Be careful when setting up a new crypto wallet!

"Learn the important steps and precautions for setting up a secure crypto wallet to protect your investment and ensure peace of mind."

December 3, 2023· 2 min read
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Wallet setup ceremony

Wallet setup is very important, because, in crypto (cryptocurrency), one or two dollars today could be thousands of dollars in the near future. Therefore, when you setup your wallet imagine that it's going to contain one thousand times more money than you're investing today. There's a few key things to do before you set up your wallet.

First of all you need to prepare your environment. You'll want to be alone in an area with no cameras around, be sure that your phone cameras are covered, and all smart devices that have cameras are unplugged and/or are covered with microfiber blankets. Also, don't speak or whisper your passphrase words, because smart devices are listening.

Ok, now that you are in a safe environment for writing down your secret passphrase, now you can begin setting up your new crypto wallet.

One of the most important things to do is to inscribe your 12/24 word secret passphrase onto a durable medium. Some people engrave their passphrase onto a small piece of metal. While others will use waterproof paper with an acid-free ink pen. Always triple chek your secret, to make sure that it is correct. And then place your secret passphrase into a bolted down fireproof safe. If you used the waterproof paper, you'll want to put your passphrase in a fireproof envelope inside of the safe.

Fireproof envelopes are nice because you can use them for all of the cash you will hopefully have when you sell your crypto at the peak of the upcoming bull market cycle.

Next, in order to verify your backup and restore process, you will want to send a small amount of crypto to your new wallet. The amount you send should be small enough that you will not be devastated if it's lost forever. Then once you see that you have received your small amount of crypto, reset the wallet and restore it from your secret passphrase that you wrote down previously. This way you will be confident in your backup method.

Enjoy

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