“If you don’t have the keys, that’s not your crypto!”
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You’ve probably heard this somewhere in crypto before. If not, I’ll explain. Your private keys are what give you access to your money. If you don’t have the private keys, you don’t control access to your wallet AKA your money. If you lose access to your private keys, you lose access to your wallet if you ever need to restore it. YOUR PRIVATE KEYS ARE YOUR LIFELINE! Crypto is all about being your own bank, well you need to invest in your own physical bank. (more on private keys)
“So how do I do that Tara?”
PURCHASE A HARDWARE WALLET!
A cold storage wallet, AKA a hardware wallet, is a sure fire way to keep your coins secure, no matter what. I highly suggest investing in a Ledger hardware wallet! Throughout my journey, I’ve owned 3 Ledgers. My first one stopped updating after about a year of missed updates on my part. This was 2018. I purchased #3 April 2021 and I was able to restore my wallets from 2018 just by using A) my private keys from my old wallet & B) my pin code from my old Ledger. If you have the keys… you have your crypto. When an exchange gets hacked or disappears.. (trust me, it’s happened before)….or you lose your wallet or it just stops working like mine did because I stopped updating it… your money is safe in your wallet. And it’s about the size of a USB drive 🙂
GET YOUR MONEY OFF OF THESE EXCHANGES!
While it’s great to buy your crypto on places like Coinbase or Gemini… it’s not a reliable place to hold them long term. Robinhood is even worse because they don’t provide you with the private keys, so essentially, you don’t truly own that crypto just yet. While they have stated that withdrawals will be allowed soon as well as private keys, it’s in your best interest to secure what you can right now from other exchanges and hope for the best later. After you purchase your cold storage wallet, start setting up your wallets using Ledger Live (Ledger’s desktop app to manage your cold storage which is amazing and easy to use), and start sending your coins to your Ledger!
Don’t be like me…. CHECK FOR UPDATES like once every other month LOL and keep on stacking.
- Remember your pin code (don’t write this down…MEMORIZE IT)
- Write down your private keys and store them in a safe place where no one can get to them because if you ever lose your Ledger….. You can use these keys to restore your wallet on a new Ledger just like me.
Love you, Canary out.