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General advice to keep your cryptocurrencies safe. |
Exchanges go to great lengths to guarantee your funds are safe. Nonetheless, like any other big store of value, exchange wallets can become targets for nefarious activity. In the context of a long-term investment, your hard-earned cryptocurrencies will be safer in a personal wallet which you control rather than an exchange wallet.
{% hint style="info" %} Funds stored on personal wallets need to be moved to an exchange wallet to be traded into fiat or other cryptos. {% endhint %}
Below you can watch a video by Charles Hoskinson (the inventor of Cardano) on safety tips for keeping your crypto safe.
{% embed url="https://www.youtube.com/watch?v=fqrAzBAi64c&feature=emb_title" %}
Cardano Wallets we will be talking about later in this guide use a multi-word mnemonic phrase to recover your wallet should you loose access to your device (broken, stolen, etc).
{% hint style="danger" %} Never store this mnemonic digitally. {% endhint %}
Store your mnemonic on paper (a notebook that you will not loose): make 3 copies and keep them in at least 2 separate physical locations.