Spring is officially here in the Northern Hemisphere. This means longer days, higher temperatures, and the chance to shake off those winter blues and get ready for the coming of spring. While that may be a bit more complicated while we #StayHome, let’s do our best to remain positive.
Want to try to combat this overwhelming case of the blues? Let’s start with something simple that you can actually do while self-distancing: Crypto Spring Cleaning. Research shows that organizing and tidying — like spring cleaning — can remove chaos from day-to-day life and releases natural endorphins that make you feel pretty damn good.
With everything that’s happening in the world right now, we’re certain that seasoned crypto traders and newbies alike are probably craving some extra endorphins. While we can’t promise any portfolio gains, try out these crypto spring cleaning tips below to de-stress, de-clutter, and boost happiness.
🗃 Crypto Audit
Audit all of your crypto accounts, wallets, logins, and services. A thorough audit allows you to visualize the sheer number of services that you use and the different accounts that you own. The more you use, the more steps you’ll need to take in order to cleanse and secure your crypto.
With the tax deadline approaching — this year on July 15 due to COVID-19 — consider taking a moment and review your holdings, transactions, and accounts.
👩💻 Be Suspicious
Like we always say in crypto: don’t trust, verify. After your audit is complete, use it as your guide to determine if the data sources and tools that you use are still reliable.
Start by assessing brand reputation, transparency, methodology, rates, benefits, support, and the overall user experience. If you find that these areas are not up to par, ditch them.
🕵️ Be Sneaky
Create an alias email for your online crypto dealings: accounts, newsletters, communities, and support tickets. In short, email aliases act as different “fronts” to your primary email. Using an alias decreases your chance of being targeted for email phishing attacks to your business or personal inboxes. No crypto info should go to your primary email.
😎 Hack-Proof Yourself with a Password Manager
Update each of your accounts with new passwords, ensuring that each one is strong and unique only to you. Then, store all of your passwords in a password manager, an encrypted database that is protected by a single password. This way, you can have a unique password for everything you do online and only have to remember one password.
Not sure where to start? Try 1password.
🔐 Use Two-Factor Authentication on Everything
Layer on an extra level of security by using two-factor authentication (2FA). Two Factor authentication is when you need two different methods — usually two different devices — to access your accounts.
Try Google Authenticator, a simple 2FA app that runs on both iOS and Android. If you prefer to have a completely separate state-of-the-art device, then Yubikey is for you. With greater security in place, hackers will move on to easier targets.
When you enable 2FA for any site, it is extremely important that you keep a copy of the seed (secret code) that you use to enable 2FA in a secure place.
🗑 Purge
The last year brought a variety of changes to the crypto space. From unreliable pricing tools, new wallets, and exchange vulnerabilities — we’ve seen it all. So for 2019, stick to the manta: less is more.
Take the time to close any old exchange accounts, empty your unused wallets, and get rid of any crypto tools that you no longer need — or use. In addition, don’t forget to delete all unloved crypto apps from your phone, tablet, and computer.
🔥 Drop it (if it’s Hot)
Move any crypto that you are not actively trading out of exchange-based hot wallets and into more secure wallets like software, desktop or mobile wallets. These types of (hot) wallets are still vulnerable but can be a more secure option. Exchange hacks are real; better to be safe than sorry.
Not sure where to begin? Check out our guide of crypto storage options.
❄️ Keep it Chill
Are you hodling large amounts of crypto for the long-term? If so, it’s time to move any funds off of any hot wallets and into cold storage.
With your private keys stored safely offline, you’ll finally be able to rest easy with a hardware and/or paper wallet. While cold storage has a reputation of making it more challenging to track your portfolio totals and market price, it’s the safest way to store your crypto. Take advantage of tools such as CoinCap mobile altfolios to keep track.
⚰️ Rest in Peace
Just like any other investment, you’ll want your loved ones to have access to your crypto after you’re gone. If setting up an afterlife plan for your crypto feels too morbid, read expert Pamela Morgan’s medium page: Pamela Morgan.
🚒 Get Fired Up
While you can’t stop a natural disaster from coming, you can protect your funds against one. Print all of your 2FA backup codes, password manager emergency kits, and hardware wallet recovery sentences. Then, place these items (along with paper wallets and other crypto planning documents) into a safe and fireproof place.
Final Thoughts
Feeling any better? You can rest easy knowing that you are more secure from hacks than you were yesterday. This was no easy feat! Be proud of yourself for tackling an intimidating and pretty important task.
We welcome you to join us in building a better financial system. Find out more here and discover the benefits that free trading can bring.
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