keeping the vast majority of your funds in a high security environment. Cold or offline storage options for backup like Ledger Nano or paper or USB will protect you against computer failures and allow you to recover your wallet should it be lost or stolen. It will not, however, protect you against eager hackers. The reality is, if you choose to use an online wallet there are inherent risks that can’t always be protected against.
  • Add extra security layers. The more layers of security, the better. Setting long and complex passwords and ensuring any withdrawal of funds requires a password is a start. Use wallets that have a good reputation and provide extra security layers like two-factor authentication and additional pin code requirements every time a wallet application gets opened.

<3