Tuesday, June 18, 2024
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Security Guides

The crypto marketplace can be like the wild west, if your serious about storing money safely then this is the section for you.

If you are new to bitcoin and cryptocurrencies then security is a good place to start. Especially on the topic of 3rd party trust.

In crypto 3rd party trust is what you want to be avoiding.

In traditional financial services (banking, stocks, forex) protection is guaranteed by trusted third parties. This is because everything is so controlled and centralized it makes sense to do it like that.

In crypto, your private key replaces the need for a 3rd party and it gives you security. But if you store your coins on an exchange or with another party, then you give up that security. And if they get hacked, go bankrupt or steal the money then you are out of luck.

There is also danger in Doing it all yourself. If you lose access to your private key, or reveal it to scammers you could lose everything.

That is why you need to understand security in the context of an ever changing bitcoin and crypto scene. Learn all about storing on hardware wallets such as the Ledger Nano S, 2fa, secure password managers, seed keys and more by reading through this section.