When it comes to crypto, everyone loves the high they get when they see their coins massively pump (I'm guilty of this too). However, one thing that often gets overlooked or is underrated is the security and management aspect of crypto. What good are your gains if you lose them before you even have a chance to spend them?
I've seen and read countless stories of how people have lost all of their coins due to some hacker, scammer, or imposter. Just as Warren Buffett has said before, "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." Even though he's talking about one's reputation, if you replace "reputation" with "crypto holdings" the same applies.
This is why I often make PSA posts when someone talks about how they had lost their crypto; so you don't make the same mistake.
Having said that, I thought I'd write a post on how you can better secure your coins on exchanges should you decide to use them. I know that there will be people who will say that you shouldn't use centralized exchanges because, "Not your keys? Not your coins?"
In the event that you do decide to use them though, I would say that you should only put in a comfortable amount that you're okay losing should anything happen to the exchange. Assuming that's the case though, I want to briefly explain what 2FA is and why you should really consider having it when using an exchange.
Essentially 2FA gives you a second layer of security. It will ensure that your logins are genuine and that it's not some hacker trying to access your account. Whenever possible you should always opt in for it. The best method against theft is prevention and 2FA helps with that.
Here's a short 6 minute video on what 2FA is, how it works, and its importance.
I hope that the video has given you a better idea as to why 2FA is important and why you should use it.
If you liked this article, please give it a thumbs up or share it with others! You can check out my other posts here: https://www.publish0x.com/@Cryptoforcanadians.
Like what you see? Consider signing up with my link: https://www.publish0x.com?a=Mvbm9jpbYA. It takes less than 30 seconds.
If you have any questions or comments, please feel free to leave them down below as I will respond. You can also contact me at firstname.lastname@example.org. You can also message me on Telegram @cryptoforcanadians or feel free to join my Telegram group where we talk crypto: https://t.me/crypto4canadians.