Securing cryptocurrencies is one of the main challenges in this area. In the world of crypto, everyone is their own personal bank and the responsibility for the assets is at its highest.
In a detailed article, Changpeng Zhao, CEO of Binance Exchange, describes everything you need to know to keep your crypto assets safe.
Despite the obvious importance of security, there are many people who do not take this issue seriously in their daily lives. Security is a very broad topic, and I (Binance CEO) do not specialize in many areas related to security, But I have seen a lot of people have problems with this.
Given the hype that cryptocurrencies and their markets have created over this period, we are seeing a large number of newcomers enter the field.
First of all I have to say that nothing is 100% safe. For example, if a meteorite hits our small planet, it does not matter how you maintain your assets. The concept of adequate security will be different for everyone, depending on the type of use and its purposes. If you only have $100 in your wallet for everyday shopping, you definitely do not need to take strict security measures for your wallet. But if you save a few million dollars or all of your life savings in one wallet, then security measures should be even stricter.
In the rest of this article, we assume that you have a significant amount of cryptocurrency and want to keep it safe.
To secure your cryptocurrencies, it is important to remember the following three points:
📍You must prevent the theft of funds.
📍You should not miss them.
📍When you die, there must be a way for the funds to reach those you love.
So:
1- Do not let others have access to your private keys.
2- Do not lose your private keys.
3- Create a way to transfer private keys at death.
Although it may seem simple, doing all three requires knowledge, effort and perseverance.