How to Store Your NFT/Cryptocurrency Investments Safely Going Into 2023
Every Bear Market lowers the border for entry to any blockchain investment. However, the more people that join the space, the smarter some of these scams and dangers get. So, if you’re thinking about buying some NFTs or Cryptocurrency and want to be safe from all of this, then this is the article for you.
Here are 6 steps you can take to have a safer experience with your Blockchain investments.
But first, here is some prefix.
If FTX taught us anything, it’s that we need to keep our Cryptocurrency off Exchanges and into a cold wallet. But how do we do this?
The device I’m going to be talking about throughout this article specifically is a Ledger Nano X.
“When you own crypto, what you really own is a private key that gives you access to your coins. You need to keep this key completely safe. Ledger wallets are the best way to own and secure this key.” – Ledger Website
The fact that the Ledger device doesn’t really store our cryptocurrency on the device itself is one of my favourite features. Instead, it addresses all the different cryptocurrencies’ blockchains.
This means that as long as you have your private key (which is what I’m going to tell you about later), you will be able to retrieve your crypto or NFTs even if you lose the device, someone stole it, or it was destroyed.
STEP 1 (PURCHASE) – When buying your Ledger Device, the only thing I’d make sure you do is to buy it through their official website ONLY! This is the only way you can ensure that the device or your private keys haven’t been tampered with. I’ve personally heard of cases where buying it from Amazon or eBay comes with the private keys already filled out for you. Please do not transfer any of your assets if this is the case. https://www.ledger.com
STEP 2 (SETUP) – From the Google Play or Apple iOS stores, download the Ledger Live app. Once your Ledger is open, using it is rather simple because it has two circular buttons. The menu can be moved left or right by pressing one on either side. You can confirm your choice by pressing both.
You must first create an 8-digit pin. The Ledger will prompt you to enter the pin again whenever it is idle, so be sure to remember it.
STEP 3 (The Secret Key) – Writing down your secret key phrase is the next and probably most important step in keeping your cryptocurrency secure. The device’s screen will display a total of 24 words. On the sheet of paper that is provided, you must list each one in the order that you saw it. Make sure you don’t snap a photo of them with your phone or post a photograph of them online. To maintain complete security against things like your iCloud being hacked, these words and phrases must be kept private and offline. Once you’ve entered them, it will request confirmation of the words for each position. It’s tedious but important.
STEP 4 (Pairing the Device) Pairing your Ledger Nano X device with your smartphone is next. The straightforward procedure will be automatically guided for you while ensuring that Bluetooth and Wi-Fi are turned on.
STEP 5 (Downloading your Crypto Apps) You need to download the applications for the cryptocurrency you want to utilise after the two have been connected. There are various options but they all require the same setup procedures. You can get a list of all the crypto coin apps you can download by going to your Ledger Live app on your phone and selecting the + symbol under the “Accounts” page. You must synchronise the accounts after downloading the app. An important one to remember is Rainbow.me. This will help visualise your NFTs that are on these devices.
STEP 6 (Transferring Your Asset) Finally, move your cryptocurrency or NFTs from online wallets or brokers like Binance, Coinbase, or MetaMask to the hardware wallet. You can copy a wallet address by selecting the Transfer Tab, Receive, Ethereum e.g. You can then withdraw your digital currencies or NFTs from your online wallets using this address.
Remember that when the Internet was first a thing, similar security measures had to be taken due to the excess amount of scams and danger available. Similarly, as we move from Web 2.0 to Web 3.0, we have to keep the same precautions.
