Chapter 4: Crypto Wallets

The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?

Interesting Fact:

Did you know that being more attentive and cautious is one of the main ways to boost your safety in the crypto world?

easy

9 minutes

In this section, we’re going to talk about how safe is cryptocurrency, as well as some of the best crypto wallet safety practices that everyone should be following!

Imagine that you’ve bought the safest wallet on the planet. It has multiple locks attached to it, and even a digital display requiring your fingerprint in order for it to open. You store all of your money within the wallet, and walk around feeling very safe about your cash.

However, one day, while you weren’t looking, someone grabs your wallet from the table where you left it on. Even though it might have been the safest wallet in the world, it still got stolen - in order to avoid something like this happening in the real world, to your crypto assets, you need to be aware of some of the best crypto wallet safety practices!

In this section, we’re going to look at how safe is cryptocurrency, as well as some of the most important crypto wallet safety and security practices that you should be aware of, when you’re just starting out with crypto. I’ll reveal the top tips for keeping your crypto safe, and then elaborate on how you can use them yourself, no matter what type of wallet you might have.

So, let’s get to it!

Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)

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Don’t Tell Anyone About Your Crypto

Now, keep in mind that a lot of the best crypto wallet safety practices covered in this section are going to be applicable to both hot wallets, as well as cold storage devices.

If you have no idea what are hot or cold crypto wallets, please make sure to read the section dedicated to this topic. It’ll help you get a much better understanding of how to keep your wallets safe!

So, now - is it safe to invest in cryptocurrency, and just how safe are cryptocurrencies, in general? Well, the answer really depends on whether or not you follow all of the “best safety practices”!

The first safety practice is rather simple - you should never tell anyone about owning crypto, or about the wallets that you use.

Why is that the case? Let's expand on the earlier example.

Imagine that, with your super-secret wallet in hand, you went to a coffee shop to meet a friend, and ordered a cup of coffee. Excited about your new wallet, you start telling your friend all about how secure it is, and how you now keep all of your money inside of it. A stranger sitting nearby overhears your conversation, and takes an interest in what you’re saying.

The first opportunity they get, when you’re not looking, they grab your wallet, and run off with it. Perhaps if you wouldn’t have boasted about that item, it would still be in your possession, and you wouldn’t need to ask yourself - is crypto safe?

Cryptocurrency wallets work the exact same way, really. With hardware wallets, this is self-explanatory - they are actual physical items that can be stolen. The same, though, is true with hot wallets, as well.

If you go around boasting about your crypto portfolio, telling everyone where you keep all of your assets, you risk becoming a target to some less-than-honorable individuals. The saying “money loves silence” is very accurate, in this regard - you can probably see why that’s the case, as well!

Store Your Recovery Phrase Somewhere Safe

Moving on, note that there’s actually something even more important than your crypto wallet, cryptocurrency storage-wise. Something that is essential to know about, when you’re wondering “how safe is cryptocurrency?”. That would be the wallet recovery phrase.

How safe is cryptocurrency: Recovery phrase.

Whenever you set up a crypto wallet for the first time, you are given a string of randomly generated words – usually 12 or 24. These words, in that exact order, are your wallet recovery phrase. If your wallet got lost, stolen, or if you forgot your password, you would use this phrase to recover your funds to a new wallet.

Now, as you can probably guess, this works the other way around, too. So, if someone were to steal your wallet recovery phrase, they would essentially be able to “recover” (i.e., steal) all of your wallet’s contents. Needless to say, that’s a really scary scenario!

This is why it’s absolutely crucial that you keep your wallet recovery phrase in the safest possible place you can think of. Since it’s something that you’d only need to use in an emergency, you can store it somewhere remote, like a safe. On top of that, NEVER tell anyone where it is - that’s very important!

Avoid Clicking Weird Links on the Internet

The next “best crypto wallet safety practice” is mainly applicable to hot wallet owners. It has to do with all of those weird links that you see in your email, on various websites, or in your chat box. This includes a message that you’ve received from a friend, telling you to "check out this awesome photo on this definitely-not-suspicious website”.

You know the drill by now - links with viruses and keyloggers are something that we’ve all encountered, at least once in our lives. Some of them are very obvious, but others can be super-malicious, as well as difficult to spot.

Well, if you’re not careful, and accidentally download a virus by clicking on one of such links, you might set in motion a sequence of events that’ll lead to your wallet being emptied. It doesn’t necessarily have to be related to questions such as is staking crypto safe, or is accessing a specific dApp secure - these hacks can happen in crypto-unrelated ways, as well!

The best-case scenario is to have a separate device, altogether. You would only use this device to log into your crypto exchange account, trade, and use your wallet to perform transactions - that’s it. Assuming that the device is brand new, and hasn’t been compromised before, this would lower the chance of you catching a virus significantly.

Naturally, not that many people are going to take this route. Instead, if you use but a single device for all of your internet browsing and crypto trading wants and needs, do put in the conscious effort to avoid any suspicious websites and more-than-shady links.

Don’t Carry Your Wallet Around With You

As opposed to all of that, let’s now take a look at a safety practice that’s mostly relevant to cold, or hardware wallet owners - never carry your wallet around with you, if you won’t need it.

How safe is cryptocurrency: Cold wallet.

Though this is something that you’ve probably figured out already - thieves and malicious individuals are always looking for people who are not careful with their belongings. Cryptocurrency wallet devices are definitely not an exception. Instead, quite the opposite is true, really - they attract attention, due to the fact that they look interesting and futuristic. Even wallets that are designed to look like everyday items are still somewhat unusual - that’s both a good thing, and a bad thing, really!

In other words, your hardware wallet should remain in a safe and secure place, at all times. Usually, there’s absolutely no need to bring it with you to a date, a meetup with friends, or to the local grocery store. Everyone learning about how safe is cryptocurrency should know this very well!

If you do accidentally take your wallet with you and notice only after you leave the house - keep it in your pocket, and don’t tell anyone! Otherwise, you might end up being the main character of the situation I described at the beginning of this section!

Be Careful With Your Transactions

Up to this point, we’ve mostly talked about “external” factors - thieves stealing your wallet, keyloggers & viruses, and so on. However, learning is cryptocurrency safe, you’ll find out that wallet safety practices are applicable to the other side of the deal, as well.

How safe is cryptocurrency: Transactions.

To be a bit more specific, you should always check the transactions that you’re participating in, too. Never interact with strange applications that ask you for your wallet address, and never send your crypto to some shady third parties. With the crypto market evolving so fast, scams evolve, as well, and become more and more intricate and clever. The best way to avoid them is to remove yourself from a fishy situation, altogether.

On the flip side, avoiding these types of situations can sometimes be tricky, I admit. This is where the second part of this crypto wallet safety practice comes in - diversifying your crypto storage options.

How safe is cryptocurrency: Crypto storage.

Is it safe to buy crypto on Robinhood? Probably, but only if you use an external wallet. Is Gemini crypto safe? Perhaps, but far less safe if you keep your tokens on the exchange! Can I keep crypto on Binance, Kraken, or any other exchange? Well…

If you want to feel a bit more at ease about your portfolio, you should always have multiple wallets at your disposal, with at least one of them being a hardware device (due to their high-end security). This way, even if something were to go wrong, and one of your wallets got compromised, you wouldn’t risk losing ALL of your assets.

Of course, managing multiple wallets can be a daunting task. Nonetheless, it’s certainly a practice that can save your crypto, especially if you have a large portfolio of different coins and tokens!

Wrapping Things Up

Those were some of the best crypto wallet safety practices that every beginner crypto enthusiast should be aware of, and utilize. Of course, there are many more different safety measures that you could take, in order to ensure the security of your crypto. However, if you employ the practices that were discussed in this section, you’ll already be ahead of the curve, by a significant margin!

So, how safe is cryptocurrency, and is it safe to invest in crypto, in the first place? It’s clear that, if you follow all of the proper precautions, crypto can be relatively safe. Though it’s important to always stay up-to-date and aware of what’s happening in the industry!

a dedicated section<\/strong><\/a> for this particular wallet, but in short, it’s one of the most popular Ethereum and ERC token wallets on the market, and it’ll make Ethereum-based NFT storage a breeze.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Selling\/buying.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_01.jpg/" alt=\"How to trade NFTs: Selling\/buying.\" width=\"1000\" height=\"541\" \/><\/p>\n<p>Moving on, the next big thing that you need to take care of is the actual crypto that you’ll use to purchase your initial NFTs. In other words, if you’re starting completely fresh, and don’t have any assets to your name, <strong>you’ll need to buy some cryptocurrency<\/strong> (specifically - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ether) in order to then trade it for your very first NFT. Some marketplaces support credit and debit cards, but if you want complete privacy and anonymity, you’ll need to stick to the crypto route.<\/p>\n<p>This process can sound really intimidating, but let me assure you - it’s really nothing to be worried about! These days, popular cryptocurrency exchange platforms are extremely good at onboarding newbies, and guiding them through their initial purchases. With the best-known exchanges, such as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance<\/strong><\/a> or <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, you’ll be able to register and buy crypto with a credit or debit card in no time!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Buying some crypto.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_02.jpg/" alt=\"How to trade NFTs: Buying some crypto.\" width=\"1000\" height=\"551\" \/><\/p>\n<p>If you’d like to check out a more thorough explanation of how to buy cryptocurrency for the very first time, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//how-to-buy-crypto/">read this section<\/strong><\/a> – it covers the process in-depth. Granted that this section is about how to buy and sell NFTs for profit, I’ll assume that you already have your wallet ready, and with some crypto transferred to it, too.<\/p>\n<p>The final point of preparation has to do with <strong>choosing the best NFT marketplace<\/strong>, where you’d perform all of your trades on. Admittedly, the variety of available options is getting bigger, by the day, but if you want to err on the side of caution, your best bet would still be using <strong>OpenSea<\/strong>. It’s considered by many to be the best NFT marketplace out there, offering its users access to an unprecedented number of different non-fungible tokens, and a way of how to trade NFTs safely.<\/p>\n<h2>Making Your First Trade<\/h2>\n<p>So - with all of the big preparation steps out of the way, you are finally ready to learn how to trade NFTs! But a single question remains - <strong>what NFT should you buy, as your very first one?<\/strong><\/p>\n<p>Now, truth be told, this is a discussion for the ages. Everyone is going to have their own opinions about which non-fungible tokens are <em>“worth it”<\/em>, and which will tank, price-wise.<\/p>\n<p>Depending on when it is that you’re reading this section, the NFT boom might be at its peak, or we might currently be in an “NFT winter”. This is a huge factor to consider, as well - as history has shown, many NFTs tend to lose a lot of their initial value, when the bear market comes!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Find a worthy NFT.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_03.jpg/" alt=\"How to trade NFTs: Find a worthy NFT.\" width=\"1000\" height=\"537\" \/><\/p>\n<p><strong>Your best bet would be to set up a price range, and then look for an NFT project that has some sort of backing behind it<\/strong>. This can be anything - a collection of paintings with free tickets to a concert, each, a piece of digital artwork from a band, containing a link to their new, Metaverse-exclusive album, photos of cars from a famous car brand, each coming with exclusive benefits to the holder, and so on.<\/p>\n<p>No one can say for sure, which projects will blow up, and which will tank in price! However, if you follow the market trends, and educate yourself about the industry, as a whole, you could catch some hidden gems, every once in a while!<\/p>\n<p>Let’s say that you’ve found that one, single NFT that you absolutely love, and think that it’s going to appreciate in price, as time goes on. <strong>How do you get it into your digital wallet?<\/strong><\/p>\n<p>Well, if you’re using OpenSea and MetaMask, this process is going to be super simple.<\/p>\n<p>First, you need to<strong> connect your wallet to OpenSea<\/strong>. This can be done at the top-right corner of the screen, on the OpenSea homepage - simply choose to connect via MetaMask, pass a few verifications, and you’re in!<\/p>\n<p>Next, you’ll need to <strong>find the NFT that you’ve picked, and either add it to your basket, or buy it instantly<\/strong>. When you navigate to your basket, you’ll be able to view all of the necessary details to complete your transaction - creator fees, payment types, total price, and so on.<\/p>\n<p>If everything seems to be in order, you can complete your payment - if you’re using crypto, and have enough coins in your wallet, you’ll receive a few transaction confirmations, and in a few seconds, your MetaMask wallet will be credited with your newly-acquired non-fungible token. Congratulations on your new purchase!<\/p>\n<h2>Trading Your NFTs<\/h2>\n<p>Now that you’ve dipped your toes into the world of NFT ownership, you can finally start trading these assets. There are multiple ways of how you can approach the topic, as well!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Trading it for tokens or other NFTs.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_04.jpg/" alt=\"How to trade NFTs: Trading it for tokens or other NFTs.\" width=\"1000\" height=\"446\" \/><\/p>\n<p>Think of it like trading candy. You could sell the candy at a physical store, online, or trade it for some other goods, as well. NFTs aren’t any different, in that regard!<\/p>\n<p>The simplest way of how to trade NFTs is to<strong> sell your current NFT for a profit, and purchase another token (or, even, tokens!) in its place<\/strong>. While it’s not technically<em> “trading”<\/em>, per se, you are still exchanging NFTs, albeit indirectly.<\/p>\n<p>The best part? This can be done on the same marketplace that you’ve bought your original NFT on. Meaning, you don’t need to over-encumber yourself with the management of a huge list of different trading platforms.<\/p>\n<p>Alternatively, you could participate in <em>actual<\/em> NFT trading, as well - in other words, <strong>you could exchange your NFT for another one, in a mutually agreed-upon trade with another person<\/strong>.<\/p>\n<p>Is this something I’d recommend doing? Well, not really, no. These types of trades involve a lot of trust, and are usually very complex when it comes to determining whether or not they’re actually beneficial. <strong>For the most part, I’d stick to the time-tested buying and selling processes!<\/strong><\/p>\n<p>The one piece of good news, however, is that there seems to be an influx of marketplaces that make trading NFTs much simpler. These platforms act as middlemen, and facilitate a trade between two parties - you, and another person that you’re trading with. So, it’s definitely something worth keeping in mind, if you do decide to go the trading route!<\/p>\n<h2>Extra Safety for Your NFTs<\/h2>\n<p>Now that you know how to buy and sell NFTs for profit, and are ready to jump into this exciting realm, there’s one more point that I’d like to stress.<\/p>\n<p>Above in this section, I've mentioned MetaMask, and how it’s the best wallet to use for all of your NFT trading ventures. While that is true, convenience-wise, <strong>MetaMask is still considered to be a hot wallet - one that maintains a constant connection to the internet<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Extra safety for your NFTs.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_05.jpg/" alt=\"How to trade NFTs: Extra safety for your NFTs.\" width=\"1000\" height=\"749\" \/><\/p>\n<p>Assuming that you’ll find success in your non-fungible token trading ventures, and grow your portfolio, eventually, you might start worrying about the safety of your assets. While MetaMask has a decent reputation, security-wise, there’s still a lot of room for improvement - this is where <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a> come in.<\/p>\n<p>Hardware wallets are often considered to be among the safest crypto storage options in the industry. Combine that with the fact that you can actually connect your MetaMask wallet with one of the most popular hardware storage devices on the market - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//ledger/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>the Ledger wallet<\/strong><\/a> -, and you have yourself a pretty strong case for security and asset protection!<\/p>\n<p>That's about it, for now. I leave you with the knowledge of both how to trade NFTs, for the very first time, as well as concerning all of the prerequisites that you need to be aware of before you can actually start trading.<\/p>","definition":"Did you know that each NFT is totally unique, making you the only person in the entire world to possess it?","status":"published","meta_title":"How to Trade NFTs? The Key Things You Need to Know","meta_description":"You have non-fungible tokens and now the main question in your head is \"How to trade NFTs?\" Don't worry, you'll find all answers right here.","meta_keywords":"how to trade nfts, how to trade nfts on opensea, how to trade nfts safely, how to sell nfts for free, how to buy and sell nfts for profit, how to sell nfts without gas fees, how do you make nfts to sell","modified_content":"<p>In this section, I’m going to tell you <strong>how to trade NFTs on <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//opensea/" target=\"_blank\" rel=\"nofollow noindex noopener\">OpenSea<\/a><\/strong>, in the simplest way possible!<\/p>\n<p>NFTs are undeniably a huge part of the crypto space. While their popularity is very volatile, there are new projects coming out within the space, seemingly every day, still! Many crypto enthusiasts will tell you that non-fungible tokens are still a great way to make money with crypto!<\/p>\n<p>You’ve heard about NFTs, love the idea behind them, and are now eager to make money this way, too. However, you’re new to crypto, and have no idea where to even start. If that’s the case - don’t fret, since that’s what I’m here to help you with!<\/p>\n<p><strong>In this section, we’re going to talk about NFT trading<\/strong>. Specifically, I’ll tell you about all of the prerequisites that you need to keep in mind before you actually start trading, as well as walk you through the process of performing your very first NFT trade, too!<\/p>\n<p><em>Let’s get to it!<\/em><\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\"\n title=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: NFT Trading: The Ins and Outs<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"NFT Trading: The Ins and Outs\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"zxx-yQr9YpU\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">How to Trade NFTs Safely? (Animated Explainer For Beginners)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-trade-nfts-safely-animated-explainer-for-beginners.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-trade-nfts-safely-animated-explainer-for-beginners.jpg?tr=w-760 1000w\"\n alt=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\"\n title=\"How to Trade NFTs Safely? (Animated Explainer For Beginners)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"How to Trade NFTs Safely? 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After all, if you want to maximize your chances of success in trading NFTs, you need to come in with your homework prepared!<\/p>\n<p><strong>The very first thing that you’ll need to do is create a hot cryptocurrency wallet<\/strong>. You will use this wallet to store your NFTs, as well as perform all of the transactions in the future. If you decide to study how to make NFTs to sell, this wallet will be needed, as well!<\/p>\n<p>There are plenty of different wallets that you can pick, but I’d personally go with <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//metamask/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>MetaMask<\/strong><\/a>. You can read <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//what-is-metamask/">a dedicated section<\/strong><\/a> for this particular wallet, but in short, it’s one of the most popular Ethereum and ERC token wallets on the market, and it’ll make Ethereum-based NFT storage a breeze.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Selling\/buying.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_01.jpg/" alt=\"How to trade NFTs: Selling\/buying.\" width=\"1000\" height=\"541\" \/><\/p>\n<p>Moving on, the next big thing that you need to take care of is the actual crypto that you’ll use to purchase your initial NFTs. In other words, if you’re starting completely fresh, and don’t have any assets to your name, <strong>you’ll need to buy some cryptocurrency<\/strong> (specifically - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ether) in order to then trade it for your very first NFT. Some marketplaces support credit and debit cards, but if you want complete privacy and anonymity, you’ll need to stick to the crypto route.<\/p>\n<p>This process can sound really intimidating, but let me assure you - it’s really nothing to be worried about! These days, popular cryptocurrency exchange platforms are extremely good at onboarding newbies, and guiding them through their initial purchases. With the best-known exchanges, such as <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance<\/strong><\/a> or <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, you’ll be able to register and buy crypto with a credit or debit card in no time!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Buying some crypto.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_02.jpg/" alt=\"How to trade NFTs: Buying some crypto.\" width=\"1000\" height=\"551\" \/><\/p>\n<p>If you’d like to check out a more thorough explanation of how to buy cryptocurrency for the very first time, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//how-to-buy-crypto/">read this section<\/strong><\/a> – it covers the process in-depth. Granted that this section is about how to buy and sell NFTs for profit, I’ll assume that you already have your wallet ready, and with some crypto transferred to it, too.<\/p>\n<p>The final point of preparation has to do with <strong>choosing the best NFT marketplace<\/strong>, where you’d perform all of your trades on. Admittedly, the variety of available options is getting bigger, by the day, but if you want to err on the side of caution, your best bet would still be using <strong>OpenSea<\/strong>. It’s considered by many to be the best NFT marketplace out there, offering its users access to an unprecedented number of different non-fungible tokens, and a way of how to trade NFTs safely.<\/p>\n<h2>Making Your First Trade<\/h2>\n<p>So - with all of the big preparation steps out of the way, you are finally ready to learn how to trade NFTs! But a single question remains - <strong>what NFT should you buy, as your very first one?<\/strong><\/p>\n<p>Now, truth be told, this is a discussion for the ages. Everyone is going to have their own opinions about which non-fungible tokens are <em>“worth it”<\/em>, and which will tank, price-wise.<\/p>\n<p>Depending on when it is that you’re reading this section, the NFT boom might be at its peak, or we might currently be in an “NFT winter”. This is a huge factor to consider, as well - as history has shown, many NFTs tend to lose a lot of their initial value, when the bear market comes!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Find a worthy NFT.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_03.jpg/" alt=\"How to trade NFTs: Find a worthy NFT.\" width=\"1000\" height=\"537\" \/><\/p>\n<p><strong>Your best bet would be to set up a price range, and then look for an NFT project that has some sort of backing behind it<\/strong>. This can be anything - a collection of paintings with free tickets to a concert, each, a piece of digital artwork from a band, containing a link to their new, Metaverse-exclusive album, photos of cars from a famous car brand, each coming with exclusive benefits to the holder, and so on.<\/p>\n<p>No one can say for sure, which projects will blow up, and which will tank in price! However, if you follow the market trends, and educate yourself about the industry, as a whole, you could catch some hidden gems, every once in a while!<\/p>\n<p>Let’s say that you’ve found that one, single NFT that you absolutely love, and think that it’s going to appreciate in price, as time goes on. <strong>How do you get it into your digital wallet?<\/strong><\/p>\n<p>Well, if you’re using OpenSea and MetaMask, this process is going to be super simple.<\/p>\n<p>First, you need to<strong> connect your wallet to OpenSea<\/strong>. This can be done at the top-right corner of the screen, on the OpenSea homepage - simply choose to connect via MetaMask, pass a few verifications, and you’re in!<\/p>\n<p>Next, you’ll need to <strong>find the NFT that you’ve picked, and either add it to your basket, or buy it instantly<\/strong>. When you navigate to your basket, you’ll be able to view all of the necessary details to complete your transaction - creator fees, payment types, total price, and so on.<\/p>\n<p>If everything seems to be in order, you can complete your payment - if you’re using crypto, and have enough coins in your wallet, you’ll receive a few transaction confirmations, and in a few seconds, your MetaMask wallet will be credited with your newly-acquired non-fungible token. Congratulations on your new purchase!<\/p>\n<h2>Trading Your NFTs<\/h2>\n<p>Now that you’ve dipped your toes into the world of NFT ownership, you can finally start trading these assets. There are multiple ways of how you can approach the topic, as well!<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Trading it for tokens or other NFTs.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_04.jpg/" alt=\"How to trade NFTs: Trading it for tokens or other NFTs.\" width=\"1000\" height=\"446\" \/><\/p>\n<p>Think of it like trading candy. You could sell the candy at a physical store, online, or trade it for some other goods, as well. NFTs aren’t any different, in that regard!<\/p>\n<p>The simplest way of how to trade NFTs is to<strong> sell your current NFT for a profit, and purchase another token (or, even, tokens!) in its place<\/strong>. While it’s not technically<em> “trading”<\/em>, per se, you are still exchanging NFTs, albeit indirectly.<\/p>\n<p>The best part? This can be done on the same marketplace that you’ve bought your original NFT on. Meaning, you don’t need to over-encumber yourself with the management of a huge list of different trading platforms.<\/p>\n<p>Alternatively, you could participate in <em>actual<\/em> NFT trading, as well - in other words, <strong>you could exchange your NFT for another one, in a mutually agreed-upon trade with another person<\/strong>.<\/p>\n<p>Is this something I’d recommend doing? Well, not really, no. These types of trades involve a lot of trust, and are usually very complex when it comes to determining whether or not they’re actually beneficial. <strong>For the most part, I’d stick to the time-tested buying and selling processes!<\/strong><\/p>\n<p>The one piece of good news, however, is that there seems to be an influx of marketplaces that make trading NFTs much simpler. These platforms act as middlemen, and facilitate a trade between two parties - you, and another person that you’re trading with. So, it’s definitely something worth keeping in mind, if you do decide to go the trading route!<\/p>\n<h2>Extra Safety for Your NFTs<\/h2>\n<p>Now that you know how to buy and sell NFTs for profit, and are ready to jump into this exciting realm, there’s one more point that I’d like to stress.<\/p>\n<p>Above in this section, I've mentioned MetaMask, and how it’s the best wallet to use for all of your NFT trading ventures. While that is true, convenience-wise, <strong>MetaMask is still considered to be a hot wallet - one that maintains a constant connection to the internet<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How to trade NFTs: Extra safety for your NFTs.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//hot_to_trade_nfts_05.jpg/" alt=\"How to trade NFTs: Extra safety for your NFTs.\" width=\"1000\" height=\"749\" \/><\/p>\n<p>Assuming that you’ll find success in your non-fungible token trading ventures, and grow your portfolio, eventually, you might start worrying about the safety of your assets. While MetaMask has a decent reputation, security-wise, there’s still a lot of room for improvement - this is where <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a> come in.<\/p>\n<p>Hardware wallets are often considered to be among the safest crypto storage options in the industry. Combine that with the fact that you can actually connect your MetaMask wallet with one of the most popular hardware storage devices on the market - <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//ledger/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>the Ledger wallet<\/strong><\/a> -, and you have yourself a pretty strong case for security and asset protection!<\/p>\n<p>That's about it, for now. I leave you with the knowledge of both how to trade NFTs, for the very first time, as well as concerning all of the prerequisites that you need to be aware of before you can actually start trading.<\/p>","youtube_video":{"id":49,"channel_id":1,"sort":47,"video_title":"How to Trade NFTs Safely? (Animated Explainer For Beginners)","description":"How to trade NFTs on OpenSea for the very first time?\n\nLove \u2018em or hate \u2018em, one thing\u2019s for sure - NFTs have definitely become a huge part of the larger crypto ecosystem. While the space is still very volatile, it does attract a lot of attention, from both crypto newbies and veterans, alike!\n\nIn this video, I will tell you how to trade NFTs, or how to buy and sell NFTs for a profit. We\u2019ll talk about the key points that you\u2019ll need to figure out before you start trading, and after that, I will walk you through the process of buying and trading your very first NFT!\n\nHave you ever traded NFTs before? If so, how did you do it? Share your experiences in the comments below!\n\nVideo Time Table:\n\n0:00 Introduction to How to Trade NFTs\n1:00 How to Prepare for NFT Trading\n3:09 Making Your First Trade\n5:16 Trading Your NFTs\n6:41 Extra Safety For Your NFTs\n7:45 Wrap-up: How to Trade NFTs?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#HowToTradeNfts #HowToTradeNftsOnOpensea #HowToTradeNftsSafely","video_id":"zxx-yQr9YpU","duration":493,"view_count":231,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/how-to-trade-nfts-safely-animated-explainer-for-beginners.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-02-09T20:02:37.000000Z","created_at":"2023-02-09T23:00:04.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}}" :prev-section="{"id":7,"chapter_id":4,"order":4,"featured_image_id":3040,"youtube_video_id":4,"author_id":1,"created_at":"2022-05-02T12:03:53.000000Z","updated_at":"2023-12-13T17:00:26.000000Z","slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","content":"<p>In this section, I’m going to explain what MetaMask is!<\/p>\n<p><strong>MetaMask is arguably one of the best quality-of-life innovations in online shopping is automated checkouts. <\/strong>You simply enter your PayPal or debit card information once, and the next time you purchase something from the website, all you need to do is click one button, and all of the money transaction processes happen for you.<\/p>\n<p>Essentially, this is how MetaMask functions in the cryptocurrency world, as well.<\/p>\n<p>In this section, we’re going to check out what is MetaMask. We’ll also answer questions such as “<strong>is MetaMask safe?<\/strong>”, and how you can use this crypto software platform in your daily life.<\/p>\n<p>Let’s get right to it, shall we?<\/p>\n<h2>What is MetaMask?<\/h2>\n<p>First things first - what is MetaMask?<\/p>\n<p>Well, MetaMask is an internet app that serves a few different purposes. The primary (and most well-known) purpose is <strong>cryptocurrency storage<\/strong> - in other words, MetaMask is a “<a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//best-cryptocurrency-wallet/">crypto wallet<\/strong><\/a>”, or actually a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hot-wallet/">HOT crypto wallet<\/strong><\/a>!<\/p>\n<p>Why “hot”, though?<\/p>\n<p>Simply, in crypto, all <strong>software-based wallets <\/strong>are called “hot wallets”, and as an opposite, all electronic hardware-based wallets are called “<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cold-wallet/">cold wallets<\/strong><\/a>”.<\/p>\n<p>So, first and foremost, the MetaMask app is a software wallet!<\/p>\n<p><img title=\"What is MetaMask: Cold and Hot crypto wallets.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-1.o.jpg/" alt=\"What is MetaMask: Cold and Hot crypto wallets.\" width=\"800\" height=\"532\" \/><\/p>\n<p>Let’s break the concept of a crypto wallet down.<\/p>\n<p>A cryptocurrency wallet is a digital equivalent of your physical wallet. Just as you hold your real money in your physical wallet, cryptocurrency wallets hold your digital coins - cryptocurrencies such as <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin, <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum, and many more.<\/p>\n<p>Some wallets can only hold one coin, and are thus “dedicated”. For example, a Bitcoin-dedicated wallet would only be able to hold BTC coins. <strong>Others have the ability to hold multiple crypto coins - it depends!<\/strong><\/p>\n<p>MetaMask, however, is <strong>a dedicated wallet<\/strong> - it only allows you to hold everything that is related to the Ethereum blockchain: <strong>Ethereum coins, and any other ETH-based tokens<\/strong>. Check out the section called \"<a href=https://www.bitdegree.org/"//crypto//learn//coin-vs-token/">Coins VS Tokens<\/strong><\/a>\" to understand the differences and how they are related.<\/p>\n<p>But shortly, cryptocurrency tokens are projects built on the blockchain of a specific coin - in this case, Ethereum. It’s a bit more complex and technical than that, but that's the premise. But what you should clearly understand is that you can’t store your Bitcoins on Metamask, but <strong>you can store any token that is built on the Ethereum blockchain<\/strong>, for example, <strong>Tether, Shiba Inu, Axie Infinity, and similar<\/strong>.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is MetaMask: What is MetaMask?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-2.o.jpg/" alt=\"What is MetaMask: What is MetaMask?\" width=\"801\" height=\"606\" \/><\/p>\n<p>Here is an example: imagine that you’ve decided to go and wash your car. You approach a car washing station and have to insert coins in order for the machines to start working. However, the car wash only accepts US dollar coins, and any other foreign currencies, like Euros or Pounds Sterling get rejected!<\/p>\n<p>The same logic applies to MetaMask - it only accepts Ethereum, and tokens that are built on the Ethereum blockchain.<\/p>\n<p>What about the “hot” wallet part, though - how is it HOT, in the first place?<\/p>\n<p>In the cryptocurrency world, “hot” wallets are those that <strong>maintain a constant connection to the internet<\/strong>. This means that, in order to use MetaMask, you will need to always be connected to the internet, and have access to the browser (or device) that the wallet is installed on. Yes, <strong>MetaMask acts both as a browser extension, and a mobile app.<\/strong><\/p>\n<p>Specifically, in the same manner, as how you would add apps such as Grammarly or adBlock to your browser, as a web extension, MetaMask will need to be added, as well. Or it can be downloaded from either the Android or the iOS stores.<\/p>\n<p>So - it’s clear that MetaMask is primarily used as an Ethereum wallet. However, as you might have heard, it’s actually considered to be the most popular ETH wallet out there, in general! MetaMask has managed to achieve this by offering its users ease of use.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is MetaMask: What is a \" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-3.o.jpg/" alt=\"What is MetaMask: What is a \" width=\"1031\" height=\"773\" \/><\/p>\n<p>To be more specific, MetaMask allows you to perform cryptocurrency transactions (Ethereum payments or transfers) in a super-simple manner.<strong> You can even buy crypto tokens from an integrated third party, without leaving your MetaMask wallet, with the company taking a small cut as a transaction fee <\/strong>(this is how MetaMask makes money, too)!<\/p>\n<p>Think of the earlier-discussed PayPal example - now, imagine PayPal integrated into your browser!<\/p>\n<p>No matter where you go online, if you’d like to purchase something, all that you’d need to do is enter your password, and that’s it - you'll be able to pay for your order in a matter of seconds! MetaMask works in a similar manner - integrated into your browser, it allows you <strong>to access your Ethereum or ETH tokens in just a few clicks<\/strong>. You can also pay, send, or exchange ETH with anyone you’d like.<\/p>\n<h2>Is MetaMask Safe?<\/h2>\n<p>So - MetaMask is very convenient to use, as a cryptocurrency wallet. We’ve established that much already! However, naturally, you might question - <strong>is it reliable and safe to use, in the first place?<\/strong><\/p>\n<p>The short answer is <strong>YES,<\/strong> it is. Let’s expand on it, though, shall we?<\/p>\n<p>MetaMask provides <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-encryption/">encryption and security technology and <strong>acts as the middleman between the user, and the service that they are accessing<\/strong>. In other words, MetaMask can be seen as the bridge between two parties - a bridge that’s full of security patrols, cameras, and guard posts.<\/p>\n<p>Before we continue, I urge you to, once again, think about the <strong>PayPal<\/strong> example we’ve used a couple of times in this section already. PayPal encrypts your data, and protects all of your financial information - <strong>your money is only sent to those shops and service providers that you approve, manually<\/strong>.<\/p>\n<p>In essence, MetaMask is the same. As a wallet, it protects your funds but still allows you to access them in a quick and effortless manner, when you need to.<\/p>\n<p>All of that being said, I do have to point out that, all things considered, it IS a hot wallet - one that maintains a constant connection to the internet. <strong>In turn, this does open up doors for vulnerabilities.<\/strong><\/p>\n<p>Being connected to the web all the time, hot wallets are more prone to break-ins and hacking attempts, as opposed to cold wallets, or <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware devices. These are special devices that usually look like a USB drive, but are designated for storing and keeping your cryptocurrencies safe, offline.<\/p>\n<p>Hot wallets, in general, aren’t the safest choice, when it comes to storing cryptocurrencies. However, they are very convenient, and<strong> require less time and effort to use, when compared to hardware devices<\/strong>!<\/p>\n<p style=\"text-align: center;\"><img title=\"What is MetaMask: types of wallets.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-5.o.jpg/" alt=\"What is MetaMask: types of wallets.\" width=\"800\" height=\"401\" \/><\/p>\n<p>An example that you can imagine is that of a car. Cars can be dangerous - something can go wrong with the engine, or you might get a flat tire mid-journey, and swirl into a ditch. On top of that, you always need to keep an eye on other drivers on the road, lest they would decide to drive into you.<\/p>\n<p>That said, many people choose to drive cars, nonetheless. This is because the risk level is rather mediocre, especially if you take all of the active precautions beforehand - don’t go over the speed limit, wear your seatbelt, and so on.<\/p>\n<p>The same can be said about hot wallets such as MetaMask, too. <strong>If you don’t visit shady websites or press suspicious links, and avoid any potential scams or strange individuals offering to double your crypto if you send it to them, you will minimize the risks, too!<\/strong><\/p>\n<h2>How to Use MetaMask?<\/h2>\n<p>Up to this point, we’ve covered what is MetaMask, and the question of whether or not it’s safe to use. Now, let’s take a look at how you can actually start using the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//tutorials//cryptocurrency-wallet/">cryptocurrency wallet<\/strong><\/a> in question!<\/p>\n<p>Since simplicity is key with MetaMask, installing the wallet isn’t a difficult process, either. Just <strong>3 steps<\/strong> and you’re done!<\/p>\n<p>All that you need to do is go to <strong>MetaMask.io<\/strong>, the official website. By the way, don’t fall for other scammy websites impersonating the real MetaMask wallet, and always check the URL in your browser for any possible spelling errors while visiting their website! It is kind of a usual fraudster’s practice, to fake an official domain, so be aware!<\/p>\n<p>So next, depending on the device that you might be using, you will be able to download the official Metamask wallet <strong>as a browser extension<\/strong>, or as an app for Android or iOS mobile devices.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is MetaMask: How to use MetaMask?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-6.o.jpg/" alt=\"What is MetaMask: How to use MetaMask?\" width=\"800\" height=\"650\" \/><\/p>\n<p>Once it’s installed, you’ll need to set up the wallet itself. While setting up, the most important part is <strong>the recovery phrase<\/strong>! Save it securely when prompted. I just want to emphasize here that the recovery phrase is the only tool that you’ll have in order to get your crypto funds back if you lose access to your wallet (for example, your computer gets damaged, or you lose your phone). Never ever share it with anybody for any reason!<\/p>\n<p><strong>Once all of that is done, that’s it - you can start sending and receiving Ethereum and its tokens from and to your MetaMask account!<\/strong><\/p>\n<p>One handy feature is that MetaMask also allows you to create multiple wallet accounts within the same app, if you so wish to, and even connect your hardware wallet to one of those accounts, for extra added security. This is like taking a safe full of money, and concreting it underground - <strong>it will increase the safety and security of your assets exponentially!<\/strong><\/p>\n<p style=\"text-align: center;\"><strong><img title=\"What is MetaMask: Recap.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-7.o.jpg/" alt=\"What is MetaMask: Recap.\" width=\"800\" height=\"458\" \/><\/strong><\/p>\n<p>So, in this section, we’ve covered what MetaMask is, whether or not it’s a safe wallet to use, and how you can start using it, yourself. Being one of the most popular Ethereum wallets out there, it’s definitely worth learning about the platform, even if you don’t plan on using it, personally. And finally, I really encourage you <strong>just to go and try it yourself<\/strong>, it costs nothing and will take you a minute. But overall you’ll learn through experiencing it yourself!<\/p>\n<p>That being said, I hope this section was helpful to you and you can also check out another topic such as \"<a href=https://www.bitdegree.org/"//crypto//learn//what-are-smart-contracts/">What are Smart Contracts<\/strong><\/a>?\".<\/p>","definition":"Did you know that, according to Bloomberg, MetaMask's browser extension had over 21 million active users, as of November 2021?","status":"published","meta_title":"What is MetaMask: Is it Reliable and Safe to Use?","meta_description":"In this section, you'll find out what is MetaMask & what is a MetaMask wallet. There is also a step-by-step guide on how to use MetaMask!","meta_keywords":"What is Metamask, What is Metamask Wallet, Meta Mask, How to use Metamask,","modified_content":"<p>In this section, I’m going to explain what MetaMask is!<\/p>\n<p><strong>MetaMask is arguably one of the best quality-of-life innovations in online shopping is automated checkouts. <\/strong>You simply enter your PayPal or debit card information once, and the next time you purchase something from the website, all you need to do is click one button, and all of the money transaction processes happen for you.<\/p>\n<p>Essentially, this is how MetaMask functions in the cryptocurrency world, as well.<\/p>\n<p>In this section, we’re going to check out what is MetaMask. We’ll also answer questions such as “<strong>is MetaMask safe?<\/strong>”, and how you can use this crypto software platform in your daily life.<\/p>\n<p>Let’s get right to it, shall we?<\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"What is a MetaMask Wallet? (And How to Use it - Animated)\"\n title=\"What is a MetaMask Wallet? (And How to Use it - Animated)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Metamask: The Leading Non-Custodial Wallet<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Metamask: The Leading Non-Custodial Wallet\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"6vGE446Fjvg\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">What is a MetaMask Wallet? (And How to Use it - Animated)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-a-metamask-wallet-and-how-to-use-it-animated.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-a-metamask-wallet-and-how-to-use-it-animated.jpg?tr=w-760 1000w\"\n alt=\"What is a MetaMask Wallet? (And How to Use it - Animated)\"\n title=\"What is a MetaMask Wallet? (And How to Use it - Animated)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"What is a MetaMask Wallet? (And How to Use it - Animated)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>What is MetaMask?<\/h2>\n<p>First things first - what is MetaMask?<\/p>\n<p>Well, MetaMask is an internet app that serves a few different purposes. The primary (and most well-known) purpose is <strong>cryptocurrency storage<\/strong> - in other words, MetaMask is a “<a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//best-cryptocurrency-wallet/">crypto wallet<\/strong><\/a>”, or actually a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hot-wallet/">HOT crypto wallet<\/strong><\/a>!<\/p>\n<p>Why “hot”, though?<\/p>\n<p>Simply, in crypto, all <strong>software-based wallets <\/strong>are called “hot wallets”, and as an opposite, all electronic hardware-based wallets are called “<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-cold-wallet/">cold wallets<\/strong><\/a>”.<\/p>\n<p>So, first and foremost, the MetaMask app is a software wallet!<\/p>\n<p><img title=\"What is MetaMask: Cold and Hot crypto wallets.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-1.o.jpg/" alt=\"What is MetaMask: Cold and Hot crypto wallets.\" width=\"800\" height=\"532\" \/><\/p>\n<p>Let’s break the concept of a crypto wallet down.<\/p>\n<p>A cryptocurrency wallet is a digital equivalent of your physical wallet. Just as you hold your real money in your physical wallet, cryptocurrency wallets hold your digital coins - cryptocurrencies such as <a href=https://www.bitdegree.org/"//crypto//buy-bitcoin-btc/">Bitcoin, <a href=https://www.bitdegree.org/"//crypto//buy-ethereum-eth/">Ethereum, and many more.<\/p>\n<p>Some wallets can only hold one coin, and are thus “dedicated”. For example, a Bitcoin-dedicated wallet would only be able to hold BTC coins. <strong>Others have the ability to hold multiple crypto coins - it depends!<\/strong><\/p>\n<p>MetaMask, however, is <strong>a dedicated wallet<\/strong> - it only allows you to hold everything that is related to the Ethereum blockchain: <strong>Ethereum coins, and any other ETH-based tokens<\/strong>. Check out the section called \"<a href=https://www.bitdegree.org/"//crypto//learn//coin-vs-token/">Coins VS Tokens<\/strong><\/a>\" to understand the differences and how they are related.<\/p>\n<p>But shortly, cryptocurrency tokens are projects built on the blockchain of a specific coin - in this case, Ethereum. It’s a bit more complex and technical than that, but that's the premise. But what you should clearly understand is that you can’t store your Bitcoins on Metamask, but <strong>you can store any token that is built on the Ethereum blockchain<\/strong>, for example, <strong>Tether, Shiba Inu, Axie Infinity, and similar<\/strong>.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is MetaMask: What is MetaMask?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-2.o.jpg/" alt=\"What is MetaMask: What is MetaMask?\" width=\"801\" height=\"606\" \/><\/p>\n<p>Here is an example: imagine that you’ve decided to go and wash your car. You approach a car washing station and have to insert coins in order for the machines to start working. However, the car wash only accepts US dollar coins, and any other foreign currencies, like Euros or Pounds Sterling get rejected!<\/p>\n<p>The same logic applies to MetaMask - it only accepts Ethereum, and tokens that are built on the Ethereum blockchain.<\/p>\n<p>What about the “hot” wallet part, though - how is it HOT, in the first place?<\/p>\n<p>In the cryptocurrency world, “hot” wallets are those that <strong>maintain a constant connection to the internet<\/strong>. This means that, in order to use MetaMask, you will need to always be connected to the internet, and have access to the browser (or device) that the wallet is installed on. Yes, <strong>MetaMask acts both as a browser extension, and a mobile app.<\/strong><\/p>\n<p>Specifically, in the same manner, as how you would add apps such as Grammarly or adBlock to your browser, as a web extension, MetaMask will need to be added, as well. Or it can be downloaded from either the Android or the iOS stores.<\/p>\n<p>So - it’s clear that MetaMask is primarily used as an Ethereum wallet. However, as you might have heard, it’s actually considered to be the most popular ETH wallet out there, in general! MetaMask has managed to achieve this by offering its users ease of use.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is MetaMask: What is a \" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-3.o.jpg/" alt=\"What is MetaMask: What is a \" width=\"1031\" height=\"773\" \/><\/p>\n<p>To be more specific, MetaMask allows you to perform cryptocurrency transactions (Ethereum payments or transfers) in a super-simple manner.<strong> You can even buy crypto tokens from an integrated third party, without leaving your MetaMask wallet, with the company taking a small cut as a transaction fee <\/strong>(this is how MetaMask makes money, too)!<\/p>\n<p>Think of the earlier-discussed PayPal example - now, imagine PayPal integrated into your browser!<\/p>\n<p>No matter where you go online, if you’d like to purchase something, all that you’d need to do is enter your password, and that’s it - you'll be able to pay for your order in a matter of seconds! MetaMask works in a similar manner - integrated into your browser, it allows you <strong>to access your Ethereum or ETH tokens in just a few clicks<\/strong>. You can also pay, send, or exchange ETH with anyone you’d like.<\/p>\n<h2>Is MetaMask Safe?<\/h2>\n<p>So - MetaMask is very convenient to use, as a cryptocurrency wallet. We’ve established that much already! However, naturally, you might question - <strong>is it reliable and safe to use, in the first place?<\/strong><\/p>\n<p>The short answer is <strong>YES,<\/strong> it is. Let’s expand on it, though, shall we?<\/p>\n<p>MetaMask provides <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-encryption/">encryption and security technology and <strong>acts as the middleman between the user, and the service that they are accessing<\/strong>. In other words, MetaMask can be seen as the bridge between two parties - a bridge that’s full of security patrols, cameras, and guard posts.<\/p>\n<p>Before we continue, I urge you to, once again, think about the <strong>PayPal<\/strong> example we’ve used a couple of times in this section already. PayPal encrypts your data, and protects all of your financial information - <strong>your money is only sent to those shops and service providers that you approve, manually<\/strong>.<\/p>\n<p>In essence, MetaMask is the same. As a wallet, it protects your funds but still allows you to access them in a quick and effortless manner, when you need to.<\/p>\n<p>All of that being said, I do have to point out that, all things considered, it IS a hot wallet - one that maintains a constant connection to the internet. <strong>In turn, this does open up doors for vulnerabilities.<\/strong><\/p>\n<p>Being connected to the web all the time, hot wallets are more prone to break-ins and hacking attempts, as opposed to cold wallets, or <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware devices. These are special devices that usually look like a USB drive, but are designated for storing and keeping your cryptocurrencies safe, offline.<\/p>\n<p>Hot wallets, in general, aren’t the safest choice, when it comes to storing cryptocurrencies. However, they are very convenient, and<strong> require less time and effort to use, when compared to hardware devices<\/strong>!<\/p>\n<p style=\"text-align: center;\"><img title=\"What is MetaMask: types of wallets.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-5.o.jpg/" alt=\"What is MetaMask: types of wallets.\" width=\"800\" height=\"401\" \/><\/p>\n<p>An example that you can imagine is that of a car. Cars can be dangerous - something can go wrong with the engine, or you might get a flat tire mid-journey, and swirl into a ditch. On top of that, you always need to keep an eye on other drivers on the road, lest they would decide to drive into you.<\/p>\n<p>That said, many people choose to drive cars, nonetheless. This is because the risk level is rather mediocre, especially if you take all of the active precautions beforehand - don’t go over the speed limit, wear your seatbelt, and so on.<\/p>\n<p>The same can be said about hot wallets such as MetaMask, too. <strong>If you don’t visit shady websites or press suspicious links, and avoid any potential scams or strange individuals offering to double your crypto if you send it to them, you will minimize the risks, too!<\/strong><\/p>\n<h2>How to Use MetaMask?<\/h2>\n<p>Up to this point, we’ve covered what is MetaMask, and the question of whether or not it’s safe to use. Now, let’s take a look at how you can actually start using the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//tutorials//cryptocurrency-wallet/">cryptocurrency wallet<\/strong><\/a> in question!<\/p>\n<p>Since simplicity is key with MetaMask, installing the wallet isn’t a difficult process, either. Just <strong>3 steps<\/strong> and you’re done!<\/p>\n<p>All that you need to do is go to <strong>MetaMask.io<\/strong>, the official website. By the way, don’t fall for other scammy websites impersonating the real MetaMask wallet, and always check the URL in your browser for any possible spelling errors while visiting their website! It is kind of a usual fraudster’s practice, to fake an official domain, so be aware!<\/p>\n<p>So next, depending on the device that you might be using, you will be able to download the official Metamask wallet <strong>as a browser extension<\/strong>, or as an app for Android or iOS mobile devices.<\/p>\n<p style=\"text-align: center;\"><img title=\"What is MetaMask: How to use MetaMask?\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-6.o.jpg/" alt=\"What is MetaMask: How to use MetaMask?\" width=\"800\" height=\"650\" \/><\/p>\n<p>Once it’s installed, you’ll need to set up the wallet itself. While setting up, the most important part is <strong>the recovery phrase<\/strong>! Save it securely when prompted. I just want to emphasize here that the recovery phrase is the only tool that you’ll have in order to get your crypto funds back if you lose access to your wallet (for example, your computer gets damaged, or you lose your phone). Never ever share it with anybody for any reason!<\/p>\n<p><strong>Once all of that is done, that’s it - you can start sending and receiving Ethereum and its tokens from and to your MetaMask account!<\/strong><\/p>\n<p>One handy feature is that MetaMask also allows you to create multiple wallet accounts within the same app, if you so wish to, and even connect your hardware wallet to one of those accounts, for extra added security. This is like taking a safe full of money, and concreting it underground - <strong>it will increase the safety and security of your assets exponentially!<\/strong><\/p>\n<p style=\"text-align: center;\"><strong><img title=\"What is MetaMask: Recap.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//media//what-is-metamask-7.o.jpg/" alt=\"What is MetaMask: Recap.\" width=\"800\" height=\"458\" \/><\/strong><\/p>\n<p>So, in this section, we’ve covered what MetaMask is, whether or not it’s a safe wallet to use, and how you can start using it, yourself. Being one of the most popular Ethereum wallets out there, it’s definitely worth learning about the platform, even if you don’t plan on using it, personally. And finally, I really encourage you <strong>just to go and try it yourself<\/strong>, it costs nothing and will take you a minute. But overall you’ll learn through experiencing it yourself!<\/p>\n<p>That being said, I hope this section was helpful to you and you can also check out another topic such as \"<a href=https://www.bitdegree.org/"//crypto//learn//what-are-smart-contracts/">What are Smart Contracts<\/strong><\/a>?\".<\/p>","youtube_video":{"id":4,"channel_id":1,"sort":88,"video_title":"What is a MetaMask Wallet? (And How to Use it - Animated)","description":"What is MetaMask?\n\nMetaMask is best-known for being a hot cryptocurrency wallet - a digital place to store your crypto assets. It\u2019s one of the most popular Ethereum wallets (it supports Ethereum and ERC tokens), and can be used as either a browser extension, or a mobile app.\n\nThat being said, MetaMask is actually much more than simply a cryptocurrency wallet. The piece of crypto software acts as a bridge between the user, and the service that they might be interacting with. This is exactly what I cover in this video, on top of questions such as what MetaMask is, and how you can use it, on a daily basis.\n\nHave you ever used MetaMask? Share your experiences in the comments below!\n\nVideo Time Table:\n\n0:00 Introduction to What is MetaMask\n0:51 What is MetaMask?\n2:53 What is a Hot Wallet?\n4:33 Is MetaMask Safe?\n6:59 How to Use MetaMask?\n8:27 Wrap-up of What is MetaMask\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#Metamask #WhatisMetaMask #WhatisMetaMaskWallet #HowToUseMetaMask #CryptoWallet #Cryptocurrencies #Crypto #Tokens","video_id":"6vGE446Fjvg","duration":543,"view_count":595,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/what-is-a-metamask-wallet-and-how-to-use-it-animated.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-02-08T14:48:28.000000Z","created_at":"2022-02-21T13:20:28.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}}" :model="{"id":424,"chapter_id":4,"order":37,"featured_image_id":3078,"youtube_video_id":48,"author_id":1,"created_at":"2023-01-17T12:04:08.000000Z","updated_at":"2023-12-21T11:44:26.000000Z","slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","content":"<p>In this section, we’re going to talk about <strong>how safe is cryptocurrency<\/strong>, as well as some of the best crypto wallet safety practices that everyone should be following!<\/p>\n<p>Imagine that you’ve bought the safest wallet on the planet. It has multiple locks attached to it, and even a digital display requiring your fingerprint in order for it to open. You store all of your money within the wallet, and walk around feeling very safe about your cash.<\/p>\n<p>However, one day, while you weren’t looking, someone grabs your wallet from the table where you left it on. Even though it might have been the safest wallet in the world, it still got stolen - in order to avoid something like this happening in the real world, to your crypto assets, you need to be aware of some of <strong>the best crypto wallet safety practices<\/strong>!<\/p>\n<p>In this section, we’re going to look at how safe is cryptocurrency, as well as some of the most important crypto wallet safety and security practices that you should be aware of, when you’re just starting out with crypto. I’ll reveal the top tips for keeping your crypto safe, and then elaborate on how you can use them yourself, no matter what type of wallet you might have.<\/p>\n<p><em>So, let’s get to it!<\/em><\/p>\n<h2>Don’t Tell Anyone About Your Crypto<\/h2>\n<p>Now, keep in mind that a lot of the best <strong>crypto wallet safety practices covered in this section are going to be applicable to both hot wallets, as well as cold storage devices.<\/strong><\/p>\n<p>If you have no idea what are hot or cold crypto wallets, please make sure to read the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//hot-wallet-vs-cold-wallet/">section dedicated to this topic<\/strong><\/a>. It’ll help you get a much better understanding of how to keep your wallets safe!<\/p>\n<p>So, now - is it safe to invest in cryptocurrency, and just how safe are cryptocurrencies, in general? Well, the answer really depends on whether or not you follow all of the “best safety practices”!<\/p>\n<p>The first safety practice is rather simple - <strong>you should never tell anyone about owning crypto, or about the wallets that you use<\/strong>.<\/p>\n<p>Why is that the case? Let's expand on the earlier example.<\/p>\n<p>Imagine that, with your super-secret wallet in hand, you went to a coffee shop to meet a friend, and ordered a cup of coffee. Excited about your new wallet, you start telling your friend all about how secure it is, and how you now keep all of your money inside of it. A stranger sitting nearby overhears your conversation, and takes an interest in what you’re saying.<\/p>\n<p>The first opportunity they get, when you’re not looking, they grab your wallet, and run off with it. Perhaps if you wouldn’t have boasted about that item, it would still be in your possession, and you wouldn’t need to ask yourself - is crypto safe?<\/p>\n<p>Cryptocurrency wallets work the exact same way, really. With <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a>, this is self-explanatory - they are actual physical items that can be stolen. The same, though, is true with <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hot-wallet/">hot wallets<\/strong><\/a>, as well.<\/p>\n<p>If you go around boasting about your crypto portfolio, telling everyone where you keep all of your assets, you risk becoming a target to some less-than-honorable individuals. The saying <em>“money loves silence”<\/em> is very accurate, in this regard - you can probably see why that’s the case, as well!<\/p>\n<h2>Store Your Recovery Phrase Somewhere Safe<\/h2>\n<p>Moving on, note that there’s actually something even more important than your crypto wallet, cryptocurrency storage-wise. Something that is essential to know about, when you’re wondering “how safe is cryptocurrency?”. That would be the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-recovery-seed/">wallet recovery phrase<\/strong><\/a>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Recovery phrase.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_01.jpg/" alt=\"How safe is cryptocurrency: Recovery phrase.\" width=\"1000\" height=\"384\" \/><\/p>\n<p>Whenever you set up a crypto wallet for the first time, you are given a string of randomly generated words – usually 12 or 24. <strong>These words, in that exact order, are your wallet recovery phrase<\/strong>. If your wallet got lost, stolen, or if you forgot your password, you would use this phrase to recover your funds to a new wallet.<\/p>\n<p>Now, as you can probably guess, this works the other way around, too. So, if someone were to steal your wallet recovery phrase, they would essentially be able to <em>“recover”<\/em> (i.e., steal) all of your wallet’s contents. Needless to say, that’s a really scary scenario!<\/p>\n<p>This is why it’s absolutely crucial that you keep your wallet recovery phrase in the safest possible place you can think of. Since it’s something that you’d only need to use in an emergency, you can store it somewhere remote, like a safe. On top of that, <strong>NEVER tell anyone where it is<\/strong> - that’s very important!<\/p>\n<h2>Avoid Clicking Weird Links on the Internet<\/h2>\n<p>The next “best crypto wallet safety practice” is mainly applicable to hot wallet owners. It has to do with <strong>all of those weird links that you see in your email, on various websites, or in your chat box<\/strong>. This includes a message that you’ve received from a friend, telling you to <em>\"check out<\/em> <em>this awesome photo on this definitely-not-suspicious website”.<\/em><\/p>\n<p><em><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Weird links.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_02.jpg/" alt=\"How safe is cryptocurrency: Weird links.\" width=\"1000\" height=\"309\" \/><\/em><\/p>\n<p>You know the drill by now - links with viruses and keyloggers are something that we’ve all encountered, at least once in our lives. Some of them are very obvious, but others can be super-malicious, as well as difficult to spot.<\/p>\n<p>Well, if you’re not careful, and accidentally download a virus by clicking on one of such links, you might set in motion a sequence of events that’ll lead to your wallet being emptied. It doesn’t necessarily have to be related to questions such as is staking crypto safe, or is accessing a specific dApp secure - these hacks can happen in crypto-unrelated ways, as well!<\/p>\n<p><strong>The best-case scenario is to have a separate device<\/strong>, altogether. You would only use this device to log into your crypto exchange account, trade, and use your wallet to perform transactions - that’s it. Assuming that the device is brand new, and hasn’t been compromised before, this would lower the chance of you catching a virus significantly.<\/p>\n<p>Naturally, not that many people are going to take this route. Instead, if you use but a single device for all of your internet browsing and crypto trading wants and needs, do put in the conscious effort to <strong>avoid any suspicious websites and more-than-shady links<\/strong>.<\/p>\n<h2>Don’t Carry Your Wallet Around With You<\/h2>\n<p>As opposed to all of that, let’s now take a look at a safety practice that’s mostly relevant to cold, or hardware wallet owners - <strong>never carry your wallet around with you, if you won’t need it<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Cold wallet.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_03.jpg/" alt=\"How safe is cryptocurrency: Cold wallet.\" width=\"1000\" height=\"760\" \/><\/p>\n<p>Though this is something that you’ve probably figured out already - thieves and malicious individuals are always looking for people who are not careful with their belongings. Cryptocurrency wallet devices are definitely not an exception. Instead, quite the opposite is true, really - they attract attention, due to the fact that they look interesting and futuristic. Even wallets that are designed to look like everyday items are still somewhat unusual - that’s both a good thing, and a bad thing, really!<\/p>\n<p>In other words, <strong>your hardware wallet should remain in a safe and secure place, at all times<\/strong>. Usually, there’s absolutely no need to bring it with you to a date, a meetup with friends, or to the local grocery store. Everyone learning about how safe is cryptocurrency should know this very well!<\/p>\n<p>If you do accidentally take your wallet with you and notice only after you leave the house - keep it in your pocket, and don’t tell anyone! Otherwise, you might end up being the main character of the situation I described at the beginning of this section!<\/p>\n<h2>Be Careful With Your Transactions<\/h2>\n<p>Up to this point, we’ve mostly talked about <em>“external”<\/em> factors - thieves stealing your wallet, keyloggers & viruses, and so on. However, learning is cryptocurrency safe, you’ll find out that wallet safety practices are applicable to the other side of the deal, as well.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Transactions.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_04.jpg/" alt=\"How safe is cryptocurrency: Transactions.\" width=\"1000\" height=\"755\" \/><\/p>\n<p>To be a bit more specific, <strong>you should always check the transactions that you’re participating in<\/strong>, too. Never interact with strange applications that ask you for your wallet address, and never send your crypto to some shady third parties. With the crypto market evolving so fast, scams evolve, as well, and become more and more intricate and clever. The best way to avoid them is to remove yourself from a fishy situation, altogether.<\/p>\n<p>On the flip side, avoiding these types of situations can sometimes be tricky, I admit. This is where the second part of this crypto wallet safety practice comes in - <strong>diversifying your crypto storage options<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Crypto storage.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_05.jpg/" alt=\"How safe is cryptocurrency: Crypto storage.\" width=\"1000\" height=\"529\" \/><\/p>\n<p>Is it safe to buy crypto on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//robinhood-crypto/" target=\"_blank\" rel=\"nofollow noindex noopener\">Robinhood<\/a><\/strong>? Probably, but only if you use an external wallet. Is Gemini crypto safe? Perhaps, but far less safe if you keep your tokens on the exchange! Can I keep crypto on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\">Binance<\/a><\/strong>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, or any other exchange? Well…<\/p>\n<p>If you want to feel a bit more at ease about your portfolio, you should <strong>always have multiple wallets at your disposal<\/strong>, with at least one of them being a hardware device (due to their high-end security). This way, even if something were to go wrong, and one of your wallets got compromised, you wouldn’t risk losing ALL of your assets.<\/p>\n<p>Of course, managing multiple wallets can be a daunting task. Nonetheless, it’s certainly a practice that can save your crypto, especially if you have a large portfolio of different coins and tokens!<\/p>\n<h2>Wrapping Things Up<\/h2>\n<p>Those were some of the best crypto wallet safety practices that every beginner crypto enthusiast should be aware of, and utilize. Of course, there are many more different safety measures that you could take, in order to ensure the security of your crypto. However, if you employ the practices that were discussed in this section, you’ll already be ahead of the curve, by a significant margin!<\/p>\n<p>So, how safe is cryptocurrency, and is it safe to invest in crypto, in the first place? It’s clear that, if you follow all of the proper precautions, <strong>crypto can be relatively safe<\/strong>. Though it’s important to always stay up-to-date and aware of what’s happening in the industry!<\/p>","definition":"Did you know that being more attentive and cautious is one of the main ways to boost your safety in the crypto world?","status":"published","meta_title":"Is Cryptocurrency Safe? Effective Wallet Safety Practices","meta_description":"Do you want to invest in crypto but keep wondering how safe is cryptocurrency? Find everything about crypto wallet safety practices here!","meta_keywords":"how safe is cryptocurrency, is it safe to invest in cryptocurrency, is cryptocurrency safe, is crypto safe, crypto security, is staking crypto safe, is it safe to buy crypto on robinhood, is gemini crypto safe, keep crypto on coinbase","modified_content":"<p>In this section, we’re going to talk about <strong>how safe is cryptocurrency<\/strong>, as well as some of the best crypto wallet safety practices that everyone should be following!<\/p>\n<p>Imagine that you’ve bought the safest wallet on the planet. It has multiple locks attached to it, and even a digital display requiring your fingerprint in order for it to open. You store all of your money within the wallet, and walk around feeling very safe about your cash.<\/p>\n<p>However, one day, while you weren’t looking, someone grabs your wallet from the table where you left it on. Even though it might have been the safest wallet in the world, it still got stolen - in order to avoid something like this happening in the real world, to your crypto assets, you need to be aware of some of <strong>the best crypto wallet safety practices<\/strong>!<\/p>\n<p>In this section, we’re going to look at how safe is cryptocurrency, as well as some of the most important crypto wallet safety and security practices that you should be aware of, when you’re just starting out with crypto. I’ll reveal the top tips for keeping your crypto safe, and then elaborate on how you can use them yourself, no matter what type of wallet you might have.<\/p>\n<p><em>So, let’s get to it!<\/em><\/p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 suggested-comparisons pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//images//compare-crypto-exchanges.gif/"/n alt=\"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)\"\n title=\"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)\" class=\"border-0\">\n <p>Video Explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?<\/h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?\" video explainer<\/p>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"position-relative youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"bN5XetWivGA\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"><\/div>\n <p class=\"text-left dyk-video-title\">Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)<\/p>\n <img data-srcset=\"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-your-crypto-safe-5-best-crypto-security-practices-explained.jpg?tr=w-420 500w,\n https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-your-crypto-safe-5-best-crypto-security-practices-explained.jpg?tr=w-760 1000w\"\n alt=\"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)\"\n title=\"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)\"\n class=\"p-0 lazyload\">\n <img class=\"play-button lazyload\" data-target=\"#video-modal\"\n data-src=\"https:\/\/assets.bitdegree.org\/crypto\/assets\/video-button.png?tr=w-85\"\n alt=\"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)\">\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener noindex\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"><\/i>\n <\/div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE<\/h4>\n <span>ON YOUTUBE<\/span>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"><\/i>\n <\/button>\n <div id=\"iframe\"><\/div>\n <\/div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https:////www.youtube.com//c//CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener noindex\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//assets//crypto-subscribe.jpg/" alt=\"Subscribe\">\n <\/div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE<\/span>\n <\/p>\n <\/div>\n <\/div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease<\/h4>\n <span>New explainer videos every week!<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n <\/div>\n<\/div>\n<h2>Don’t Tell Anyone About Your Crypto<\/h2>\n<p>Now, keep in mind that a lot of the best <strong>crypto wallet safety practices covered in this section are going to be applicable to both hot wallets, as well as cold storage devices.<\/strong><\/p>\n<p>If you have no idea what are hot or cold crypto wallets, please make sure to read the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//hot-wallet-vs-cold-wallet/">section dedicated to this topic<\/strong><\/a>. It’ll help you get a much better understanding of how to keep your wallets safe!<\/p>\n<p>So, now - is it safe to invest in cryptocurrency, and just how safe are cryptocurrencies, in general? Well, the answer really depends on whether or not you follow all of the “best safety practices”!<\/p>\n<p>The first safety practice is rather simple - <strong>you should never tell anyone about owning crypto, or about the wallets that you use<\/strong>.<\/p>\n<p>Why is that the case? Let's expand on the earlier example.<\/p>\n<p>Imagine that, with your super-secret wallet in hand, you went to a coffee shop to meet a friend, and ordered a cup of coffee. Excited about your new wallet, you start telling your friend all about how secure it is, and how you now keep all of your money inside of it. A stranger sitting nearby overhears your conversation, and takes an interest in what you’re saying.<\/p>\n<p>The first opportunity they get, when you’re not looking, they grab your wallet, and run off with it. Perhaps if you wouldn’t have boasted about that item, it would still be in your possession, and you wouldn’t need to ask yourself - is crypto safe?<\/p>\n<p>Cryptocurrency wallets work the exact same way, really. With <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hardware-wallet/">hardware wallets<\/strong><\/a>, this is self-explanatory - they are actual physical items that can be stolen. The same, though, is true with <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-hot-wallet/">hot wallets<\/strong><\/a>, as well.<\/p>\n<p>If you go around boasting about your crypto portfolio, telling everyone where you keep all of your assets, you risk becoming a target to some less-than-honorable individuals. The saying <em>“money loves silence”<\/em> is very accurate, in this regard - you can probably see why that’s the case, as well!<\/p>\n<h2>Store Your Recovery Phrase Somewhere Safe<\/h2>\n<p>Moving on, note that there’s actually something even more important than your crypto wallet, cryptocurrency storage-wise. Something that is essential to know about, when you’re wondering “how safe is cryptocurrency?”. That would be the <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-recovery-seed/">wallet recovery phrase<\/strong><\/a>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Recovery phrase.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_01.jpg/" alt=\"How safe is cryptocurrency: Recovery phrase.\" width=\"1000\" height=\"384\" \/><\/p>\n<p>Whenever you set up a crypto wallet for the first time, you are given a string of randomly generated words – usually 12 or 24. <strong>These words, in that exact order, are your wallet recovery phrase<\/strong>. If your wallet got lost, stolen, or if you forgot your password, you would use this phrase to recover your funds to a new wallet.<\/p>\n<p>Now, as you can probably guess, this works the other way around, too. So, if someone were to steal your wallet recovery phrase, they would essentially be able to <em>“recover”<\/em> (i.e., steal) all of your wallet’s contents. Needless to say, that’s a really scary scenario!<\/p>\n<p>This is why it’s absolutely crucial that you keep your wallet recovery phrase in the safest possible place you can think of. Since it’s something that you’d only need to use in an emergency, you can store it somewhere remote, like a safe. On top of that, <strong>NEVER tell anyone where it is<\/strong> - that’s very important!<\/p>\n<h2>Avoid Clicking Weird Links on the Internet<\/h2>\n<p>The next “best crypto wallet safety practice” is mainly applicable to hot wallet owners. It has to do with <strong>all of those weird links that you see in your email, on various websites, or in your chat box<\/strong>. This includes a message that you’ve received from a friend, telling you to <em>\"check out<\/em> <em>this awesome photo on this definitely-not-suspicious website”.<\/em><\/p>\n<p><em><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Weird links.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_02.jpg/" alt=\"How safe is cryptocurrency: Weird links.\" width=\"1000\" height=\"309\" \/><\/em><\/p>\n<p>You know the drill by now - links with viruses and keyloggers are something that we’ve all encountered, at least once in our lives. Some of them are very obvious, but others can be super-malicious, as well as difficult to spot.<\/p>\n<p>Well, if you’re not careful, and accidentally download a virus by clicking on one of such links, you might set in motion a sequence of events that’ll lead to your wallet being emptied. It doesn’t necessarily have to be related to questions such as is staking crypto safe, or is accessing a specific dApp secure - these hacks can happen in crypto-unrelated ways, as well!<\/p>\n<p><strong>The best-case scenario is to have a separate device<\/strong>, altogether. You would only use this device to log into your crypto exchange account, trade, and use your wallet to perform transactions - that’s it. Assuming that the device is brand new, and hasn’t been compromised before, this would lower the chance of you catching a virus significantly.<\/p>\n<p>Naturally, not that many people are going to take this route. Instead, if you use but a single device for all of your internet browsing and crypto trading wants and needs, do put in the conscious effort to <strong>avoid any suspicious websites and more-than-shady links<\/strong>.<\/p>\n<h2>Don’t Carry Your Wallet Around With You<\/h2>\n<p>As opposed to all of that, let’s now take a look at a safety practice that’s mostly relevant to cold, or hardware wallet owners - <strong>never carry your wallet around with you, if you won’t need it<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Cold wallet.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_03.jpg/" alt=\"How safe is cryptocurrency: Cold wallet.\" width=\"1000\" height=\"760\" \/><\/p>\n<p>Though this is something that you’ve probably figured out already - thieves and malicious individuals are always looking for people who are not careful with their belongings. Cryptocurrency wallet devices are definitely not an exception. Instead, quite the opposite is true, really - they attract attention, due to the fact that they look interesting and futuristic. Even wallets that are designed to look like everyday items are still somewhat unusual - that’s both a good thing, and a bad thing, really!<\/p>\n<p>In other words, <strong>your hardware wallet should remain in a safe and secure place, at all times<\/strong>. Usually, there’s absolutely no need to bring it with you to a date, a meetup with friends, or to the local grocery store. Everyone learning about how safe is cryptocurrency should know this very well!<\/p>\n<p>If you do accidentally take your wallet with you and notice only after you leave the house - keep it in your pocket, and don’t tell anyone! Otherwise, you might end up being the main character of the situation I described at the beginning of this section!<\/p>\n<h2>Be Careful With Your Transactions<\/h2>\n<p>Up to this point, we’ve mostly talked about <em>“external”<\/em> factors - thieves stealing your wallet, keyloggers & viruses, and so on. However, learning is cryptocurrency safe, you’ll find out that wallet safety practices are applicable to the other side of the deal, as well.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Transactions.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_04.jpg/" alt=\"How safe is cryptocurrency: Transactions.\" width=\"1000\" height=\"755\" \/><\/p>\n<p>To be a bit more specific, <strong>you should always check the transactions that you’re participating in<\/strong>, too. Never interact with strange applications that ask you for your wallet address, and never send your crypto to some shady third parties. With the crypto market evolving so fast, scams evolve, as well, and become more and more intricate and clever. The best way to avoid them is to remove yourself from a fishy situation, altogether.<\/p>\n<p>On the flip side, avoiding these types of situations can sometimes be tricky, I admit. This is where the second part of this crypto wallet safety practice comes in - <strong>diversifying your crypto storage options<\/strong>.<\/p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"How safe is cryptocurrency: Crypto storage.\" src=https://www.bitdegree.org/"https:////assets.bitdegree.org//crypto//storage//optimized//crypto_wallet_safety_practices_05.jpg/" alt=\"How safe is cryptocurrency: Crypto storage.\" width=\"1000\" height=\"529\" \/><\/p>\n<p>Is it safe to buy crypto on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//robinhood-crypto/" target=\"_blank\" rel=\"nofollow noindex noopener\">Robinhood<\/a><\/strong>? Probably, but only if you use an external wallet. Is Gemini crypto safe? Perhaps, but far less safe if you keep your tokens on the exchange! Can I keep crypto on <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//binance/" target=\"_blank\" rel=\"nofollow noindex noopener\">Binance<\/a><\/strong>, <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//goon//kraken/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Kraken<\/strong><\/a>, or any other exchange? Well…<\/p>\n<p>If you want to feel a bit more at ease about your portfolio, you should <strong>always have multiple wallets at your disposal<\/strong>, with at least one of them being a hardware device (due to their high-end security). This way, even if something were to go wrong, and one of your wallets got compromised, you wouldn’t risk losing ALL of your assets.<\/p>\n<p>Of course, managing multiple wallets can be a daunting task. Nonetheless, it’s certainly a practice that can save your crypto, especially if you have a large portfolio of different coins and tokens!<\/p>\n<h2>Wrapping Things Up<\/h2>\n<p>Those were some of the best crypto wallet safety practices that every beginner crypto enthusiast should be aware of, and utilize. Of course, there are many more different safety measures that you could take, in order to ensure the security of your crypto. However, if you employ the practices that were discussed in this section, you’ll already be ahead of the curve, by a significant margin!<\/p>\n<p>So, how safe is cryptocurrency, and is it safe to invest in crypto, in the first place? It’s clear that, if you follow all of the proper precautions, <strong>crypto can be relatively safe<\/strong>. Though it’s important to always stay up-to-date and aware of what’s happening in the industry!<\/p>","youtube_video":{"id":48,"channel_id":1,"sort":48,"video_title":"Is Your Crypto Safe? (5 Best Crypto Security Practices Explained)","description":"How safe is cryptocurrency, and what are some of the best crypto wallet safety practices?\n\nCryptocurrency wallets are designed with security in mind - that\u2019s obvious. However, even the most secure wallet in the world can fail, if the owner doesn\u2019t understand the basic principles of wallet safety!\n\nIn this video, I will tell you about how safe is cryptocurrency, as well as the best crypto wallet safety practices that any and all wallet owners need to employ. We\u2019ll look into both hardware and software wallets, talk about is crypto safe, in general, and discuss tips that will suit both of these types of crypto storage.\n\nDo you have any additional tips for keeping your crypto wallet safe? Share them in the comments below!\n\nVideo Time Table:\n\n0:00 Introduction to Best Crypto Security Practices\n1:08 Don't Tell Anyone About Your Crypto\n3:10 Store Your Recovery Phrase Somewhere Safe\n4:15 Avoid Clicking Weird Links on the Internet\n5:35 Don't Carry Your Wallet Around With You\n6:50 Be Careful With Your Transactions\n8:26 Wrap-up: Best Crypto Security Practices\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps:\/\/twitter.com\/crypto_xplained\n\n#HowSafeIsCryptocurrency #CryptoSecurity #IsCryptocurrencySafe","video_id":"bN5XetWivGA","duration":549,"view_count":264,"thumbnail_url":"https:\/\/assets.bitdegree.org\/youtube\/crypto-finally-explained\/is-your-crypto-safe-5-best-crypto-security-practices-explained.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2023-02-01T16:48:42.000000Z","created_at":"2023-02-01T23:00:03.000000Z","updated_at":"2024-01-09T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}},"featured_image":{"id":3078,"uuid":"0f3ca486-9dc1-4bed-bfcc-1f4c10f9e31c","name":"how-safe-is-cryptocurrency-featured-image.jpg","url":"https:\/\/assets.bitdegree.org\/crypto\/storage\/optimized\/how-safe-is-cryptocurrency-featured-image.jpg","path":"crypto\/storage\/optimized\/how-safe-is-cryptocurrency-featured-image.jpg","mime_type":"image\/jpeg","disk":"digitalOceanSpaces","size":66543,"width":768,"height":478,"custom_properties":null,"created_at":"2023-06-19T06:58:40.000000Z","updated_at":"2023-06-19T06:58:40.000000Z"}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin 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Crypto","status":"published","modified_content":null}]},{"id":3,"title":"Crypto Exchanges","slug":"crypto-exchanges","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-exchanges.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-exchanges-101.jpg","rating":80,"sections":[{"chapter_id":3,"order":1,"slug":"how-do-cryptocurrency-exchanges-work","title":"How do Cryptocurrency Exchanges Work?","status":"published","modified_content":null},{"chapter_id":3,"order":2,"slug":"dex-vs-cex","title":"DEX VS CEX: Two Sides of the Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":3,"order":3,"slug":"crypto-day-trading","title":"Crypto Day Trading: The Difference Between Buying, Trading, and Swapping","status":"published","modified_content":null},{"chapter_id":3,"order":4,"slug":"kyc-crypto","title":"KYC & AML: The Key to Complying With Legal Industry Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming Techniques","status":"published","modified_content":null},{"chapter_id":6,"order":12,"slug":"what-is-an-oracle-in-crypto","title":"Crypto Oracles: The Link Between Blockchain and Outside World Data","status":"published","modified_content":null},{"chapter_id":6,"order":13,"slug":"crypto-gambling","title":"The Peculiarities of Decentralized Crypto Gambling","status":"published","modified_content":null},{"chapter_id":6,"order":14,"slug":"what-is-the-metaverse","title":"Metaverse: A New Perception of Reality","status":"published","modified_content":null}]},{"id":7,"title":"Trading & Investing","slug":"trading-and-investing","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-trading.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-trading-101.jpg","rating":80,"sections":[{"chapter_id":7,"order":1,"slug":"where-to-trade-crypto","title":"Where Can You Trade Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration Date","status":"published","modified_content":null},{"chapter_id":7,"order":8,"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":9,"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your Risks?","status":"published","modified_content":null},{"chapter_id":7,"order":10,"slug":"what-is-a-rug-pull-in-crypto","title":"What is a Rug Pull in Crypto?","status":"published","modified_content":null},{"chapter_id":7,"order":11,"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","status":"published","modified_content":null},{"chapter_id":7,"order":12,"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","status":"published","modified_content":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-analysis.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-analysis-101.jpg","rating":100,"sections":[{"chapter_id":8,"order":1,"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","status":"published","modified_content":null},{"chapter_id":8,"order":2,"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","status":"published","modified_content":null},{"chapter_id":8,"order":3,"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","status":"published","modified_content":null},{"chapter_id":8,"order":4,"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","status":"published","modified_content":null},{"chapter_id":8,"order":5,"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","status":"published","modified_content":null},{"chapter_id":8,"order":46,"slug":"portfolio-diversification-definition","title":"Portfolio Diversification: The Whats, the Whys, and the Hows","status":"published","modified_content":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-mining.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-mining-101.jpg","rating":80,"sections":[{"chapter_id":9,"order":1,"slug":"what-is-crypto-mining","title":"Crypto Mining: What It is and How Does It Work?","status":"published","modified_content":null},{"chapter_id":9,"order":2,"slug":"what-is-a-mining-pool","title":"Mining Pools: Is Collective Mining Better Than Solo Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]" current-chapter="crypto-wallets" current-section="how-safe-is-cryptocurrency">

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Don’t Tell Anyone About Your Crypto

Store Your Recovery Phrase Somewhere Safe

Avoid Clicking Weird Links on the Internet

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