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Speaker 1: The coin Bureau Podcast is a production of I Heart Radio.

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Speaker 1: Just remember, you are your own bank. You need to

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Speaker 1: take these steps seriously to protect your crypto in these

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Speaker 1: unsafe and uncertain times. Welcome everyone to the coin Bureau Podcast.

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Speaker 1: My name is Guy and this gentleman's name. It is

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Speaker 1: a very dangerous world out there, which is why we're

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Speaker 1: doing today's episode because I wanted to. I wanted to

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Speaker 1: talk today basically about how to keep your crypto safe,

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Speaker 1: because as we've seen over the past few weeks, yeah,

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Speaker 1: a lot of people have not managed to do that.

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Speaker 1: A lot of people have lost a lot of their crypto.

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Speaker 1: And before we have touched on this subject a few

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Speaker 1: times before, and one of the reasons I've often talked

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Speaker 1: about the importance of self custody in your crypto is

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Speaker 1: because of the risk of exchanges and things being hacked.

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Speaker 1: And that is still a legitimate concern. But actually what

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Speaker 1: we've seen over the last few weeks is that a

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Speaker 1: number of particularly centralized lending protocols and other kind of

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Speaker 1: custodians of people's crypto, they haven't been hacked, they've just

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Speaker 1: been really badly managed and they've gone insolvent, and a

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Speaker 1: lot of people have lost a lot of money. Um

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Speaker 1: And obviously the big, the big name in all of

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Speaker 1: this at the moment is Celsius, this crypto centralized crypto

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Speaker 1: lending and borrowing platform one point seven million users. We've

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Speaker 1: talked about it a couple of times in recent episodes

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Speaker 1: that that saga is ongoing, so withdrawals that Celsius are

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Speaker 1: still paused, which means those people still can't get their

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Speaker 1: hands on their crypto. It's very, very worrying. There's talk

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Speaker 1: of it going bankrupt now. It Celsius is not the

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Speaker 1: only one. Voyager Digital is an the crypto platform that's

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Speaker 1: gone down. There are lots of rumors about other ones

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Speaker 1: as well, so it's really tough out there. So I

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Speaker 1: thought we'd do an episode today for people thinking, Okay,

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Speaker 1: I've got my coins sitting on in exchange, I've got

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Speaker 1: my coins sitting in one of these protocols. What is

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Speaker 1: the best way to, you know, make sure they're secure.

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Speaker 1: That's what we're going to talk about today. UM And

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Speaker 1: really it's because you know, bitcoin, as we've discussed before,

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Speaker 1: one of the reasons that it was invented was with

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Speaker 1: financial freedom in mind. And I think a big part

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Speaker 1: of financial freedom is taking custody of your own assets,

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Speaker 1: being responsible for your own wealth. So yeah, I think that,

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Speaker 1: you know, it's for that reason it's just as important

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Speaker 1: to talk about that as well today. Okay, So, um yeah,

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Speaker 1: the obviously we've talked about exchange hacks in the past

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Speaker 1: as well. Mount Cox is the most infamous example of those. Um.

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Speaker 1: There are also rumors about various exchanges being insolvent at

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Speaker 1: the moment as well. There's a lot of there's a

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Speaker 1: lot of concern that the contagion in crypto is going

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Speaker 1: to spread, and I think there is a good chance.

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Speaker 1: And now it's I can't sit here and name names

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Speaker 1: because a lot of this is rumor, and it's very

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Speaker 1: very difficult to substantiate these rumors, and it's very difficult

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Speaker 1: to know what is going on behind the scenes at

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Speaker 1: any any company, any crypto exchange, or any any company. Yeah, yeah,

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Speaker 1: absolutely absolutely, So, you know, we can't. If there's any

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Speaker 1: lesson to be learned from the last few weeks, it's

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Speaker 1: that you can't rely on anyone. And the old phrase

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Speaker 1: and this has been this phrase has been kicking around

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Speaker 1: a lot on crypto Twitter over the last few weeks.

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Speaker 1: As you can imagine not your keys, not your coins. Again,

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Speaker 1: this is something that we've we've mentioned before and it's

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Speaker 1: worth what it's worth reiterating as well. You know, for

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Speaker 1: those those unfamiliar exact when you when you hold your

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Speaker 1: crypto on an exchange or a lending platform or whatever

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Speaker 1: it is, you do not control the private keys to

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Speaker 1: that crypto. The exchange does. The platform that's holding that crypto,

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Speaker 1: they control the private keys. What you have is basically

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Speaker 1: an IOU from that platform saying oh, yes, well, when

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Speaker 1: you want to withdraw heal crypto, then you will let you.

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Speaker 1: The problem is, you know, sometimes you get the you

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Speaker 1: get the situation like you have with Celsius and several

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Speaker 1: others withdrawals get paused because they've basically run out of

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Speaker 1: money and that IOU is not worth the paper it's

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Speaker 1: printed on. So really the thing to do is, the

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Speaker 1: thing to do to be as as secure as safe

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Speaker 1: as you can be with your crypto is to take

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Speaker 1: cold storage. Yeah it's yeah, it's the custody yourself. And

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Speaker 1: cold storage is the one that I is the is

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Speaker 1: the main one that I want to talk about today.

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Speaker 1: But we're gonna I'm going to divide this up into

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Speaker 1: three sections. Okay, so in a minute, I'm going to

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Speaker 1: start talking about cold storage, which basically basically means hardware wallets.

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Speaker 1: Again mentioned before. People may be familiar with them, people

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Speaker 1: may have heard the term whatever. I'm going to break

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Speaker 1: it down, tell you it about how they work, et cetera.

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Speaker 1: And then also going to spend a little bit of

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Speaker 1: time talking about software wallets as well. These are wallets

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Speaker 1: that you can have as an app on your phone,

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Speaker 1: as a as a desktop program, as a browser extension,

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Speaker 1: and things like this. They are also an option for

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Speaker 1: for custodying your crypto. And then the last section, I

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Speaker 1: want to talk about some I want to give some

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Speaker 1: very important tips that every crypto holder should know. And

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Speaker 1: some of these things like having a strong password on

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Speaker 1: your exchange account, etcetera, may seem blindingly obvious, but I

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Speaker 1: can be I can be pretty sure that there will

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Speaker 1: be a few in there that people won't have heard before.

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Speaker 1: And I think it's really really important that that everyone

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Speaker 1: is familiar with them. So listen until the very end, folks,

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Speaker 1: because this is really important stuff. Okay, are you ready

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Speaker 1: to crack on with hardware? Well, you were saying, you

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Speaker 1: were saying just a moment ago that you've bought yourself

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Speaker 1: a ledger. Is that I had a treadle which I

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Speaker 1: used back in the day. Okay, um, and but I'm

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Speaker 1: not And I took it all off and put it

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Speaker 1: on because I was like, hey, why don't I need

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Speaker 1: to be a bit more flexible if if something is

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Speaker 1: happening in the market, And then then I didn't. I

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Speaker 1: wasn't very flexible. I'm just downloading a coin base wallet.

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Speaker 1: Oh yeah on my phone. Okay, okay, good, you're you're

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Speaker 1: multi tasking. Yeah, I'll do the talking, you do the download. Well,

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Speaker 1: this is this is how like, this is live action podding. Yeah,

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Speaker 1: this is multi this is multidimensional live action podding. Um. Yeah,

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Speaker 1: And actually I suppose it's It will it will demonstrate

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Speaker 1: just how easy it is to take a few steps

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Speaker 1: to keeping your crypto secure. It is not. It is

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Speaker 1: not a big, long, complicated process like many people may

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Speaker 1: believe it is. It's done, all right. Let's start off

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Speaker 1: by talking about hardware. While it's because hardware, while it

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Speaker 1: is the safest way to store your crypto, and the

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Speaker 1: reason that it is the safest way is because it

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Speaker 1: is what we call cold storage, so there is no

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Speaker 1: it's not kept online in any way, shape or form,

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Speaker 1: and the device itself is not connected to the Internet,

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Speaker 1: so it's and I think air gap is another is

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Speaker 1: another term that that you might hear so and I've

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Speaker 1: mentioned hardware while it's on a number of occasions before.

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Speaker 1: Basically they they all sort of look a bit different

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Speaker 1: but kind of the same. You know, there are it's

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Speaker 1: a small device generally it looks a bit like a

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Speaker 1: USB dry in a lot of cases, and it is

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Speaker 1: designed to store the private keys to your crypto. And

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Speaker 1: these devices are pretty dumb in a way because not

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Speaker 1: because they're not because they're low tech or anything like that,

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Speaker 1: but they're keep it simple, keep it working. Yeah, they're

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Speaker 1: not like a smartphone designed to do a million different

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Speaker 1: things and also make phone calls. You know, these devices

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Speaker 1: they are designed to store your private keys and to

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Speaker 1: sign transactions and that is it. So although they may

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Speaker 1: sound complex, they're actually not. And they're also incredibly easy

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Speaker 1: to use because a lot of thought has been put

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Speaker 1: in by the by these hardware wallet manufacturers, as in,

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Speaker 1: you know, to the to the UI, to the user experience,

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Speaker 1: user interface. And there are two big names in the

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Speaker 1: hardware wallet space. There are others, and we we might

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Speaker 1: mention some of them as we go along, but the

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Speaker 1: two that you're most often come across are treads Or

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Speaker 1: and Ledger, and they are yeah. They they supply the

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Speaker 1: sort of the majority of hardware wallets out there. There

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Speaker 1: are other wallets on the market, and there are other

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Speaker 1: wallets coming onto the market as well, but treads Or

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Speaker 1: and Ledger are, if you like, the market leaders. Treads

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Speaker 1: Or is um a check company, I believe from from

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Speaker 1: the Czech Republic. Um it's actually an offshoot of a

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Speaker 1: company called Satoshi Labs, and then Ledger is a French company,

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Speaker 1: and each one each company has its own kind of

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Speaker 1: entry level device. So treads Or has the treads Or

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Speaker 1: one and Ledger has the Ledger nano S and each

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Speaker 1: one also has a slightly more advanced model as well,

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Speaker 1: so that's the Model T treads and Model T and

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Speaker 1: the Ledger nano X. Okay, So the entry level ones

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Speaker 1: are good for sort of all the main coins and tokens,

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Speaker 1: but they don't hold all of Now, if you're just

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Speaker 1: holding say BTC and EATH, then you're going to be

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Speaker 1: fine with any of these devices. H ditto sort of

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Speaker 1: more common ones as well, things like light coin and

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Speaker 1: things like that bitcoin cash. You know, most pretty much

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Speaker 1: all of these wallets will hold those. It's when you

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Speaker 1: start to get onto slightly more exotic coins and tokens

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Speaker 1: that you have to be a little bit careful. Um. So,

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Speaker 1: if you do have a very very simple crypto portfolio,

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Speaker 1: you know, just a little bit of bitcoin and ethereum, say,

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Speaker 1: then any one of these hardware wallets will will do

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Speaker 1: for you if you have, if you've diversified a bit more,

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Speaker 1: then you want to check when you're when you're deciding

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Speaker 1: if you are if you are holding a lot of

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Speaker 1: minch coin, for instance, you want to Yeah, you want

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Speaker 1: to make sure. Um. So if you go on either

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Speaker 1: treads or or ledgers website and they'll you know, you'll

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Speaker 1: be able to get up. You'll be able to get Yeah.

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Speaker 1: But I just bought one on Amazon and there was

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Speaker 1: also there was a version which has n f T

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Speaker 1: s as well. Is that right? Yeah, so I got

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Speaker 1: that one even though I don't have any n f

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Speaker 1: T s. Okay, you bought it on Amazon. Okay, Well

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Speaker 1: we'll we'll talk about that. Should I not aboard from them?

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Speaker 1: We should not have brought an Amazon not for any

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Speaker 1: you know, anti Amazon reasons, but I will. I will

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Speaker 1: someone because it could have been oh my god, I

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Speaker 1: haven't put it on there yet. Okay, okay, well double check.

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Speaker 1: But even if it's from the seller Ledger, Yeah, really,

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Speaker 1: I think yeah, because it's an extra it's an extra

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Speaker 1: step on the way I think you're I think the

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Speaker 1: thing to do is to order it directly from the

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Speaker 1: manufacturer themselves and then you can be But we'll get

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Speaker 1: to that in a minute. So yeah, it's worth checking out.

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Speaker 1: Which when you're thinking of buying a hardware device, whether

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Speaker 1: it's a Ledger, treads or or anything else for that matter,

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Speaker 1: it's worth just double checking what coins and tokens. Don't

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Speaker 1: buy a secondhand one, don't buy do not buy a

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Speaker 1: second had hardware wallet. Yeah, very good point, very good point. Um. Now,

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Speaker 1: these devices themselves are really really secure, and they're also

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Speaker 1: really really easy to use. Now, the basically the way

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Speaker 1: that you interact with a hardware wallet is through the

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Speaker 1: proprietary software. So tread Or has what's called the treads

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Speaker 1: Or Suite, and Ledger has a software program called Ledger Live,

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Speaker 1: and you can you can download these on your on

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Speaker 1: your computer, on your phone or whatever, and then you

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Speaker 1: use those to interact with your wallet to run it.

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Speaker 1: But the wallet itself, you know, is each one does

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Speaker 1: have some sort of buttons on as well that you

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Speaker 1: can that you can do various things with. But yeah,

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Speaker 1: anyone who's anyone who's worried that a hardware wallet is

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Speaker 1: a really complicated involved piece of tech and that they'll

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Speaker 1: never figure out how to use it is wrong. They

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Speaker 1: are very very easy to use. So um, now, the

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Speaker 1: devices are selves, as I say, are very very secure.

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Speaker 1: I should mention that there have been there are a

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Speaker 1: couple of things worth pointing out. So a team from cracking.

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Speaker 1: Cracking is a big exchange in the US. Now. One

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Speaker 1: of a security team from Cracking did manage to hack

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Speaker 1: into a treads Or device a while back, but they

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Speaker 1: the attack needed physical access to to the device, so

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Speaker 1: they weren't able to hack it remotely or anything like that.

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Speaker 1: And they also needed a lot of technical knowledge and

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Speaker 1: also specialist tools to do it. So although the device

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Speaker 1: was hacked, there are a lot of caveats to that.

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Speaker 1: So I would say, I mean, I use treads Or

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Speaker 1: devices myself. I am perfectly satisfied that they are that

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Speaker 1: they are safe. Ledger No, as far as we know,

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Speaker 1: no Ledger device has ever been hacked. But maybe the

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Speaker 1: one I've just bought on Amazon, well will regret You've

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Speaker 1: terrified me. Now it's all right, It's it's going to

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Speaker 1: be all right, Mike, It's gonna be all right. Um.

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Speaker 1: Ledger itself, the company did have a data breach of

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Speaker 1: its of its servers a couple of years ago, and

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Speaker 1: a lot of a lot of customer data was was stolen,

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Speaker 1: but the no Ledger device, no, you know, no one's

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Speaker 1: crypto was affected by that. It was it was a

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Speaker 1: real drop of the ball by Ledger because you know,

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Speaker 1: a lot of that data contain things like email address,

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Speaker 1: also physical addresses and things like that. So that was

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Speaker 1: not cool. But Ledger devices, as far as we know,

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Speaker 1: are secure. So if you get a you know, if

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Speaker 1: you use a Ledger device to store your crypto, you

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Speaker 1: should be fine. Ditto. Which one do you use? I

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Speaker 1: use Tressles, Yeah, yeah, I will use Ledger. Okay, do

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Speaker 1: you do that? So? Yeah, now I've got a note here. Yeah,

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Speaker 1: very important. When you order your hardware wallet, order it

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Speaker 1: directly from the manufacturer, and what I'll do for the

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Speaker 1: show notes of this I will leave links to Ledger

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Speaker 1: treas or, and for the sake of fairness, a couple

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Speaker 1: of other wallet providers will leave links in the show

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Speaker 1: notes of the podcast to their official sites. Yeah, don't

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Speaker 1: use Amazon or eBay or anything like that. Now the

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Speaker 1: reason is now. In the past, there have been a

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Speaker 1: few instances of this happening. Basically, people have sold wallets

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Speaker 1: that have been so called poisoned, i e. They've opened

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Speaker 1: up the wallet, they've noted down the seed phrase is

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Speaker 1: included with the wallet, and then they've sold that wallet

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Speaker 1: on now because they have the seed phrase, which is

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Speaker 1: a I mean, it depends the number of letter a

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Speaker 1: number of words that you can use to to access

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Speaker 1: it if you've sucked something up exactly. Yeah, yes, so

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Speaker 1: your seed phrase is really important and you should never

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Speaker 1: share it with anyone. Orange Yours is just the word

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Speaker 1: they do have those FUNDI there's just a list of

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Speaker 1: abstract it's just a list of totally random and words. Yeah. Yeah,

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Speaker 1: but you should never share your seed phrase with anyone. Um.

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Speaker 1: But what what people have done is yet, so they've

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Speaker 1: they've opened up these wallets, they've noted down the seed phrase.

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Speaker 1: Then they've sold them on. Then someone has loaded up

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Speaker 1: there this wallet with crypto, and because you can access

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Speaker 1: the wallet remotely using the seed phrase, the people have

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Speaker 1: been able to drain them. Yeah, So order directly from

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Speaker 1: the manufacturer and when it's delivered, when the when the

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Speaker 1: wallet itself is delivered, the box will be stick will

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Speaker 1: be sealed. There'll be a usually i think it's a

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Speaker 1: holographic seal on the box. If that is broken, if

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Speaker 1: that's been tampered with in any way, do not use

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Speaker 1: the wallet, and actually on the device itself there should

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Speaker 1: be a little seal too. If either of those seals

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Speaker 1: are broken, forget it, don't use the wallet, don't put

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Speaker 1: any crypto on it, send it right back. Okay, So

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Speaker 1: really really important. Always order your hardware wallet directly from

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Speaker 1: the manufacturer. Double check that all the seals are in place. Now,

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Speaker 1: the setup process for each wallet, it kind of differs

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Speaker 1: from you know, from brand to brand, but it is

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Speaker 1: very very simple and the instructions with each one are

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Speaker 1: very very clear. My only tip for this particular part

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Speaker 1: of the process would be just make sure you do

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Speaker 1: it really really carefully. Don't have any distractions. So when

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Speaker 1: you're setting you know put yourself alone in a room,

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Speaker 1: no music on anything like that, and just focus. It

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Speaker 1: will only take you a few minutes, it won't take long.

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Speaker 1: But you need to make sure that you go through

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Speaker 1: every step very very carefully, that you make a very

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Speaker 1: careful note of your seed phrase, that you do everything properly.

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Speaker 1: And yeah, if you've got you know, if you've got

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Speaker 1: kids running around, poking human anything like that, that's a

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Speaker 1: bad idea because it's when when you're distracted, that's when

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Speaker 1: you know, yeah, when you make mistakes. And as I say,

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Speaker 1: you've got the software itself that you'll have to download

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Speaker 1: and that will help you interact with the wallet, and

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Speaker 1: it really is very very straightforward. So it will also

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Speaker 1: prompt you to make a copy of your seed phrase.

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Speaker 1: And I would say that two copies of the seed

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Speaker 1: phrase are best obviously in case you lose one, and

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Speaker 1: a lot of a lot of the time you'll actually

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Speaker 1: get a little sorry, you'll get a little test on

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Speaker 1: your seed phrase afterwards, sort of be like okay, into

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Speaker 1: the third word, the fifth word, the tenth word or

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Speaker 1: whatever to show you know, so as you can prove

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Speaker 1: that you've written it down correctly, because if you don't

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Speaker 1: you could get locked out of your wallet forever, forever

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Speaker 1: and forever. Ever, don't when you store the wallet itself,

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Speaker 1: once you've set up the wallet and once you've uploaded

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Speaker 1: crypto onto it, don't store the wallet and the seed

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Speaker 1: phrase in the same place, because you know, if you

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Speaker 1: have it in a drawer and you get burgled and

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Speaker 1: they go, oh, crypto world, Oh and there's the seed

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Speaker 1: phrase as well, goodbye, good night, Vien and crypto on,

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Speaker 1: don't what I do is this may sound a little paranoid,

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Speaker 1: but then I do hold you know, I do hold

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Speaker 1: quite a lot of crypto. I actually keep my what

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Speaker 1: I've got. I've got several treasure devices and I keep

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Speaker 1: them in different security deposit boxing. This is very much

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Speaker 1: dependent and I guess this is a good, good, good

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Speaker 1: point to sort of talk about this as well, because

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Speaker 1: some people may be going, look, I've got a crypto

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Speaker 1: portfolio that's worth a hundred dollars. Okay, it was worth

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Speaker 1: a thousand dollars a few weeks ago. But you know,

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Speaker 1: I don't hold a lot of crypto. Do I need

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Speaker 1: to go to you know, to go to the story

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Speaker 1: through these people. Who is this guy who is trailing

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Speaker 1: trawling through a junk guard to try and finds Yeah,

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Speaker 1: the guy who Yeah, the guy who kept it on

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Speaker 1: a hard drive kept his bitcoin on a hard drive

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Speaker 1: and accidentally through the hard drive out. Yeah that's um,

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Speaker 1: that's that's another story really, but yeah, someone might someone

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Speaker 1: might be thinking, well, you know, I've only got a

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Speaker 1: few dollars worth of crypto, I've only got a few

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Speaker 1: pounds worth. Is it necessary to go to all this lava?

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Speaker 1: And I would say, well no, no, you know, as

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Speaker 1: a safety deposit box, and you know, even a hardware

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Speaker 1: while it perhaps for for you know, a couple of

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Speaker 1: hundred quids, say, is they're not that expensive? No, that

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Speaker 1: was that was a point I wanted to make. Um

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Speaker 1: hardware while it's I mean that the more expensive like

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Speaker 1: the Treads or model T which has a sort of

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Speaker 1: color screen, Bluetooth enabled UM and stores you know a

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Speaker 1: lot has a lot broad coin store. Yeah, broader range

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Speaker 1: of coin storage. That is a little more expensive. That'll

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Speaker 1: that'll cost you sort of north of two hundred bucks um.

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Speaker 1: But a very basic to buy device like a nanos

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Speaker 1: or a Treads or one they are they are sub

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Speaker 1: one dollars, which is what's that seventy quid or something,

359
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Speaker 1: not very much money. So if you are thinking it's overkill,

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Speaker 1: I've only got a few hundred quid, Well they're not

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Speaker 1: that expensive, so do do bear that in mind. So

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Speaker 1: I mean, I think if you if you do have

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Speaker 1: a relatively small amount of crypto as well, then you

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Speaker 1: could think about a software wallet, which we're going to

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Speaker 1: talk about in a moment. But I would, you know,

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Speaker 1: I would always on the side of on the side

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Speaker 1: of caution. I must say, I am always surprised, like

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Speaker 1: a lot of I've had a lot of people come

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Speaker 1: up to me in the past and kind of chat

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Speaker 1: about the chat about the channel, and chat about crypto

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Speaker 1: and stuff, and they've got out their phones and they've

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Speaker 1: opened an exchange app and they've shown me, you know,

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Speaker 1: their crypto portfolio, and like sometimes I've seen some genuinely

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Speaker 1: big amounts there, you know, thousands of pounds. One guy

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Speaker 1: who showed me a head like over a hundred grand

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Speaker 1: pounds worth of crypto sitting on an exchange account, and

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Speaker 1: I was like, you need to you need drink cost

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Speaker 1: or do that, you know, but it's it's it's amazing,

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Speaker 1: and people just think it's you know, what does it

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Speaker 1: cost to send it to your or does it cost anything?

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Speaker 1: You might have to pay a small network fee. It

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Speaker 1: kind of depends on the coin. An Ethereum gas fee

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Speaker 1: could be could be quite expensive. But again, you know

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Speaker 1: if you're sending a large amount, and also you know,

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Speaker 1: Ethereum gas fees are actually very low at the moment

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Speaker 1: because not everything is Yeah, not many people are using

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Speaker 1: the Ethereum network. If you are worried about things like

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Speaker 1: gas fees on Ethereum, one one thing that you can

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Speaker 1: do is actually to to send it at a different

390
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Speaker 1: time if you the net. The more congested the network is,

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Speaker 1: the more people are using it, that the more expensive

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Speaker 1: the gas will be. And if you're it's like kind

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Speaker 1: of anything else, you know, if you're using it at

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Speaker 1: peak time, it will cost more. So something I've done

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Speaker 1: in the past when I've been moving, you know, a

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Speaker 1: hefty amount of etho, you know, another RC twent thing

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Speaker 1: along around. I've actually sort of got I've done it

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Speaker 1: very very early in the morning, when you know they're

399
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Speaker 1: just aren't many people up and using the network. So

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Speaker 1: that's what time was that. Do you don't want to

401
00:23:00,560 --> 00:23:03,760
Speaker 1: be American morning? Well, yeah, you need to you need

402
00:23:03,800 --> 00:23:05,159
Speaker 1: to think about where you are in the world. I

403
00:23:05,200 --> 00:23:08,440
Speaker 1: mean sort of most I think you want to make

404
00:23:08,440 --> 00:23:11,239
Speaker 1: sure you're doing it. West Americans are in bed or

405
00:23:11,280 --> 00:23:15,000
Speaker 1: you know, most Americans are in bed. But yeah, you know,

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Speaker 1: it's it's it's worth paying a small to have your

407
00:23:19,640 --> 00:23:22,119
Speaker 1: all of your coins, yeah, to have it safe to

408
00:23:22,200 --> 00:23:25,800
Speaker 1: have it's a lot cheaper than all of your coins. Yeah. Yeah,

409
00:23:26,359 --> 00:23:30,120
Speaker 1: so and I think, yeah, just sort of you need

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00:23:30,160 --> 00:23:34,040
Speaker 1: to you need to decide yourself what your level of

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Speaker 1: risk tolerances. But like I say, I have been amazed

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Speaker 1: by the number of people walking around with literally thousands

413
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Speaker 1: and thousands of pounds worth of crypto just sitting there,

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00:23:45,400 --> 00:23:47,199
Speaker 1: and it's vulnerable. And as we're going to see in

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Speaker 1: section three, it's it's kind of more vulnerable than you think.

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Speaker 1: So if you're asking yourself, you know, if you're not

417
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Speaker 1: sure whether you need a hardware wallet or not, my

418
00:23:56,280 --> 00:23:58,600
Speaker 1: advice would be to err on the side of caution

419
00:23:59,119 --> 00:24:02,840
Speaker 1: because with luck, well you know, what we hope is

420
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Speaker 1: that the value of your crypto will go up in time.

421
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Speaker 1: It may only be worth a few hundred dollars now,

422
00:24:08,359 --> 00:24:11,000
Speaker 1: but when the next bullmark it comes along. Whenever that

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00:24:11,119 --> 00:24:13,879
Speaker 1: might be you know, that volume could that that price

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Speaker 1: that could shoot up, So you want to be you

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00:24:16,600 --> 00:24:21,480
Speaker 1: want to be prepared. Forewarned is forearmed. UM. Now a

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Speaker 1: few other things about hardware wallets that we should that

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00:24:24,840 --> 00:24:28,840
Speaker 1: we should just touch on. Be very careful that this

428
00:24:28,840 --> 00:24:31,000
Speaker 1: this seed phrase as well. Obviously, you need to make

429
00:24:31,000 --> 00:24:33,080
Speaker 1: sure that you store it securely. Like I say, I

430
00:24:33,160 --> 00:24:35,479
Speaker 1: think it's worth getting two copies. Don't store it with

431
00:24:35,520 --> 00:24:38,920
Speaker 1: the device, Store it in a you know, a secure

432
00:24:38,960 --> 00:24:40,920
Speaker 1: location in your house. If you ever safe in your

433
00:24:40,920 --> 00:24:42,760
Speaker 1: house something like that, you know, that could be a

434
00:24:42,760 --> 00:24:44,879
Speaker 1: good place to store it. Just make sure you store

435
00:24:45,000 --> 00:24:50,040
Speaker 1: the wallet elsewhere. UM. With hardware while it's and software

436
00:24:50,040 --> 00:24:53,240
Speaker 1: while it's as well, you should be very careful where

437
00:24:53,960 --> 00:24:58,000
Speaker 1: you insert your seed words because fishing sites, phishing attacks

438
00:24:58,400 --> 00:25:01,000
Speaker 1: will often say you know, will will often be trying

439
00:25:01,000 --> 00:25:04,000
Speaker 1: to get hold of your seed phrase. So you should

440
00:25:04,040 --> 00:25:07,679
Speaker 1: only ever use your seeds if you're interacting with that

441
00:25:07,760 --> 00:25:11,920
Speaker 1: you know, if you're resetting a wallet itself, so anything else,

442
00:25:11,960 --> 00:25:15,840
Speaker 1: you know, you'll never get an unprompted request for your

443
00:25:15,840 --> 00:25:20,000
Speaker 1: seed phrase. So if if you see any sort of email, WhatsApp, message, telegram,

444
00:25:20,119 --> 00:25:23,120
Speaker 1: is whatever it is asking for your seed phrase. That

445
00:25:23,160 --> 00:25:25,320
Speaker 1: person is a scammer and it's trying to rob you,

446
00:25:25,560 --> 00:25:30,360
Speaker 1: so don't give them a word of it um. And

447
00:25:30,720 --> 00:25:33,120
Speaker 1: when storing your wallet as well, obviously make sure it's

448
00:25:33,119 --> 00:25:35,600
Speaker 1: safe from you know, people nicking it, make people going

449
00:25:35,600 --> 00:25:38,119
Speaker 1: through your drawers. Also, it's worth thinking of trying to

450
00:25:38,200 --> 00:25:40,919
Speaker 1: keep it safe from fire and bud damage or anything

451
00:25:40,920 --> 00:25:44,920
Speaker 1: like that. And ditto with your seed phrase as well.

452
00:25:45,840 --> 00:25:47,879
Speaker 1: One thing that you can do with a seed phrase

453
00:25:48,000 --> 00:25:51,240
Speaker 1: is you can get metal seed cards now and full disclosure,

454
00:25:51,280 --> 00:25:53,720
Speaker 1: we sell them on the Going Bureau merch store, but

455
00:25:53,760 --> 00:25:55,679
Speaker 1: you can get them from lots of different places. And

456
00:25:55,720 --> 00:25:58,399
Speaker 1: that's like you know, that's a piece of metal and

457
00:25:58,480 --> 00:26:00,480
Speaker 1: it comes with a little pen. You can ave your

458
00:26:00,480 --> 00:26:03,080
Speaker 1: seed words on it, and therefore you know then if

459
00:26:03,600 --> 00:26:05,600
Speaker 1: if it does you know, if your house does get

460
00:26:05,640 --> 00:26:09,360
Speaker 1: flooded or fire anything like that, you've still got those

461
00:26:09,400 --> 00:26:12,240
Speaker 1: all important seed words and hardware. Whilets they can, there

462
00:26:12,280 --> 00:26:14,080
Speaker 1: are a few other things as well that you can

463
00:26:14,119 --> 00:26:16,360
Speaker 1: do with them. You can also some of them will

464
00:26:16,480 --> 00:26:18,960
Speaker 1: enable you to set up little dummy accounts because they

465
00:26:18,960 --> 00:26:22,480
Speaker 1: have pin codes that you can put in so you know,

466
00:26:22,640 --> 00:26:26,000
Speaker 1: to access the device itself and on a few models,

467
00:26:26,320 --> 00:26:28,440
Speaker 1: you can set up a dummy account with a little

468
00:26:28,440 --> 00:26:31,800
Speaker 1: bit of crypto in So therefore, if someone does pull

469
00:26:32,040 --> 00:26:34,840
Speaker 1: what we call a five dollar wrench attack, which we

470
00:26:35,040 --> 00:26:37,880
Speaker 1: will talk about five dollars but basically tries to rob

471
00:26:37,920 --> 00:26:42,000
Speaker 1: you at yeah, under threat of violence, then on some

472
00:26:42,040 --> 00:26:43,600
Speaker 1: of these wallets, you can set it up so you

473
00:26:43,640 --> 00:26:46,080
Speaker 1: can show them the dummy account, you know, which it

474
00:26:46,200 --> 00:26:49,199
Speaker 1: maybe like fifty dollars worth, say twenty dollars worth of

475
00:26:49,359 --> 00:26:52,280
Speaker 1: crypto sitting there, and they just think they've robbed, you know,

476
00:26:52,359 --> 00:26:55,480
Speaker 1: a pauper, and in actual fact, most of it is

477
00:26:55,520 --> 00:26:58,000
Speaker 1: sitting in a little shadow account that they haven't been

478
00:26:58,040 --> 00:27:00,639
Speaker 1: able to access. So but now that be told everyone,

479
00:27:00,640 --> 00:27:03,240
Speaker 1: they'll probably beat you. Well, if it's a very, if

480
00:27:03,240 --> 00:27:06,600
Speaker 1: it's a very, if it's a very savvy crypto, you know,

481
00:27:06,760 --> 00:27:10,080
Speaker 1: very crypto savvy thief, then perhaps, But you know, there

482
00:27:10,400 --> 00:27:12,640
Speaker 1: are all these all these little steps that you can

483
00:27:12,640 --> 00:27:15,760
Speaker 1: take to keep you and your crypto safer. Now, if

484
00:27:15,800 --> 00:27:18,560
Speaker 1: you're wondering about which hardware walllet is right for you,

485
00:27:18,560 --> 00:27:21,240
Speaker 1: if you want a bit more detailed information on them,

486
00:27:21,280 --> 00:27:23,280
Speaker 1: then I did a video about them on our YouTube

487
00:27:23,359 --> 00:27:26,359
Speaker 1: channel recently, just within the last in the last few weeks,

488
00:27:26,600 --> 00:27:28,359
Speaker 1: so do go and check that out, and it talks

489
00:27:28,400 --> 00:27:30,960
Speaker 1: about ledgers, trestles. Also there's a there's a brand called

490
00:27:31,040 --> 00:27:34,440
Speaker 1: keep key as well, which is very good and very

491
00:27:34,520 --> 00:27:38,120
Speaker 1: very cheap too, so it gives you the full kind

492
00:27:38,119 --> 00:27:39,959
Speaker 1: of and and talks a little bit more about some

493
00:27:40,040 --> 00:27:43,600
Speaker 1: of these. I'm also launching my own ledger. You are, yeah,

494
00:27:43,760 --> 00:27:48,440
Speaker 1: the semi your keys, I will saw it all for you. Okay,

495
00:27:48,640 --> 00:27:50,760
Speaker 1: there you are folks, you know, send Mad Mike your

496
00:27:50,840 --> 00:27:54,680
Speaker 1: keys and watch your money disappear. And one of the things, well,

497
00:27:54,720 --> 00:27:57,280
Speaker 1: if you are going to store lots of crypto on

498
00:27:57,400 --> 00:28:00,600
Speaker 1: a hardware wallet, then also again can sit are splitting

499
00:28:00,640 --> 00:28:03,679
Speaker 1: it across two separate devices, And this is what this

500
00:28:03,760 --> 00:28:06,679
Speaker 1: is what I do as well. Um, if you lose

501
00:28:06,760 --> 00:28:09,560
Speaker 1: your wallet, if your wallet does get stolen, you can

502
00:28:09,680 --> 00:28:12,919
Speaker 1: recover that crypto. It's if the wallet and the pass

503
00:28:12,960 --> 00:28:16,800
Speaker 1: phrase gets stolen, then you're in trouble. But if you

504
00:28:16,880 --> 00:28:20,520
Speaker 1: lose the actual physical device, you can get those keys

505
00:28:20,560 --> 00:28:24,600
Speaker 1: back with the pass phrase. But again it's it's worth

506
00:28:24,600 --> 00:28:26,359
Speaker 1: it if you if we are, if you are talking

507
00:28:26,440 --> 00:28:29,479
Speaker 1: about large sums here, then split it up because as

508
00:28:29,480 --> 00:28:31,879
Speaker 1: we again, something we've talked about before is you know,

509
00:28:32,119 --> 00:28:34,560
Speaker 1: if you have everything in one place, all your eggs

510
00:28:34,560 --> 00:28:38,800
Speaker 1: in one basket, you you are exposing yourself to a

511
00:28:38,840 --> 00:28:43,080
Speaker 1: lot of risk. Um And yeah, as I said before,

512
00:28:43,760 --> 00:28:47,040
Speaker 1: keep keep the devices and the pass phrases very very

513
00:28:47,080 --> 00:28:51,120
Speaker 1: safe and you have to decide for yourself. How seriously,

514
00:28:51,280 --> 00:28:54,320
Speaker 1: you know what your level of security is and that's

515
00:28:54,480 --> 00:28:58,240
Speaker 1: that's something that only only you can decide. Okay, before

516
00:28:58,240 --> 00:28:59,800
Speaker 1: we talk about software, well it should we take a

517
00:28:59,840 --> 00:29:17,920
Speaker 1: quick break. Sure, Welcome back to part two of How

518
00:29:17,960 --> 00:29:21,880
Speaker 1: to Keep Your Crypto Safe. Possibly the most important podcast

519
00:29:21,960 --> 00:29:28,240
Speaker 1: episode you'll ever hear, possibly possibly possibly most probably so.

520
00:29:28,320 --> 00:29:30,960
Speaker 1: In this section, I want to talk about software wallets.

521
00:29:30,960 --> 00:29:34,840
Speaker 1: We've covered hardware wallets and now software while it's are

522
00:29:35,040 --> 00:29:37,560
Speaker 1: the sort of the next best option. And just just

523
00:29:37,760 --> 00:29:43,040
Speaker 1: for clarity, at the start of this pod, I bought

524
00:29:43,480 --> 00:29:46,640
Speaker 1: or I downloaded a software wallet from coin base, the

525
00:29:46,680 --> 00:29:51,000
Speaker 1: coin based wallet. Yeah, and set it up in seconds.

526
00:29:51,560 --> 00:29:54,240
Speaker 1: There you are, and it's stored on my phone. Yeah,

527
00:29:54,520 --> 00:29:57,320
Speaker 1: and I've transferred some coins over to it, but they

528
00:29:57,320 --> 00:30:02,320
Speaker 1: haven't arrived yet. Well you've only just only just We've

529
00:30:02,360 --> 00:30:05,760
Speaker 1: got ten ten to twelve minutes before you planic start. Yeah,

530
00:30:05,760 --> 00:30:07,760
Speaker 1: you've got to wait for the next for the for

531
00:30:07,800 --> 00:30:11,360
Speaker 1: the block to be confirmed. Um yeah, okay, so software

532
00:30:11,360 --> 00:30:13,720
Speaker 1: will it's this is the next best option. I wouldn't

533
00:30:13,720 --> 00:30:15,959
Speaker 1: say that our software while it is as secure as

534
00:30:16,000 --> 00:30:18,520
Speaker 1: a hardware wallet, for the very simple reason that because

535
00:30:18,600 --> 00:30:21,280
Speaker 1: these are programs that run on your computer or phone

536
00:30:21,360 --> 00:30:25,080
Speaker 1: or whatever, they are connected to the internet. They are

537
00:30:25,240 --> 00:30:30,360
Speaker 1: so called hot storage, so they are vulnerable perhaps to melware,

538
00:30:30,400 --> 00:30:33,160
Speaker 1: to hacking, two key loggers, to anything like that. So

539
00:30:33,280 --> 00:30:36,760
Speaker 1: it is, it is a concern, but a software wallet

540
00:30:36,920 --> 00:30:40,440
Speaker 1: is much safer than leaving your coins on an exchange

541
00:30:40,520 --> 00:30:44,800
Speaker 1: or similar platform. And I guess the benefits of a

542
00:30:44,880 --> 00:30:47,120
Speaker 1: software while it are that you can, as you have,

543
00:30:47,320 --> 00:30:50,360
Speaker 1: as you have so beautifully demonstrated, you can just download

544
00:30:50,400 --> 00:30:53,120
Speaker 1: it like that and and off you go. But yeah,

545
00:30:53,160 --> 00:30:54,960
Speaker 1: I should point out as well that people may be

546
00:30:55,080 --> 00:30:59,320
Speaker 1: listening and going, well, hang on coin Base, that's an exchange, yes, sorry, yeah, yeah,

547
00:30:59,360 --> 00:31:02,560
Speaker 1: but the coin they is wallet is is a standalone product.

548
00:31:02,680 --> 00:31:04,800
Speaker 1: So you know, if you use the coin based wallet,

549
00:31:04,920 --> 00:31:09,960
Speaker 1: that is not keeping your coins on the coin base exchange. Yeah. Okay,

550
00:31:10,560 --> 00:31:13,680
Speaker 1: So there are lots and lots of software while it's

551
00:31:13,680 --> 00:31:16,800
Speaker 1: out there, there's there's tons of choice, and again if

552
00:31:16,800 --> 00:31:19,080
Speaker 1: you're if you're looking for a rundown of some good ones.

553
00:31:19,120 --> 00:31:20,719
Speaker 1: I did a video on it last year. I think

554
00:31:20,720 --> 00:31:26,080
Speaker 1: it's called best Mobile Wallets on the Coin Bureau's YouTube. Yeah,

555
00:31:26,120 --> 00:31:28,720
Speaker 1: as a video from last year, almost exactly a year ago,

556
00:31:28,760 --> 00:31:30,880
Speaker 1: I think. And there are some good choices on there,

557
00:31:30,960 --> 00:31:32,959
Speaker 1: and yeah, do a bit of research if you're if

558
00:31:32,960 --> 00:31:34,800
Speaker 1: you're going to get one and see which one works

559
00:31:34,840 --> 00:31:38,760
Speaker 1: for you. Some some prominent examples I've listed here include

560
00:31:39,040 --> 00:31:44,920
Speaker 1: the coin based wallet. There's also Exodus which I personally movement,

561
00:31:45,960 --> 00:31:49,240
Speaker 1: Yes that one. UM. Now in this section on software,

562
00:31:49,240 --> 00:31:51,120
Speaker 1: while it's mobile wallets whatever you want to call them,

563
00:31:51,120 --> 00:31:55,320
Speaker 1: I'm also going to include browser extension wallets. Now. These

564
00:31:55,440 --> 00:32:01,120
Speaker 1: can be installed as obviously an extension to your web browser. Now.

565
00:32:01,160 --> 00:32:04,480
Speaker 1: The most well known of these is called meta mask,

566
00:32:05,160 --> 00:32:08,240
Speaker 1: and that is a wallet for interacting with Ethereum and

567
00:32:08,360 --> 00:32:10,520
Speaker 1: all e r C twenty tokens with the kind of

568
00:32:10,560 --> 00:32:15,480
Speaker 1: Ethereum ecosystem. If you like um and it lets you yeah,

569
00:32:15,600 --> 00:32:19,600
Speaker 1: lets you hold and trade and store ethan all other

570
00:32:20,080 --> 00:32:23,320
Speaker 1: all e r C twenty tokens. Now, lots of other

571
00:32:23,440 --> 00:32:27,520
Speaker 1: cryptos have their have introduced their own browser extension wallets.

572
00:32:27,640 --> 00:32:32,600
Speaker 1: So Cosmos has Keptler for example, Cardano has your roy

573
00:32:32,960 --> 00:32:35,360
Speaker 1: Selana has Phantom. There are lots and lots of different

574
00:32:35,400 --> 00:32:39,120
Speaker 1: ones and basically each one allows you to interact with

575
00:32:39,160 --> 00:32:41,840
Speaker 1: that cryptocurrencies ecosystem, and you can do quite a lot

576
00:32:41,880 --> 00:32:43,840
Speaker 1: with with a lot of these, you can you can

577
00:32:43,880 --> 00:32:46,800
Speaker 1: steak and things like that. Um so you can stake

578
00:32:46,920 --> 00:32:50,280
Speaker 1: through some software and even some hardware devices as well.

579
00:32:50,320 --> 00:32:53,280
Speaker 1: But we've also said be careful when you're staking. Well,

580
00:32:53,400 --> 00:32:56,880
Speaker 1: steaking is staking is slightly different. So I mean you

581
00:32:56,920 --> 00:33:00,280
Speaker 1: can stake on exchanges and there is there as a

582
00:33:00,400 --> 00:33:03,600
Speaker 1: risk to that, but stakings, as we've discussed before, is

583
00:33:03,640 --> 00:33:07,000
Speaker 1: putting down coins to to help secure the network. Now,

584
00:33:07,520 --> 00:33:11,960
Speaker 1: oh so I'm thinking of leveraging leverage. Yeah, leveraging is

585
00:33:12,360 --> 00:33:15,360
Speaker 1: that's really risky and you shouldn't get trading with leverage.

586
00:33:15,440 --> 00:33:18,880
Speaker 1: That's not a good idea at all. These browser extension wallets,

587
00:33:18,920 --> 00:33:21,440
Speaker 1: although they are connected to the Internet, which means they're

588
00:33:21,440 --> 00:33:24,280
Speaker 1: more vulnerable than a hardware wallet, up to a point,

589
00:33:24,840 --> 00:33:27,720
Speaker 1: they are again better than leaving crypto on an exchange.

590
00:33:27,840 --> 00:33:30,360
Speaker 1: And I mean I have if you see on my

591
00:33:30,480 --> 00:33:32,320
Speaker 1: if you see in my browser here, I've got that

592
00:33:32,400 --> 00:33:35,320
Speaker 1: you know, that's Meta mask there, and you're right, and

593
00:33:36,000 --> 00:33:38,120
Speaker 1: Kepler and Phantom and all these other sort of ones. Now,

594
00:33:38,200 --> 00:33:41,959
Speaker 1: I kind of use these for for various things, like

595
00:33:42,600 --> 00:33:46,680
Speaker 1: it's quite a good way to store particular coins, um,

596
00:33:46,800 --> 00:33:49,400
Speaker 1: but it's also you know, they're also quite useful for

597
00:33:49,440 --> 00:33:52,600
Speaker 1: interacting with those coins ecosystems and things like that. So

598
00:33:52,640 --> 00:33:54,520
Speaker 1: if you you know, if you want to buy n

599
00:33:54,560 --> 00:33:56,480
Speaker 1: f t s on Slana, you know you can do

600
00:33:56,520 --> 00:33:58,360
Speaker 1: that through the Phantom wallet if you want to steak

601
00:33:58,440 --> 00:34:01,920
Speaker 1: at them. Those are the sort of different types of

602
00:34:01,920 --> 00:34:05,320
Speaker 1: of software wallet you've got. You've got the ones that

603
00:34:05,360 --> 00:34:07,840
Speaker 1: you can download as a as an app or or

604
00:34:07,880 --> 00:34:10,839
Speaker 1: a desktop program, and then you've also got the ones

605
00:34:10,880 --> 00:34:13,120
Speaker 1: that you can download as a browser extension, which are

606
00:34:13,160 --> 00:34:17,120
Speaker 1: generally more more designed to kind of interact with with

607
00:34:17,280 --> 00:34:24,920
Speaker 1: whatever coin you know, ecosystem you'r has issued it. So um,

608
00:34:25,120 --> 00:34:28,200
Speaker 1: they and these software and browser extension wallets, they are

609
00:34:28,239 --> 00:34:31,200
Speaker 1: a little more functional than hardware wallet's. It's a bit

610
00:34:31,239 --> 00:34:34,440
Speaker 1: easy you can stake through certain hardware wallets, but not

611
00:34:34,520 --> 00:34:38,719
Speaker 1: all um, and doing so as staking is generally a

612
00:34:38,800 --> 00:34:43,279
Speaker 1: bit easier through browser extension and software wallets. So um,

613
00:34:43,440 --> 00:34:47,080
Speaker 1: that's something too, that's something to consider. UM, you have

614
00:34:47,200 --> 00:34:51,560
Speaker 1: to be very very careful with downloading these wallets. So

615
00:34:51,600 --> 00:34:54,160
Speaker 1: you have to double check when you are downloading a

616
00:34:54,200 --> 00:34:57,239
Speaker 1: software wallet that you're getting the official version of it.

617
00:34:57,280 --> 00:34:59,799
Speaker 1: And you have to be careful because scammers have been

618
00:35:00,000 --> 00:35:03,920
Speaker 1: and to create fakes, you know, fake sites, fake downloads,

619
00:35:04,600 --> 00:35:06,520
Speaker 1: and you can even pay to get them ranked on

620
00:35:06,560 --> 00:35:08,319
Speaker 1: Google and all this sort of stuff. So you need

621
00:35:08,360 --> 00:35:11,080
Speaker 1: to know, you need to be doubly make make doubly

622
00:35:11,120 --> 00:35:15,160
Speaker 1: certain that you're downloading the correct app or software or

623
00:35:15,200 --> 00:35:20,399
Speaker 1: whatever it is. UM. Be wary of on that note,

624
00:35:20,400 --> 00:35:22,880
Speaker 1: be wary of any emails that tell you to download

625
00:35:22,920 --> 00:35:26,680
Speaker 1: software updates or anything like that. Check that they are checked,

626
00:35:26,680 --> 00:35:28,920
Speaker 1: that they are genuine, check that they are coming, you know,

627
00:35:29,200 --> 00:35:33,560
Speaker 1: coming from the from the wallet provider itself. And I

628
00:35:33,560 --> 00:35:39,000
Speaker 1: would definitely advocate against keeping all your crypto in one

629
00:35:39,160 --> 00:35:43,359
Speaker 1: particular software wallet. UM. You know, if you are going

630
00:35:43,400 --> 00:35:47,680
Speaker 1: to use software while it's not hardware, while it's then UM,

631
00:35:47,880 --> 00:35:51,080
Speaker 1: spread it around, spread it between a few Now, I

632
00:35:51,120 --> 00:35:54,360
Speaker 1: think a good setup could be to keep the bulk

633
00:35:54,640 --> 00:35:57,359
Speaker 1: of your stash on a hardware wallet, but leave a

634
00:35:57,440 --> 00:35:59,880
Speaker 1: small amount in the software whilet If you want slight

635
00:36:00,200 --> 00:36:03,560
Speaker 1: easier access to it because you know, it can be

636
00:36:03,840 --> 00:36:06,399
Speaker 1: it can be a little quicker to transfer from from

637
00:36:06,440 --> 00:36:08,920
Speaker 1: a software or a browser extension wallet and also you know,

638
00:36:08,960 --> 00:36:11,320
Speaker 1: to trade and things like that. Some of them actually

639
00:36:11,320 --> 00:36:14,239
Speaker 1: have links with exchanges as well, so you trade within

640
00:36:14,520 --> 00:36:17,880
Speaker 1: within the wallet app, um, so you can keep a

641
00:36:17,960 --> 00:36:22,600
Speaker 1: little bit of of crypto you know, handy for trading

642
00:36:22,640 --> 00:36:26,440
Speaker 1: as well. Some people often ask me, should I is

643
00:36:26,480 --> 00:36:28,440
Speaker 1: it okay to keep a little bit of crypto on

644
00:36:28,520 --> 00:36:33,200
Speaker 1: exchanges for trading two? And I guess the answers of

645
00:36:33,239 --> 00:36:37,359
Speaker 1: that is it depends what a little bit is for you,

646
00:36:38,040 --> 00:36:39,960
Speaker 1: you know, um. And I'm going to talk about that

647
00:36:40,040 --> 00:36:43,040
Speaker 1: in in in a few moments, because this idea of

648
00:36:43,080 --> 00:36:46,160
Speaker 1: being able to trade very quickly is something that I

649
00:36:46,200 --> 00:36:49,400
Speaker 1: think a lot of people use as a reason for,

650
00:36:49,880 --> 00:36:53,640
Speaker 1: you know, for not having their crypto securely stored, because

651
00:36:53,640 --> 00:36:55,560
Speaker 1: they want quick access to it. They want to be

652
00:36:55,600 --> 00:36:58,919
Speaker 1: able to take advantage of of of a quick price

653
00:36:59,000 --> 00:37:02,880
Speaker 1: swing or something like that. Now it's a legitimate concern,

654
00:37:03,440 --> 00:37:06,440
Speaker 1: but we're going to see in a minute how you know,

655
00:37:06,600 --> 00:37:09,000
Speaker 1: how you can kind of get around that and still

656
00:37:09,200 --> 00:37:12,440
Speaker 1: have your crypto securely stored. And one way to do

657
00:37:12,480 --> 00:37:16,080
Speaker 1: that is to keep it in in a software wallet

658
00:37:16,120 --> 00:37:18,520
Speaker 1: of some kind that would that is a safer option

659
00:37:18,920 --> 00:37:21,600
Speaker 1: than having it sitting on in exchange. Then you know

660
00:37:22,120 --> 00:37:25,800
Speaker 1: that way, at least you still control the private keys

661
00:37:25,840 --> 00:37:30,640
Speaker 1: to that crypto. Okay, cool, So I want to move on.

662
00:37:30,680 --> 00:37:33,160
Speaker 1: I think we'll take another very very quick break and

663
00:37:33,200 --> 00:37:35,040
Speaker 1: then I want to move on to part three. And

664
00:37:35,080 --> 00:37:37,160
Speaker 1: this is that's going to be some tips and tricks

665
00:37:37,400 --> 00:37:55,879
Speaker 1: for good practice for keeping your crypto secure. Welcome back

666
00:37:55,880 --> 00:37:59,560
Speaker 1: to part three now to finish, to finish this episode off,

667
00:37:59,600 --> 00:38:02,200
Speaker 1: I'm just going to go through some tips for good

668
00:38:02,200 --> 00:38:05,399
Speaker 1: practice and what follows are steps that everyone should take

669
00:38:05,440 --> 00:38:12,920
Speaker 1: to keep their crypto and and themselves safe. So firstly,

670
00:38:12,960 --> 00:38:15,920
Speaker 1: again I repeat repeat a few things I've mentioned before,

671
00:38:15,960 --> 00:38:18,240
Speaker 1: but just to handle them home, whatever type of wallet

672
00:38:18,239 --> 00:38:21,720
Speaker 1: you're using, hardware, software, whatever, write down the seed phrase

673
00:38:21,760 --> 00:38:26,080
Speaker 1: and store the seed phrase securely, okay, And if you want,

674
00:38:26,120 --> 00:38:28,279
Speaker 1: if you need to use a if you need to

675
00:38:28,320 --> 00:38:31,279
Speaker 1: engrave it on a seed card available from the coin

676
00:38:31,280 --> 00:38:34,560
Speaker 1: bure Emerged store and other and other good retailers, then

677
00:38:34,600 --> 00:38:38,120
Speaker 1: that is a good way of protecting against damage. Now,

678
00:38:38,920 --> 00:38:42,280
Speaker 1: when you set up a password, be it for a wallet,

679
00:38:42,760 --> 00:38:46,120
Speaker 1: for an exchange or whatever it is. Make sure that

680
00:38:46,160 --> 00:38:49,480
Speaker 1: it's strong. Password one two, three, four means that you

681
00:38:49,560 --> 00:38:54,200
Speaker 1: deserve to have everything you own stolen, because that's just silly.

682
00:38:54,280 --> 00:38:58,160
Speaker 1: So you need a you need a good combination of letters, numbers,

683
00:38:58,200 --> 00:39:01,600
Speaker 1: capital letters, special characters, if they'll let you all those

684
00:39:01,600 --> 00:39:03,680
Speaker 1: sorts of things, um, and you need to have a

685
00:39:03,680 --> 00:39:07,080
Speaker 1: different one for each for each for each exchange account,

686
00:39:07,120 --> 00:39:09,400
Speaker 1: for each account of what you know, whatever it is.

687
00:39:09,800 --> 00:39:14,000
Speaker 1: Don't reuse passwords because you know that is that is

688
00:39:14,040 --> 00:39:17,560
Speaker 1: asking for trouble. And also for a lot of these

689
00:39:17,560 --> 00:39:21,719
Speaker 1: apps in the you can enable two factor authentication, so

690
00:39:21,920 --> 00:39:24,360
Speaker 1: you can use an app like Google Authenticator, or you

691
00:39:24,400 --> 00:39:26,960
Speaker 1: can use a security key like a ub key or

692
00:39:27,320 --> 00:39:30,080
Speaker 1: or something like that. You know, basically that generates a

693
00:39:30,400 --> 00:39:32,600
Speaker 1: It's usually a six digit code, isn't it. And this

694
00:39:32,760 --> 00:39:36,239
Speaker 1: code has changed every thirty seconds or something. So if

695
00:39:36,280 --> 00:39:38,960
Speaker 1: you're logging into your exchange account, you know you need

696
00:39:39,040 --> 00:39:41,960
Speaker 1: your you need your login details, your password, and then

697
00:39:42,200 --> 00:39:45,560
Speaker 1: you you know, you can have Google Authenticator on your phone. Yeah,

698
00:39:45,600 --> 00:39:49,520
Speaker 1: and it's advisable. Don't use a SIM based a simcard

699
00:39:49,560 --> 00:39:54,239
Speaker 1: based authenticator because you can be vulnerable to what's called

700
00:39:54,239 --> 00:39:56,040
Speaker 1: a sim swap attack through that, but I won't go

701
00:39:56,080 --> 00:40:00,920
Speaker 1: into that. So strong passwords, don't reuse them, and don't

702
00:40:01,160 --> 00:40:05,239
Speaker 1: store your passwords on your phone or your computer. Some

703
00:40:05,320 --> 00:40:09,440
Speaker 1: people have been known to have documents on their computer,

704
00:40:10,000 --> 00:40:13,600
Speaker 1: you know, titled passwords and login information and things like that,

705
00:40:14,040 --> 00:40:16,200
Speaker 1: and they've just got everything written down there. You know,

706
00:40:16,280 --> 00:40:19,319
Speaker 1: if that computer is connected to the Internet, that information

707
00:40:19,360 --> 00:40:23,799
Speaker 1: can be gotten hold of and yeah, that can be

708
00:40:23,920 --> 00:40:28,719
Speaker 1: that can be. Yeah, this is relevant to not only

709
00:40:28,760 --> 00:40:33,239
Speaker 1: to holding crypto, but just general online security as well. Now,

710
00:40:33,360 --> 00:40:36,799
Speaker 1: five dollar wrench attacks, I wanted to talk about those. Now, yeah,

711
00:40:36,840 --> 00:40:39,040
Speaker 1: for anyone who's not a merit I suppose you can

712
00:40:39,040 --> 00:40:45,120
Speaker 1: trans translate that as a five pound spanner assault or

713
00:40:45,160 --> 00:40:47,240
Speaker 1: something like that. You know, a five dollar wrench attack

714
00:40:47,320 --> 00:40:52,440
Speaker 1: is basically being threatened by someone with a stick or

715
00:40:52,480 --> 00:40:56,640
Speaker 1: a wrench or whatever. Now, this is this is tricky

716
00:40:57,600 --> 00:41:00,479
Speaker 1: because you might say, you know, if someone's if someone

717
00:41:00,560 --> 00:41:03,480
Speaker 1: is threatening you, then you might have no choice but

718
00:41:03,560 --> 00:41:05,920
Speaker 1: to hand over your crypto. But there are steps you

719
00:41:05,920 --> 00:41:09,000
Speaker 1: can take to protect yourself in this eventuality. And one

720
00:41:09,040 --> 00:41:13,040
Speaker 1: of those steps is to avoid having any exchange apps

721
00:41:13,160 --> 00:41:17,359
Speaker 1: or anything similar on your phone at all, because I

722
00:41:17,400 --> 00:41:20,839
Speaker 1: do not think that you need them. So you know

723
00:41:21,360 --> 00:41:24,200
Speaker 1: you've got your let's say you've got your coin base

724
00:41:24,239 --> 00:41:26,720
Speaker 1: app on your phone and you've got some crypto stored

725
00:41:27,000 --> 00:41:31,640
Speaker 1: on coin Base. Now there have been instances, in fact,

726
00:41:31,719 --> 00:41:34,840
Speaker 1: there was an article recently about a spate of thefts

727
00:41:34,880 --> 00:41:39,560
Speaker 1: here in London where thieves, muggers had basically got people

728
00:41:39,760 --> 00:41:42,320
Speaker 1: at you know, got people up against the wall, forced

729
00:41:42,360 --> 00:41:46,040
Speaker 1: them to open up their phone, navigated to their exchange

730
00:41:46,040 --> 00:41:49,000
Speaker 1: apps and then just you know, with a few clicks,

731
00:41:49,239 --> 00:41:53,400
Speaker 1: have transferred you know, transferred crypto out of their exchange

732
00:41:53,440 --> 00:41:57,560
Speaker 1: into the thiefs exchange account and that's it. Now. As

733
00:41:57,560 --> 00:42:01,440
Speaker 1: we know, as we've talked about in episodes before, crypto transactions,

734
00:42:01,480 --> 00:42:04,880
Speaker 1: transactions on the blockchain, they ain't reversible. It's not like

735
00:42:05,000 --> 00:42:07,600
Speaker 1: if they can take a while, though they can take

736
00:42:07,640 --> 00:42:11,680
Speaker 1: a while, but they're not reversible. It's not like you know,

737
00:42:11,719 --> 00:42:14,080
Speaker 1: it's not like someone doing it from your bank account

738
00:42:14,160 --> 00:42:17,160
Speaker 1: to their's where you can get in touch with your bank.

739
00:42:17,360 --> 00:42:20,240
Speaker 1: You know, these they can't be they can't be undone.

740
00:42:20,280 --> 00:42:22,840
Speaker 1: So the chance of you getting your crypto back in

741
00:42:22,880 --> 00:42:28,520
Speaker 1: a situation like this are very very small. So now

742
00:42:29,200 --> 00:42:33,480
Speaker 1: a lot of people might argue that yeah, you you know,

743
00:42:33,520 --> 00:42:35,840
Speaker 1: oh I like to have my exchange and then I can.

744
00:42:35,960 --> 00:42:37,719
Speaker 1: You know, it means I can buy crypto on the go.

745
00:42:37,880 --> 00:42:39,719
Speaker 1: It means I can trade on the go and all

746
00:42:39,760 --> 00:42:42,560
Speaker 1: that sort of stuff. And I just I think this

747
00:42:42,640 --> 00:42:44,840
Speaker 1: is a very dangerous I mean, you know, as a

748
00:42:45,400 --> 00:42:48,080
Speaker 1: as we've said earlier on in this episode, you shouldn't

749
00:42:48,080 --> 00:42:51,160
Speaker 1: be keeping large amounts of money on your crypto exchange

750
00:42:51,160 --> 00:42:54,840
Speaker 1: app anyway. And look, if you are wanting to trade,

751
00:42:55,960 --> 00:42:58,960
Speaker 1: you know, if you are let's say you're let's say

752
00:42:58,960 --> 00:43:02,000
Speaker 1: you're absolutely determined that you want to buy two hundred

753
00:43:02,000 --> 00:43:07,960
Speaker 1: dollars worth of bitcoin. If bitcoin goes under eighteen k,

754
00:43:09,280 --> 00:43:12,719
Speaker 1: now you can you know a lot of people will

755
00:43:12,800 --> 00:43:15,600
Speaker 1: just keep looking at keep looking at the prices, keep

756
00:43:15,600 --> 00:43:19,080
Speaker 1: looking at their exchange apps, hoping that this is the case.

757
00:43:19,440 --> 00:43:22,160
Speaker 1: Now with a lot of exchanges, now you can set

758
00:43:22,239 --> 00:43:25,560
Speaker 1: up what are called limit orders, so you can, you know,

759
00:43:25,680 --> 00:43:29,279
Speaker 1: you can have the exchange on your desktop, say on

760
00:43:29,320 --> 00:43:32,920
Speaker 1: your laptop, whatever it is, and you can set aside

761
00:43:32,960 --> 00:43:35,799
Speaker 1: a little bit of money too. You can you can

762
00:43:35,800 --> 00:43:39,120
Speaker 1: set up an order to automatically execute at a particular

763
00:43:39,160 --> 00:43:43,040
Speaker 1: price point, so the moment BTC dips below eighteen k,

764
00:43:43,239 --> 00:43:45,400
Speaker 1: that order that you've set up will be fulfilled and

765
00:43:45,560 --> 00:43:48,839
Speaker 1: you know that two hundred dollars will become two hundred

766
00:43:49,080 --> 00:43:53,520
Speaker 1: dollars worth of BTC at that price. So now not

767
00:43:53,680 --> 00:43:56,359
Speaker 1: every exchange does this. I think some of the more

768
00:43:56,400 --> 00:43:59,359
Speaker 1: basic ones, you know, they might not let you do it,

769
00:43:59,400 --> 00:44:01,799
Speaker 1: but you know it is. It is a feature that

770
00:44:01,920 --> 00:44:05,839
Speaker 1: is available on an increasing number of exchanges and it's

771
00:44:05,840 --> 00:44:08,360
Speaker 1: a good way of being able to take advantage of

772
00:44:08,400 --> 00:44:10,800
Speaker 1: any particular price points that you want to get into,

773
00:44:11,280 --> 00:44:15,840
Speaker 1: but without having to have your exchange apps on your phone,

774
00:44:16,000 --> 00:44:19,840
Speaker 1: because that way you are you are vulnerable if someone

775
00:44:20,280 --> 00:44:23,080
Speaker 1: you know, basically forces you to to open up your phone.

776
00:44:23,880 --> 00:44:26,560
Speaker 1: So that's something to think about. Limit orders and you

777
00:44:26,560 --> 00:44:28,319
Speaker 1: can also, you know, you can do it the other way.

778
00:44:28,360 --> 00:44:30,520
Speaker 1: You can set it. You can set a cell order,

779
00:44:30,640 --> 00:44:34,000
Speaker 1: so if if you think, you know, if you want to,

780
00:44:34,080 --> 00:44:36,000
Speaker 1: if you want to sell a crypto at a particular price,

781
00:44:36,040 --> 00:44:37,640
Speaker 1: you can just you can do that and that order

782
00:44:37,680 --> 00:44:40,239
Speaker 1: will automatically execute, and you can set that up on

783
00:44:40,280 --> 00:44:43,400
Speaker 1: your computer at home and then go about your business

784
00:44:43,400 --> 00:44:45,560
Speaker 1: in the big wide world, and you can be confident

785
00:44:45,640 --> 00:44:49,160
Speaker 1: that order will will will execute. If that price point

786
00:44:49,200 --> 00:44:54,200
Speaker 1: is reached. So um yeah, I honestly don't think anyone

787
00:44:54,400 --> 00:44:58,239
Speaker 1: should really be walking around with with crypto x with

788
00:44:58,280 --> 00:45:01,040
Speaker 1: their phone filled with crypto exchange apps, and certainly not

789
00:45:01,120 --> 00:45:05,680
Speaker 1: with lots of crypto sitting on the in those exchange accounts. Now.

790
00:45:06,040 --> 00:45:08,440
Speaker 1: I know a lot of people like to like to

791
00:45:08,520 --> 00:45:11,000
Speaker 1: keep track of their portfolio, like to see just how

792
00:45:11,080 --> 00:45:15,200
Speaker 1: much money there up or at the moment down, checking

793
00:45:15,200 --> 00:45:17,839
Speaker 1: every few minutes. And you know, some people will go

794
00:45:17,880 --> 00:45:20,600
Speaker 1: around checking coin market cap, other people will be checking

795
00:45:20,640 --> 00:45:23,600
Speaker 1: their exchange accounts or whatever. If you do have to

796
00:45:23,640 --> 00:45:27,360
Speaker 1: do that, and I don't think you should, but people

797
00:45:27,360 --> 00:45:30,239
Speaker 1: can't help themselves. There are lots of portfolio trackers and

798
00:45:30,280 --> 00:45:32,960
Speaker 1: things that you can use as well. There are things

799
00:45:32,960 --> 00:45:35,920
Speaker 1: like coinly or a coint that's coinly with a K,

800
00:45:37,000 --> 00:45:39,399
Speaker 1: acquainting things like that. You know, there are these There

801
00:45:39,400 --> 00:45:42,280
Speaker 1: are these um and they can gather the data from

802
00:45:42,320 --> 00:45:44,759
Speaker 1: you know, your various exchanges and wallets and things like that.

803
00:45:44,800 --> 00:45:46,640
Speaker 1: They sometimes take a little bit of setting up, but

804
00:45:46,719 --> 00:45:50,160
Speaker 1: it's fairly straightforward to do, and then you can have

805
00:45:50,239 --> 00:45:51,960
Speaker 1: that as an app on your phone and all that

806
00:45:52,000 --> 00:45:54,000
Speaker 1: will tell you is what your portfolio is looking like,

807
00:45:54,040 --> 00:45:56,680
Speaker 1: but it won't allow you to trade, it won't allow

808
00:45:56,719 --> 00:46:00,640
Speaker 1: you to withdraw or anything like that. So support portfolio

809
00:46:00,680 --> 00:46:03,120
Speaker 1: tracker is a good option if you want to if

810
00:46:03,120 --> 00:46:05,359
Speaker 1: you want to keep track of, you know, how you're doing.

811
00:46:05,360 --> 00:46:09,120
Speaker 1: But again I would make make make your life that

812
00:46:09,200 --> 00:46:12,760
Speaker 1: little bit easier. And and don't bother, you know, don't

813
00:46:12,960 --> 00:46:15,920
Speaker 1: try not to look at prices every few minutes. Some people,

814
00:46:16,000 --> 00:46:17,839
Speaker 1: I know that some people will be listening to this

815
00:46:17,920 --> 00:46:20,399
Speaker 1: and going, yeah, but yeah, I still like to have

816
00:46:20,719 --> 00:46:23,239
Speaker 1: I still like to have apps, so you know, I

817
00:46:23,280 --> 00:46:25,879
Speaker 1: still like to be able to just buy crypto when

818
00:46:25,920 --> 00:46:28,120
Speaker 1: I'm out and about, And some people just won't be

819
00:46:28,200 --> 00:46:30,960
Speaker 1: able to change their minds on this. So another option

820
00:46:31,000 --> 00:46:34,040
Speaker 1: that you can also consider, Again, not all exchanges allow it,

821
00:46:34,080 --> 00:46:37,280
Speaker 1: but an increasing number DOO is something called white listing.

822
00:46:38,239 --> 00:46:41,840
Speaker 1: Now that is, on an exchange or or similar platform,

823
00:46:41,920 --> 00:46:45,560
Speaker 1: you can set up basically an address book of crypto

824
00:46:45,560 --> 00:46:51,680
Speaker 1: addresses and you can only send crypto to those addresses. Now, obviously,

825
00:46:51,760 --> 00:46:53,319
Speaker 1: if you take a bit of time to set up,

826
00:46:53,520 --> 00:46:56,080
Speaker 1: you know, you can set up let's say you can

827
00:46:56,120 --> 00:46:59,440
Speaker 1: only send bitcoin to one address and that happens to

828
00:46:59,480 --> 00:47:03,799
Speaker 1: be your wallet address. Say, now, when you do this.

829
00:47:04,080 --> 00:47:07,080
Speaker 1: That means that you can't you know, if someone else

830
00:47:07,160 --> 00:47:09,000
Speaker 1: was to get get into it, or if someone was

831
00:47:09,040 --> 00:47:10,799
Speaker 1: to force you, there is no way they could just

832
00:47:11,000 --> 00:47:13,200
Speaker 1: enter their address and you could send it because there's

833
00:47:13,280 --> 00:47:15,720
Speaker 1: usually a there's a waiting period, and you can sometimes

834
00:47:15,719 --> 00:47:19,680
Speaker 1: adjust the length of the waiting period. And um, I

835
00:47:19,719 --> 00:47:23,359
Speaker 1: tried this. I tried this with with one particular app,

836
00:47:23,400 --> 00:47:25,160
Speaker 1: and I had it as forty eight hours. So if

837
00:47:25,160 --> 00:47:29,000
Speaker 1: I wanted to send crypto to a different address to

838
00:47:29,280 --> 00:47:31,680
Speaker 1: other than one that I had saved, I could put

839
00:47:31,719 --> 00:47:33,600
Speaker 1: that address in, but there was a forty eight hour

840
00:47:33,680 --> 00:47:37,120
Speaker 1: waiting period. And you know, if someone's if someone is

841
00:47:37,120 --> 00:47:40,240
Speaker 1: trying to steal from you in real time, they're unlikely

842
00:47:40,320 --> 00:47:42,960
Speaker 1: to sit around for forty eight hours waiting for that,

843
00:47:43,040 --> 00:47:44,960
Speaker 1: so you can you can thwart them that way. So

844
00:47:45,040 --> 00:47:47,920
Speaker 1: that's that's address white listing. That is a very very

845
00:47:47,960 --> 00:47:50,640
Speaker 1: good security tool that you can set up and that

846
00:47:50,760 --> 00:47:54,440
Speaker 1: you know that basically buys you a lot of time. Okay,

847
00:47:54,960 --> 00:47:57,600
Speaker 1: So that's a good that's a good one to use. Again,

848
00:47:57,760 --> 00:47:59,840
Speaker 1: make sure that your apps are secured with two factor

849
00:47:59,880 --> 00:48:02,400
Speaker 1: or indication. If you're using your phone, you know, make

850
00:48:02,440 --> 00:48:04,600
Speaker 1: sure you've got your biometrics in places where you know,

851
00:48:04,640 --> 00:48:06,759
Speaker 1: your fingerprint scan or your face scan or something like

852
00:48:06,800 --> 00:48:09,919
Speaker 1: that to get into the app itself, because obviously there's

853
00:48:09,920 --> 00:48:11,719
Speaker 1: the danger that you you know, you're sitting in a

854
00:48:12,200 --> 00:48:14,160
Speaker 1: in the pub or in a restaurant or something like that,

855
00:48:14,200 --> 00:48:17,240
Speaker 1: you put your phone down, it's open, and someone grabs

856
00:48:17,239 --> 00:48:19,560
Speaker 1: it or something like that. You know, so in that

857
00:48:19,719 --> 00:48:21,960
Speaker 1: so in that case, don't let them if they do

858
00:48:22,040 --> 00:48:24,000
Speaker 1: manage to get your phone and get access to it,

859
00:48:24,120 --> 00:48:26,560
Speaker 1: make sure they can't actually then get into the apps

860
00:48:26,600 --> 00:48:29,560
Speaker 1: that you've insisted on keeping on your phone, even though

861
00:48:29,600 --> 00:48:33,440
Speaker 1: you now know that's a bad idea. Just basically have

862
00:48:33,600 --> 00:48:37,160
Speaker 1: the mindset that you need to make any potential thieves

863
00:48:37,160 --> 00:48:41,719
Speaker 1: life as different as possible or wrong. Oh yeah, you

864
00:48:41,800 --> 00:48:44,239
Speaker 1: get very very you get used to it very quickly. Um.

865
00:48:44,440 --> 00:48:47,080
Speaker 1: But yeah, this this idea that that that you should

866
00:48:47,080 --> 00:48:49,760
Speaker 1: be that you know that it's safe to walk around

867
00:48:49,880 --> 00:48:53,000
Speaker 1: with half a dozen exchange apps on your phone and

868
00:48:53,080 --> 00:48:55,160
Speaker 1: to be trading on the go and all that sort

869
00:48:55,160 --> 00:48:58,960
Speaker 1: of stuff. I think it's nonsense. Um, And you shouldn't,

870
00:48:59,000 --> 00:49:00,920
Speaker 1: you know, you shouldn't have those apps. And if you

871
00:49:00,960 --> 00:49:02,920
Speaker 1: do insist on having those apps, you need to you

872
00:49:02,960 --> 00:49:05,879
Speaker 1: need to take every possible effort to secure them. So

873
00:49:05,920 --> 00:49:09,520
Speaker 1: whether that's securing entry, entry to the app itself, or

874
00:49:09,560 --> 00:49:14,200
Speaker 1: white listing your addresses or anything like that, take those steps. Now.

875
00:49:14,239 --> 00:49:18,840
Speaker 1: A quick word also about scams. Now, obviously crypto is

876
00:49:19,000 --> 00:49:23,000
Speaker 1: plagued with scams, and the only way that we can

877
00:49:23,000 --> 00:49:25,600
Speaker 1: combat them is just by being It's just by being

878
00:49:25,840 --> 00:49:29,680
Speaker 1: super alert, being wary. Never enter I think I said

879
00:49:29,719 --> 00:49:33,640
Speaker 1: this earlier. Never enter your private keys if prompted to

880
00:49:33,680 --> 00:49:36,760
Speaker 1: do so by an email or anything like that. Don't

881
00:49:36,800 --> 00:49:41,600
Speaker 1: open any attachments that you're not sure about. Um, just

882
00:49:41,719 --> 00:49:45,839
Speaker 1: be just be absolute, just be paranoid. I guess you know,

883
00:49:46,280 --> 00:49:49,400
Speaker 1: if someone's offering to send you free crypto, they're not.

884
00:49:49,840 --> 00:49:52,480
Speaker 1: They're they're trying to They're trying to get your they're

885
00:49:52,480 --> 00:49:55,239
Speaker 1: trying to get your seed phrase or some sort of

886
00:49:55,280 --> 00:50:00,360
Speaker 1: personal information. They're basically trying to rob you. And you

887
00:50:00,440 --> 00:50:05,600
Speaker 1: also need to protect your crypto from someone else as well.

888
00:50:05,680 --> 00:50:08,759
Speaker 1: And that's that's you. You need to take stemps that

889
00:50:08,840 --> 00:50:12,560
Speaker 1: you know you're you're protecting. You're protecting your crypto from

890
00:50:12,680 --> 00:50:15,839
Speaker 1: your own idiocy. So again, as I made sure, as

891
00:50:15,880 --> 00:50:19,080
Speaker 1: I as I mentioned earlier, when you're doing a transaction,

892
00:50:19,400 --> 00:50:22,359
Speaker 1: make sure you don't have any distractions. How's that transaction going?

893
00:50:22,400 --> 00:50:26,880
Speaker 1: But not going well? Ma. Now someone else that you

894
00:50:26,920 --> 00:50:29,920
Speaker 1: need to protect your crypto from is one of the

895
00:50:30,000 --> 00:50:34,120
Speaker 1: most dangerous people of all and that is you, your

896
00:50:34,120 --> 00:50:37,120
Speaker 1: good self. Not just you, Mikey, although I mean everyone

897
00:50:37,160 --> 00:50:40,120
Speaker 1: should take steps to protect their crypto from you. But yeah,

898
00:50:40,160 --> 00:50:43,919
Speaker 1: protect your crypto from yourself. And by that I mean

899
00:50:44,040 --> 00:50:48,640
Speaker 1: any any mistakes that you might make. And again I

900
00:50:48,680 --> 00:50:51,560
Speaker 1: mentioned this earlier, but when you're doing a transaction, when

901
00:50:51,600 --> 00:50:54,160
Speaker 1: you're copying and pasting a wallet address, make sure you

902
00:50:54,200 --> 00:50:56,799
Speaker 1: don't have any distractions. And this is another reason why

903
00:50:56,840 --> 00:50:59,840
Speaker 1: I say, don't you know, don't think that you should

904
00:50:59,840 --> 00:51:02,239
Speaker 1: be trading on the go or anything like that. You know,

905
00:51:02,360 --> 00:51:06,320
Speaker 1: I've I have seen people fiddling with you know, fiddling

906
00:51:06,320 --> 00:51:08,799
Speaker 1: with a crypto app whilst they're buying a coffee and

907
00:51:08,800 --> 00:51:10,920
Speaker 1: things like that, or whilst even whilst they're having a

908
00:51:10,960 --> 00:51:15,200
Speaker 1: conversation with me, And you know, you think, focus, you

909
00:51:15,239 --> 00:51:17,520
Speaker 1: need to make sure that you're doing this right. So yeah,

910
00:51:17,560 --> 00:51:20,640
Speaker 1: but when you're making a transaction, double double and triple

911
00:51:20,719 --> 00:51:24,480
Speaker 1: check the amount. Make sure you're not accidentally sending you

912
00:51:24,800 --> 00:51:26,799
Speaker 1: a whole bitcoin when all you want to do is

913
00:51:26,840 --> 00:51:29,239
Speaker 1: send you a hundred dollars worth or something like that.

914
00:51:29,880 --> 00:51:32,400
Speaker 1: Double check any addresses, so if you're you know, if

915
00:51:32,440 --> 00:51:35,640
Speaker 1: you're entering an address, make sure you use copy and

916
00:51:35,680 --> 00:51:39,160
Speaker 1: paste and even then double check, you know, check the

917
00:51:39,200 --> 00:51:41,239
Speaker 1: beginning and the end of the address, check that they

918
00:51:41,280 --> 00:51:45,239
Speaker 1: all match up. Now, if you're if you are going

919
00:51:45,280 --> 00:51:48,560
Speaker 1: to be transferring a large amount, you should do a

920
00:51:48,640 --> 00:51:53,439
Speaker 1: test transaction first. So you know, let's say, let's say

921
00:51:53,440 --> 00:51:56,480
Speaker 1: you want, let's say that you've you've taken our advice

922
00:51:56,600 --> 00:51:58,879
Speaker 1: and that you're going to move all your crypto off

923
00:51:59,120 --> 00:52:04,920
Speaker 1: of what whichever exchange you're using. You know, they don't

924
00:52:04,960 --> 00:52:07,720
Speaker 1: do it all in one. Do like, do ten dollars

925
00:52:07,760 --> 00:52:11,000
Speaker 1: worth just to see first, and then when that goes

926
00:52:11,080 --> 00:52:13,480
Speaker 1: through and you're confident that that that the address was

927
00:52:13,520 --> 00:52:16,239
Speaker 1: correct and everything's fine, then you can move the rest

928
00:52:16,239 --> 00:52:21,759
Speaker 1: of it. Trust me, you'll save yourself a lot of grief. Now,

929
00:52:21,960 --> 00:52:25,120
Speaker 1: most exchanges are pretty good these days. They will prompt

930
00:52:25,160 --> 00:52:28,719
Speaker 1: you if say you've entered an ethereum address for a

931
00:52:28,760 --> 00:52:32,080
Speaker 1: bitcoin transaction, and they'll recognize that that's not right and

932
00:52:32,120 --> 00:52:35,920
Speaker 1: they'll and they'll warn you, but not always you shouldn't

933
00:52:35,920 --> 00:52:38,200
Speaker 1: rely on that. So you need to be you need

934
00:52:38,239 --> 00:52:42,560
Speaker 1: to be checking yourself. Um, and I think another reason

935
00:52:42,640 --> 00:52:44,799
Speaker 1: why you shouldn't have apps, the apps on your phone,

936
00:52:44,800 --> 00:52:47,080
Speaker 1: these exchange apps on your phone, there's less risk of

937
00:52:47,200 --> 00:52:52,920
Speaker 1: you making a split second, ill advised decision. I've spoken

938
00:52:52,920 --> 00:52:55,600
Speaker 1: to people who have been out and in the pub

939
00:52:55,640 --> 00:52:57,719
Speaker 1: and had a big night and then the next day that,

940
00:52:57,840 --> 00:53:00,200
Speaker 1: oh god, yeah I had a few points and and

941
00:53:00,600 --> 00:53:03,719
Speaker 1: yeah I bought five five hundred quids worth of dog

942
00:53:03,800 --> 00:53:06,520
Speaker 1: coin or something like that. It's like, why, It's just like, well,

943
00:53:06,560 --> 00:53:08,960
Speaker 1: it felt like a good idea at the time. You know,

944
00:53:08,680 --> 00:53:12,480
Speaker 1: you've had a few drinks, you're feeling, you're feeling on

945
00:53:12,560 --> 00:53:14,360
Speaker 1: top of the world or anything like that. I feel

946
00:53:14,360 --> 00:53:16,560
Speaker 1: like I need a drink. Yeah, as you wait for

947
00:53:17,120 --> 00:53:20,040
Speaker 1: you wait for this transaction to go through. Yeah, you

948
00:53:20,040 --> 00:53:23,040
Speaker 1: know it sounds obvious, but drunk trading is just a

949
00:53:23,120 --> 00:53:28,320
Speaker 1: really bad idea. And it's a really bad idea or

950
00:53:28,880 --> 00:53:33,040
Speaker 1: or a really really bad So again, if you don't,

951
00:53:33,120 --> 00:53:35,719
Speaker 1: if you're not carrying around these exchange apps on your phone,

952
00:53:35,800 --> 00:53:38,520
Speaker 1: you can't do that. Go out by all means, go

953
00:53:38,560 --> 00:53:40,600
Speaker 1: out to go out and have a great night out

954
00:53:40,640 --> 00:53:43,560
Speaker 1: and stuff like that, but leave the crypto trading at

955
00:53:43,560 --> 00:53:47,560
Speaker 1: home because you just you're not going to make good decisions.

956
00:53:48,000 --> 00:53:50,680
Speaker 1: So yeah, a lot of these you know, not having

957
00:53:50,719 --> 00:53:52,400
Speaker 1: apps on your phone and all that sort of stuff.

958
00:53:52,400 --> 00:53:54,879
Speaker 1: That is a good way of protecting you and your

959
00:53:54,920 --> 00:54:00,400
Speaker 1: crypto from you and your bad decisions. And just remember

960
00:54:00,840 --> 00:54:04,160
Speaker 1: you are your own bank, so you need to take

961
00:54:04,440 --> 00:54:07,000
Speaker 1: you need to take these steps seriously to protect to

962
00:54:07,080 --> 00:54:13,200
Speaker 1: protect your crypto in these in these unsafe and uncertain times. Okay,

963
00:54:13,719 --> 00:54:15,880
Speaker 1: just a quick conclusion, and then we can see whether

964
00:54:15,920 --> 00:54:19,960
Speaker 1: your transactions come through to your coin base wallets. A

965
00:54:20,080 --> 00:54:23,560
Speaker 1: great story arc it would be if it. Hopefully it'll

966
00:54:23,600 --> 00:54:26,439
Speaker 1: time it just at the end of the episode. Now,

967
00:54:26,520 --> 00:54:29,000
Speaker 1: I know I can sometimes sound a bit paranoid when

968
00:54:29,000 --> 00:54:31,320
Speaker 1: talking about crypto security, and I know a lot of

969
00:54:31,320 --> 00:54:33,640
Speaker 1: people will have listened, go what you keep your crypto

970
00:54:34,080 --> 00:54:38,520
Speaker 1: while in a safe deposit box? Really, the fact is

971
00:54:38,880 --> 00:54:42,000
Speaker 1: that all of the risks I've talked about in this episode,

972
00:54:42,360 --> 00:54:47,000
Speaker 1: they've all happened at some point or another. Exchanges have

973
00:54:47,160 --> 00:54:51,200
Speaker 1: been hacked, people have been held at knife point and

974
00:54:51,440 --> 00:54:54,640
Speaker 1: forced to open up their phone and send crypto to

975
00:54:54,640 --> 00:54:59,759
Speaker 1: a thief's address. Celsius has gone bust um you know

976
00:55:00,440 --> 00:55:04,440
Speaker 1: people well they are. I mean that that's it's ongoing.

977
00:55:04,520 --> 00:55:07,200
Speaker 1: It's ongoing. But you know that it still stands if

978
00:55:07,200 --> 00:55:09,920
Speaker 1: you had your money in Celsius, you currently can't get

979
00:55:10,000 --> 00:55:12,200
Speaker 1: hold of it. Certainly at the time of recording this.

980
00:55:13,160 --> 00:55:16,480
Speaker 1: While ITT's have been poisoned, I you know, they've been

981
00:55:16,719 --> 00:55:19,720
Speaker 1: bought and sold on with the seed phrases noted down.

982
00:55:20,480 --> 00:55:24,200
Speaker 1: Phishing attacks happen all the time. Data breaches, scams, you know,

983
00:55:24,360 --> 00:55:26,400
Speaker 1: these have all happened in the past, and they have

984
00:55:26,480 --> 00:55:30,840
Speaker 1: all resulted in lost crypto. So the phrase that I

985
00:55:30,880 --> 00:55:35,160
Speaker 1: want to leave everyone with for for this episode hope

986
00:55:35,200 --> 00:55:42,359
Speaker 1: for the best, expect the worst. Yeah, because as I said,

987
00:55:42,440 --> 00:55:45,000
Speaker 1: if you do lose your crypto for whatever reason it is,

988
00:55:45,640 --> 00:55:49,720
Speaker 1: the chances of getting it back can be really, really slim,

989
00:55:49,760 --> 00:55:53,160
Speaker 1: you know, even for even for you know, we hope

990
00:55:53,239 --> 00:55:56,200
Speaker 1: that Celsius users, whatever happens with Celsius in the end

991
00:55:56,239 --> 00:55:58,920
Speaker 1: and these other platforms, we hope that they will eventually

992
00:55:58,960 --> 00:56:02,080
Speaker 1: get their crypto back. Even if they do, it could

993
00:56:02,120 --> 00:56:05,040
Speaker 1: take a very long time. You know, it could take months,

994
00:56:05,120 --> 00:56:09,840
Speaker 1: it could take years. So don't take the risk self custody.

995
00:56:10,239 --> 00:56:13,320
Speaker 1: Go to take all these steps that I've I've talked about,

996
00:56:13,400 --> 00:56:19,560
Speaker 1: take the security of your crypto and yourself really really seriously,

997
00:56:19,560 --> 00:56:21,799
Speaker 1: don't rely on anyone else to do it. Hope for

998
00:56:21,800 --> 00:56:26,520
Speaker 1: the best, but hey, expect the worst. Have Do you

999
00:56:26,560 --> 00:56:29,120
Speaker 1: feel like you're Do you feel like you've learned anything

1000
00:56:29,120 --> 00:56:35,720
Speaker 1: in this episode? Mike, Yeah, yeah, still well okay, Well

1001
00:56:35,760 --> 00:56:37,920
Speaker 1: be prepared for Yeah, be prepared for it. If you

1002
00:56:37,960 --> 00:56:40,560
Speaker 1: are making transfers to these wilets, they can sometimes take

1003
00:56:40,600 --> 00:56:44,520
Speaker 1: a long time. But yeah, make sure that when you

1004
00:56:44,600 --> 00:56:48,080
Speaker 1: do that, you are you are doing it with no distractions.

1005
00:56:48,120 --> 00:56:50,680
Speaker 1: You are double and triple checking. And yeah, if you

1006
00:56:50,719 --> 00:56:52,040
Speaker 1: are going to make a if you are going to

1007
00:56:52,080 --> 00:56:54,680
Speaker 1: make a transfer, especially if it's of a large amount,

1008
00:56:55,760 --> 00:57:01,080
Speaker 1: do a small, small transaction first to test transaction. Anyway, folks,

1009
00:57:01,640 --> 00:57:05,160
Speaker 1: take care out there, look after yourselves, look after each other,

1010
00:57:05,280 --> 00:57:08,759
Speaker 1: and look after your crypto. And we will see you

1011
00:57:09,160 --> 00:57:11,799
Speaker 1: next time. Thank you so much for listening to the

1012
00:57:11,840 --> 00:57:15,160
Speaker 1: coin Bureau podcast. If you'd like to learn more about cryptocurrency,

1013
00:57:15,400 --> 00:57:18,479
Speaker 1: you can visit our YouTube channel at YouTube dot com

1014
00:57:18,520 --> 00:57:21,280
Speaker 1: forward slash coin Bureau. You can also go to coin

1015
00:57:21,320 --> 00:57:24,520
Speaker 1: bureau dot com for loads more information about all things crypto.

1016
00:57:24,880 --> 00:57:27,160
Speaker 1: You can follow me on Twitter and at coin bureau

1017
00:57:27,280 --> 00:57:29,800
Speaker 1: or one word, and I'm also active on TikTok and

1018
00:57:29,920 --> 00:57:33,160
Speaker 1: Instagram as well. First of all, it's not thank you

1019
00:57:33,200 --> 00:57:38,080
Speaker 1: for listening, You're welcome for great content. Yeah, like this

1020
00:57:38,200 --> 00:57:41,560
Speaker 1: is free and they're learning about a fairly great topic

1021
00:57:41,960 --> 00:57:44,600
Speaker 1: in a non boring way. If you'd like to visit

1022
00:57:44,720 --> 00:57:47,680
Speaker 1: me and hear more about me, go to mooch About

1023
00:57:47,800 --> 00:57:50,400
Speaker 1: m O O C h A b O U T

1024
00:57:51,480 --> 00:58:03,919
Speaker 1: or else. For more podcasts from I Heart Radio, visit

1025
00:58:04,000 --> 00:58:07,520
Speaker 1: the I heart Radio app, Apple Podcasts, or wherever we

1026
00:58:07,600 --> 00:58:18,320
Speaker 1: get your podcasts. The coin Burea podcast is a production

1027
00:58:18,440 --> 00:58:40,320
Speaker 1: of I Heart Radio.