Of all the BTC minted so far, (over 900 Bn USD) some 200 BN is estimated to be inaccessible due to lost or corrupted keys.
In my quest for answers about the safety and risks associated with crypto investing, I have run across some interesting scenarios . I now can say that I have more questions than answers. Of course, this was not the intended results. I wanted answers. In this situation, am I any different from the rest of you? I Want. I Want. I Want.
But at what cost? How much are you willing to pay for answers? Will you do your own research, or will you scan Twitter and Facebook for your answers? Will you learn about risk and security, or will you trust your exchange to care for your private keys? (not your keys, not your coin)
Will you invest time and resources to secure your investments? Will you use a paid VPN, or go cheap and use a free one? Will you use a secure browser on a dedicated computer, or will you trade and buy/sell from a free app on your phone? What is your plan if you suffer a phishing attack? Will your anti-virus provider gear up and launch counter attack team in a matter of hours if you suffer a ransome ware attack.
I know that at 1st glance, the term "trustless" may have been confusing. As you learn about the crypto world, you can see this is a high degree of trust ; if you belive in a code running as designed and the input/output is exactly as intended. So, where is the trust? Who do you trust? Pull up chair and we will talk about some things that you can trust, but mostly what to beware of.
Do you know what a scam looks like and and do you constantly scan your email for phishing attacks? How good is your anti-virus program? If you get hacked or hit with ransome ware, do you have a 1-800 number you can call for a fast response team to guide you thru the most important and early phases of the negotiations or data restoration?
You can see where I am taking you, right? Crypto is not for everyone. If you are not ready to handle the security issues of this brave new world, get ready for someone to relive you of your treasure. There is no FDIC guarantee in this for your deposits. You are the guarantor for your deposits. You are the firewall and the security against thieves and dark operators. The apps and software you use is never perfect , nor trustless; so there are many steps that you can perform and security you can put in place to stop the constant attacks on your stack of Satochies.
Don't despair. You can do this!
With a bit of due diligence and some good habits, you can perform better than 95% of the crypto investors world wide. It's not free, it's not quick, but how much are your investments worth?
I intend to do a blog post each week until I cover the most pressing items that affect new and experienced investors. Read on as I share with you some comments and ideas from interviews I have had with FBI agents, SEC investigators, Banking Regulators and of course crypto security firms. I do hope you will join me and add your comments as we go over some do 's and don'ts in respect to Crypto investing. Next issue on "Lost your Coins?" ; I will talk about the 1st level of security, which is you and your web interface, the computer.
If you look online (here), you can find a site that lists passwords and email addresses that have been stolen and made public. There are companies that pay for these passwords and spend all their time matching them up with customers and programs. If you use 1 password for multiple programs, then you really are in trouble when you have your password stolen.
A few of the most used passwords in the world are superman, batman, and password. Don't be one of these people. Part 2 will be longer and touch on more that weak passwords. Stay tuned for the next episode on FNL Crypto.
Again, part 2 will move further into the steps you need to be aware of to not only protect your investments, but prevent hacking and theft and phishing attacks.
Until then, remember, "Not your Keys, Not your Coins."
FNL content including, but not limited to, articles, podcasts, videos, live streams, and websites are intended for informational purposes and should NOT be considered financial, investment, tax, legal, nor trading advice. Cryptocurrency, futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. https://futuresnetworks.live/risk_disclaimer