Naturally, one of the most important rules of maximizing your crypto investment is ensuring it doesn’t go to zero overnight.
The crypto markets aren’t regulated or protected like the NYSE, and as a result, crime is running rampant. A record $14 billion worth of crypto was stolen in 2021 alone through hacks, scams, and phishing, a 516% rise from 2020 levels.
Thankfully, effective DIY security measures exist in the crypto world — and one of them literally involves a safe. To prevent hacking and theft, many long-term HODLers will store their keys offline using a “cold wallet” like a hard drive, a USB stick, or a purpose-built product like a Ledger.
This removes the possibility of your private keys being stolen from an online database, which has happened to major exchanges like Coinbase and trusted hot wallets like Metamask.
Just don’t lose your wallet. A man in Britain has been digging through landfills since 2013, trying to find a lost hard drive with 7,500 BTC on it. Instead, keep it in a safe, stationary place like a safety deposit box.
As for phishing, I’ll keep this one short: never share your private keys, learn how to spot a crypto scam, and stay vigilant.