Spring Cleaning Tips for the Crypto Obsessed
🌼Get rid of the crypto winter blues, for now 🌼
While financial publications continue to make declarations about the icy winds of crypto winter, spring is officially here. At least in the Northern hemisphere, this means longer days, higher temperatures, and the chance to shake off those pesky crypto winter blues and get ready for the coming of crypto spring (with greener charts).
But how do you rid yourself of these crypto winter blues? Let’s start with something simple: Crypto Spring Cleaning. (Even research shows that organizing and tidying — like spring cleaning — can remove chaos from day-to-day life and releases natural endorphins that make you feel pretty damn good).
And since we’re certain that seasoned crypto traders and newbies alike are probably craving some extra endorphins right now. And while we can’t promise any portfolio gains, try the Crypto Spring Cleaning tips below to de-stress, de-clutter, and boost happiness.
Audit all of your crypto accounts, wallets, logins, and services. A thorough audit allows you to visualize the sheer number of services that you use and the different accounts that you own. And the more you use, the more steps you’ll need to take in order to cleanse — and secure — your crypto.
With Tax Day quickly approaching — this year it falls on April 15 — consider taking a moment and review your holdings, transactions, and accounts.
👩💻 Be Suspicious
Like we always say in crypto, don’t trust; verify. After your audit is complete, use it as your guide to determine if the data sources and tools that you use are still reliable.
Start by assessing brand reputation, transparency, methodology, rates, benefits, support, and the overall user experience. If you find that these areas are not up to par, ditch them.
🕵️ Be Sneaky
Create an alias email for your online crypto dealings: accounts, newsletters, communities, support tickets. In short, email aliases act as different “fronts” to your primary email. Using an alias decreases your chance of being targeted for email phishing attacks to your business or personal inboxes. No crypto info should go to your primary email.
😎 Hack-Proof Yourself with a Password Manager
Update each of your accounts with new passwords, ensuring that each one is strong and unique only to you. Then, store all of your passwords in a password manager, an encrypted database that is protected by a single password. This way, you can have a unique password for everything you do online and only have to remember one password.
Not sure where to start? Try 1password.
🔐 Use Two-Factor Authentication on Everything
Layer on an extra level of security by using two-factor authentication (2FA). Two Factor authentication is when you need two different methods — usually two different devices — to access your accounts.
Try Google Authenticator, a simple 2FA app that runs on both iOS and Android. If you prefer to have a completely separate state-of-the-art device, then Yubikey is for you. With greater security in place, hackers will move on to easier targets.
When you enable 2FA for any site, it is extremely important that you keep a copy of the seed (secret code) that you use to enable 2FA in a secure place.
The last year brought a variety of changes to the crypto space. From unreliable pricing tools, new wallets, and exchange vulnerabilities — we’ve seen it all. So for 2019, stick to the manta: less is more.
Take the time to close any old exchange accounts, empty your unused wallets, and get rid of any crypto tools that you no longer need — or use. And don’t forget to delete all unloved crypto apps from your phone, tablet, and computer.
🔥 Drop it (if it’s Hot)
Move any crypto that you are not actively trading out of exchange-based hot wallets and into more secure wallets like software, desktop or mobile wallets. These types of (hot) wallets are still vulnerable but can be a more secure option. Exchange hacks are real; better to be safe than sorry.
Not sure where to begin? Check out our guide of crypto storage options.
❄️ Keep it Chill
Are you hodling large amounts of crypto for the long-term? If so, it’s time to move any funds off of any hot wallets and into cold storage.
With your private keys are stored safely offline, you’ll finally be able to rest easy with a hardware and/or paper wallet. While cold storage can make it more challenging to track your portfolio totals and market price, it’s the safest way to store your crypto. Take advantage of tools such as CoinCap mobile altfolios to keep track.
⚰️ Rest in Peace
Just like any other investment, you’ll want your loved ones to have access to your crypto after you’re gone. If setting up an afterlife plan for your crypto feels too morbid, read expert Pamela Morgan’s medium page: @pamelawjd.
What will happen to my bitcoin and other assets when I die?medium.com
🚒 Get Fired Up
While you can’t stop a natural disaster from coming, you can protect your funds against one. Print all of your 2FA backup codes, password manager emergency kits, and hardware wallet recovery sentences. Then, place these items (along with paper wallets and other crypto planning documents) into a safe and fireproof place.
Once crypto spring cleaning is in order, you’ll feel in-the-know (if spring cleaning is done regularly) all the positive vibes. Most importantly, you’re more secure from hacks than you were the day before.
This was no easy feat! Be proud of yourself for tackling an intimidating and pretty important task.
Now that you have a grasp on all of your crypto comings and goings, do you want to continue navigating the crypto-verse using so many different tools and services?
ENOUGH IS ENOUGH! How can we empower people to interact with cryptocurrency — but make it safe and easy?
That’s why we have been working for the past year to solve these very real problems….and we are pretty sure you are going to LOVE our solution.
It’s time to take charge of your crypto and navigate the crypto frontier confidently, safely and easily. Secured by offline key management, the new ShapeShift Platform takes a one-stop-shop approach to crypto trading & portfolio management.
What are you Waiting For?
Join the waitlist for ShapeShift’s closed beta. We can’t wait to show you our vision for the future of digital asset management.
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