Episode 2: CZ teaches us how to be #SAFU

The CEO of the crypto exchange more large, important and famous of all; Changpeng Zhao (CZ) and Binance, gives us a number of important tips to keep our hodls of crypto assets that secure. Before, in the crypto-verse the issue of security was seen as a secondary objective for the companies that provide some type of service. But it is a matter of watching the news years ago, and see the amount of hacks that are generated day-to-day. But, with the price of the criptos on the rise, and the crypto market more and more full of life; and regulations, things could not continue as it was. And fortunately the number of hacks has diminished. Therefore, here the advice does not give the leader of Binance, Changpeng Zhao. If you missed the first part, you can read it here.

2 – don’t waste your same

In the first episode criptotendencia.com we summarize what were the tips from the CEO of Binance with the first point 1. Others do not get stolen. So we recommend to take a look first at the content, and then quickly return to this. Now, tap another great point of the security problems that all we could find; not just new users; but all of us in general. You could lose or damage at any time either your smart phone, or wallet in hardware that we discussed in the last episode.

CZ: Do backups

The first council that gives us CZ regarding this issue is that we make multiple backup copies. And to do this there are almost infinite methods that have their pros and cons own. But, basically, what you are trying to achieve is that for each wallet there are multiple backups in different geographic locations which, as is intuitive are encrypted and that no one can access them easily. Write the seeds on a sheet of paper: This is one of the best methods, because what is more important is that you’re out of line; and in addition it is very easy to write 12 or 24 words in English. Careful with the private keys: With this method, CZ advises us to have a lot of preocaución the time to write down the keys. Because it is very easy to make mistakes with capital letters, 0 and the or. “It would be almost impossible to find out that something went wrong”.

Care to store your Backups

Although it is one of the most simple, easy and not costly to store our keys accesses, which are. Still have major problems; for example to whom he has not been forgotten a key of the atm, or the mail, or forgotten where we left the keys of the houses. Well, all these problems have solutions that are not so expensive. But, when we speak of the cryptocurrencies, the thing abruptly changed; and how easy and cheap it was to maintain our credentials; it can vanish from one second to the other.

The 3 main problems with these methods for the CEO of Binance are the following

Lost or thrown away among other papers.Damaged: In a fire or flood.Easy to read by others: Because they do not have any type of encryption, it is a matter of knowing what wallet you use for someone clumsy is to do with the possession of their hodls. This is why crypto users who store large amounts of money in cryptocurrencies use the services of the vaults to bank for storing your piece of paper with 12 or 24 words in the English language, or a user and a key. But for CZ this is not an advisable option since we ended up the same depending on the banks. Another tip that gives us Changpeng Zhao is that under no reason let’s take a photograph in the paper or the screen of their seeds or private keys; and much less what to sync to the cloud. Then return to the first episode of this series a little disturbing. “If a hacker cracked your email account or your pc, you will find it easily. In addition, the cloud provider may have multiple copies stored in different places and have employees who can see them”.

CZ: Then what should we do?

For the ringleader behind Binance one of the best options is to carve the seeds on metal tags stainless. These are supposed to be nearly indestructible, you can’t damage the fire or water. While this solves these problems, does not resolve the easy-to-read. Once more, some people store them in vaults bank, usually along with your gold or another metal. If you use this approach, you must understand its limitations and risks.

The approach that I recommend is to use some USB sticks, but requires a little more technical involvement.Express Changpeng Zhao.

There are USB sticks resistant to shock / water / fire / magnetic. You can store encrypted versions of your backup of private key in several of these USB sticks and storing them in multiple locations, whether they are friends or family. And you can also encrypt it at the discretion. For that, there are many tools on the market, that have evolved with the time. For the CEO of Binance, CZ VeraCrypt is a tool of level from noobies that provides a level of encryption decent for most of us. The following two tabs change content below. Economics student at UCV. Advocate of individual freedoms and of course also of the market and the cryptocurrencies.

Did you like the content? Share it

Cryptocurrency Market