Module 2: SAFETY

It's not about what you MAKE, it's about what you KEEP. If you can't keep your cryptocurrency and digital assets safe then all these investments and hard work will be for nothing. Let's make sure you're protected by following the information in this module. 

Estimated time to complete

1 hour 12 minutes

Difficulty Level

Intermediate

AVOID THESE CRYPTO SCAMS (IMPORTANT!)

Q: To protect your digital assets it's important to NOT _______ & ________?

NOT Trust & Verify. It doesn't matter WHERE the information comes from you must ALWAYS be aware that there are scams EVERYWHERE working extremely hard to separate YOU and your crypto assets! 

Assume EVERYTHING is a scam until proven otherwise. 

Video Time Stamp: 00:04 - 01:38

Q: Name 1 WARNING sign of a crypto scam.

1. Asymmetrical Giveaway: Someone asks for 0.5 Bitcoin to give you 2 Bitcoins. NOBODY wants to give you MORE crypto than what you give them. Cryptocurrency and Digital Assets might be a new asset class but charlatans and scammers will ALWAYS be around. 

2. 

Video Time Stamp: 3:07 - 5:14

Q: If you get an OFFICIAL LOOKING E-mail from an exchange or wallet asking you to give them information what should you do? 

Disregard that email or message and contact the OFFICIAL COMPANIES WEBSITE and ask them if they did indeed send the request for information. It only takes up to 24 hours for MOST places to get back to you and it will save you a WORLD of hurt

Video Time Stamp: 16:40 - 

Q: WHO are you going to TEACH this to (TTP)? 

A: REMEMBER: Like we talked about in the opening video at the top of the MEMBERS HOME page...DON'T FORGET to: 

TTP (Tell Two People) and then to 

LEARN One, DO One, TEACH One

Video Time Stamp: MEMBER HOME PAGE VIDEO

WHAT'S A CRYPTO WALLET?

Q: How much crypto has been hacked from exchanges since 2010?

Approximately 1 BILLION dollars worth of crypto has been stolen so it's IMPORTANT to protect your assets in a COLD storage wallet like the Nano Ledger. I personally have 4 of them. 

SECURE LINK to purchase a NANO LEDGER on their site located under the video. 

Video Time Stamp: 00:44 - 02:03

Q: Why do people feel it's safe to keep their Crypo & Digital Assets on an exchange?

A: The Bank Mentality. We've been conditioned to trust a central figure like a bank to hold our currency. In the past this was necessary but today it is not. Become your own bank. 

Video Time Stamp: 3:07 - 3:35

Q: How are COLD & HOT wallets different? 

HOT wallets ARE connected to the internet and are therefore more susceptible to hackers. 

COLD wallets are NOT connected to the internet so the chances of hacking are non existent

Video Time Stamp: 2:27 - 4:03

Q: How are each crypto wallets used?

Personally, I see each wallet having a different purpose. 

ONLINE/EXCHANGE WALLET: As an ON/OFF ramp to buy and sell crypto. I do leave SOME crypto and digital assets here but not the bulk of my portfolio (exchanges get hacked!)

SOFTWARE PHONE WALLET: Kind of like a pre-loaded debit card to use for SMALL transactions. I do NOT keep the bulk of my portfolio here either (phones get hacked!)

PAPER WALLET: I don't use. You are welcome to try them out but they seem like a hassle. Also, over time ink fades and paper can be destroyed so I worry about losing my portfolio. 

HARDWARE WALLET: As a BANK VAULT. This is where I keep the VAST MAJORITY of my crypo and digital assets and I have done so for over 3 years. 

Video Time Stamp: 6:03 - 7:17

WHAT IS A PUBLIC / PRIVATE KEY & WHERE IS MY CRYPTO STORED?

Q: Should you reveal your PRIVATE KEY?

NO! Your private key is what allows you to transfer or spend your crypto! Your PUBLIC address can be put anywhere you want but PRIVATE KEYS and PASSPHRASES stay PRIVATE! 

You wouldn't expose your debit card PIN code so don't share your private keys.

Video Time Stamp: 00:02 - 2:28

Q: Do Cryptocurrency and Digital Assets PHYSICALLY exist?

No. They are ONLY located on their respected DECENTRALIZED DISTRIBUTED LEDGERS. Bitcoin has its own ledger, Ethereum has its own and on and on...

Video Time Stamp: 2:40 - 3:30

Q: Are your crypto assets stored on your hardware wallet (nano ledger)?

No. Your nano ledger (or any crypto wallet) only stores your private keys so that you can TRANSFER or SPEND your crypto assets. 

Think of your nano ledger hardware wallet like your debit card. NEITHER of them stores any money. They only ALLOW you to spend/transfer funds. 

Video Time Stamp: 4:30 - 4:50

Q: Where are your crypto assets stored?

Just like the banks don't PHYSICALLY have cash at the bank, they have a record of how much is in YOUR account on their CENTRALIZED ledger. Most of us don't use cash but just transact through our debit cards and credit cards all day long. 

Your crypto assets like Bitcoin, Ethereum, etc., are stored as a record on a DECENTRALIZED DISTRIBUTED LEDGER in THOUSANDS of nodes (computers) around the world. 

Video Time Stamp: 2:36 - 4:29

SETTING UP YOUR NANO LEDGER

Q: What is a RECOVERY PHRASE?

The recovery phrase allows you to RESTORE your nano ledger if it ever becomes lost, stolen or broken. 

It is ESSENTIAL to save someplace SAFE because if your nano ledger is stolen or broken or you wipe it out, you can FULLY RESTORE it with the recovery phrase. 

Video Time Stamp: 02:30 - 02:58

Q: Where should you store your RECOVERY PHRASE?

Someplace SAFE. Think extremely long term. If you write down the phrase on a regular piece of paper, the ink may bleed, fade, or disappear. My recommendation is "The Stonebook" (link under video). 

Also, I recommend TWO copies of your recovery phrase. One in your home for easy access and one in a safety deposit box somewhere else. If crypto assets go up 1000x you DO NOT want to lose your recovery phrase for ANY reason!

Video Time Stamp: 8:14 -  9:20

Q: Can you just take a picture of your RECOVERY PHRASE with your phone and store it there?

NO! NO! NO!!!! This is the DUMBEST thing you can do! I have had MULTIPLE members tell me that hackers have gotten into their phones and taken their RECOVERY PHRASE / PASSPHRASE. 

Once these hackers have the passphrase they can EASILY transfer ALL of the crypto you have from your NANO LEDGER into their storage device. 

Video Time Stamp: 8:14 - 9:20

Q: WHO are you going to TEACH this to (TTP)? 

A: REMEMBER: Like we talked about in the opening video at the top of the MEMBERS HOME page...DON'T FORGET to: 

TTP (Tell Two People) and then to 

LEARN One, DO One, TEACH One

Video Time Stamp: MEMBER HOME PAGE VIDEO

SETTING UP YOUR LEDGER LIVE APP

Q: What is LEDGER LIVE?

It is the program you put on your computer and phone to be able to view your crypto asset balances and send / receive crypto.  

Video Time Stamp: 01:31 - 02:23

Q: Do I need to install it on both my computer AND phone?

No. You can put it on one or the other. I prefer my computer because of the larger screen and ease of navigation. Please note that with the older Nano Ledger S you can ONLY use your computer to install Ledger Live. 

Video Time Stamp: 1:31 - 2:20

Q: Where do I download Ledger Live?

Follow along in the video but YOU MUST NOT DO A RANDOM GOOGLE SEARCH AND DOWNLOAD IT FROM ANY WEBSITE!

Multiple people have downloaded what they *thought* was the official Ledger Live app to their computer or phone and it turned out to be hackers that stole ALL of their crypto assets. 

WATCH THE VIDEO or USE THE OFFICIAL LINK HERE - https://www.ledger.com/ 

Video Time Stamp: 00:18 - 00:32

TRANSFERRING CRYPTO ASSETS FROM EXCHANGE TO WALLET

Q: What if I enter in the WRONG Crypto Address?

First of all MAKE SURE you are sending the SAME CRYPTO to the SAME TYPE OF ADDRESS. Ex. Bitcoin to Bitcoin or Ethereum to Ethereum. If you send Bitcoin to a Ethereum address then your crypto is GONE! 

ALWAYS DOUBLE-CHECK the send and receive address! Exchanges and wallets will NOT let you send crypto assets to an incorrect address. 

Video Time Stamp: 01:06 - 01:29

Q: What is the Google Authenticator App?

The Google Authenticator app is a SECONDARY layer of protection. You have to set it up in every exchange that you use for added security. 

Once this is set up on your desired exchange, it will ask you for a 2-step verification code that is generated by the Google Authenticator app every 30 seconds. *HIGHLY RECOMMENDED*

You can download the app for Apple & Android Phones. 

Video Time Stamp: 1:47 - 2:47

Q: What is RECOMMENDED to alleviate the fear of losing or breaking your hardware wallet?

1. Put a SMALL amount of crypto asset(s) on your Nano Ledger hardware wallet. 

2. Wipe it out (reset it) by entering your password incorrectly 3x.

3. RESTORE your Nano Ledger by sing your RECOVERY PHRASE (also called a seed phrase or mnemonic phrase). 

By doing this it will eliminate the irrational fear of losing or breaking your Nano Ledger hardware wallet. 

REMEMBER: Your Nano Ledger hardware wallet ONLY STORES your Private Keys. It does NOT store your crypto assets!

Video Time Stamp: 04:00 - 04:24

Q: WHO are you going to TEACH this to (TTP)? 

A: REMEMBER: Like we talked about in the opening video at the top of the MEMBERS HOME page...DON'T FORGET to: 

TTP (Tell Two People) and then to 

LEARN One, DO One, TEACH One

Video Time Stamp: MEMBER HOME PAGE VIDEO

DELETE & RESTORE A NANO LEDGER 

Q: How do you RESET your Nano Ledger?

Enter in your password pin code 3x and it will reset to factory defaults. 

Video Time Stamp: 00:10 - 01:31

Q: After we RESET our Nano Ledger what do we use to RESTORE our account?

We use the RECOVERY PHRASE that we wrote down in previous steps. 

Video Time Stamp: 1:48 - 2:30

Q: When we RESET our wallet WHERE do our crypto assets go? Are they lost?

NO! Remember, our Nano Ledger hardware wallet only allows us to STORE our private keys and be able to SPEND our crypto assets. 

Our Crypto Assets are not lost or erased. They remain in the records of the digital ledger blockchain on THOUSANDS of nodes (computers). 

We can ALWAYS RESTORE our Nano Ledger Hardware wallet with the RECOVERY PHRASE. 

Video Time Stamp: 3:36 - 5:00 

TRANSFERRING CRYPTO ASSETS FROM WALLET TO EXCHANGE

Q: To send a crypto asset from my wallet to an exchange, how do I "sign" the transaction?

To "sign" a transaction means you have access to your private keys and you can "spend" your crypto.

In the video I sign the transaction by using my Nano Ledger by clicking the "Confirm Transaction" AND verifying the SOURCE and DESTINATION.  

Video Time Stamp: 01:25 - 2:50

Q: WHO are you going to TEACH this to (TTP)? 

A: REMEMBER: Like we talked about in the opening video at the top of the MEMBERS HOME page...DON'T FORGET to: 

TTP (Tell Two People) and then to 

LEARN One, DO One, TEACH One

Video Time Stamp: MEMBER HOME PAGE VIDEO

ABOUT


The Top cryptocurrency and digital asset news...in bite-sized pieces. Channel is for entertainment purposes only. I’m not a financial planner, or a financial analyst or anything to do with finances. I’m just a small business owner who firmly believes in cryptocurrency and digital assets.


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