Before Buying Cryptocurrency: Part Two - Storing Your Credentials Safely

 Aug 26, 2020  |    ? Comments
Password notebook

Welcome back to the PlayNANO blog, where we give you all the information you could need in your journey into the cryptocurrency world. This is a continuation of the series on things to remember before you start investing. In case you’re new here, we highly recommend checking all the previous posts to get yourself up to speed.

Why Paper Notebooks?

This may come as a shock to you since cryptographic money and all related things are entirely cutting-edge. Be that as it may, the principal thing you have to do is get yourself some paper notebooks. There is no denying the fact that paper notebooks are among the most secure approaches to keep the entirety of your data hidden and secure in a digital-focused world. You can use a paper pad, a diary, journal, or whatever suits your needs. Whatever type of notebook you pick, you will probably need two of them, however, we strongly suggest three for safety. This is because having three notebooks with your data creates much-needed redundancy.

Utilizing and Storing Paper Notebooks

Your paper journals are to be used to store every one of your passwords, login details, and any other important data concerning your crypto wallets and trades. It is important to note that you should avoid storing your passwords or login information online, on your telephone, or any gadget associated with the internet. You have to store all your data on paper, offline, and also have redundancies. This is the reason we suggest purchasing two paper scratch pads at least, though three is optimal. In this case, more is nearly always better!

You should take care to store the note pads in isolated areas where they can be protected as you can't be sure whether your home or office might be affected by a fire, tropical storm, flooding, or any other emergency occasions that could damage your documents and note pads. Consider putting away at least one note pad in a flame-resistant safe at your home and putting away the other one in a security deposit box at a bank or other secure location.

All of this is done keeping in mind that, in the case of crypto investments, you are your own bank. As we had noted in part one of this guide, there are no other precautionary safeguards in this venture, and there are malicious hackers all around you who are attempting to take your assets by any means available to them. Hence, it is your responsibility to find a way to secure your investments and assets.

In Case of Theft

Likewise, in the journal or notepad that you purchase, in case there is an "if found, kindly return to" prompt, you should fill that section out. Additionally, you could even opt to add a cash reward for the one who returns the notebook. Furthermore, if your paper notebook doesn't have this feature, we suggest utilizing the primary page of your notebook to fill in your contact information and a prize for returning it in case it is ever lost. Think cautiously and consider the amount you would pay as an incentive to somebody who discovered your notepad to make them return it securely. After all, your most important details regarding your crypto investments are in there!

This was part two of the guide on things to keep in mind before investing in cryptocurrency. Stay tuned for the next steps! We would also recommend reading up about what cryptocurrency is, what blockchain is, and how to look for the most valuable exchanges in the meantime.