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PERSONAL FINANCE CLASS, CRYPTOGRAPHY…………9.

Finance-Api-Fiapi09epub.

CRYPTOCURRENCY WALLET SECURITY.

LESSON NINE.

Hello, my fellow learner’s,in today’s paper mill lesson,we are going to look at cryptocurrency wallet security which is the most crucial aspect of cryptocurrency trade, because compromising your keys means given out your Cryptocurrency digital asset to the readily available market of fraudster.

Wallet safety is crucial and it start with passphrase,a twelve-word mnemonic passphrase generated by ninety-percent of modern wallets.

e.g, witness, marriage, pregnancy

child, daughter,boy

matrimony, husband, children

wife, woman, girl.

Which comes at random, but collected and link to your keys by your wallet, which you can use to restore the wallet if the device you are using is lost, misappropriated or damaged.

The phrase should be carefully stored in a safe place, because any one who finds your passphrase will be able to access your cryptocurrency.

To safeguard your keys, follow the following safety steps.

-Keep your keys in cold storage by removing them from your wallet.

-Deposits your keys in a trusted box or in a safe.

Caution is the watchword for you,as cryptocurrency exchange markets are highly-priced target for cyber criminals, especially now that cryptocurrency exchange markets started offering custodial keys storage for their users.

You have to store your keys privately,if not for anything but for fear of cryptocurrency exchange markets kicking out of business.

If you are using a custodial wallet, what is the assurance that you get your cryptocurrency asset back if a cryptocurrency exchange markets kicks out of business.

Wallet safety is a good steps in cryptocurrency business,to ensure your wallet address is safe, you are to follow the following safeguard steps.

-If you have a large amount of cryptocurrency assets, you are advised to store them offline.

-Make sure you encrypted your wallet with a strong password.And a strong password is a combination of uppercase letters, lowercase letters, numbers,and special characters.

-Use two-factor authentication.

-Store your wallet keys privately.

-Hide your passphrase from the eyes of the public glare.Because any one who has your passphrase have your cryptocurrency assets,etc.

Cryptocurrency exchange markets are unsecured creditors,if you lose your capital investment you have nobody to complaint to, mind you.

Because there is too much profits in the cryptocurrency business, the risk involved is also high.

Search carefully, before taking a position on which wallets to use, because there have been many cases of malware, disguising as a cryptocurrency wallets.

Useful link:https://www.investopedia.com/best-bitcoin-wallets-5070283

Thank you for joining this class, you are welcome once again.

In our future class, we will know more about.

-Securities and exchange commission (SIPC).

-Secured creditors.

-Unsecured creditors.

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