How to Secure your Crypto in 7 Steps ---------------------------------------------------------------- Get the insider info on crypto investing! Join the INNER CIRCLE: https://www.boroncap.com/cryptoinnercircle Text “info” to (817)771-0615 or email info@boroncap.com for more information on investing in our crypto hedge fund ---------------------------------------------------------------- You have two options in securing your Crypto, cold storage/offline or online. Both options have different risks associated with each. In this video, Zach Morrow shared new insights and additional steps in securing your Crypto. Each step helps add a layer of security to you that will help protect and preserve the growth of your wealth. Join our weekly live show to learn more about Crypto!
KEY TAKEAWAYS:
00:00 Intro
01:26 Zach's background working as a member of the Presidential security force
02:00 How to secure your Crypto?
02:30 Using secure email and VPN
03:55 Why is a unique email address important when securing your Crypto?
05:33 Secure wifi importance in Crypto
06:26 Wifi settings tips
06:53 What is a Two-factor authenticator, and how does it work?
08:52 How to select a verified exchanger?
10:20 Know more about Kraken
11:24 What security means and why is it crucial?
12:40 What is whitelisting, and how does it work?
14:10 Cold storage
15:00 Simple tips in securing your Crypto
15:32 Summary of the 7 steps
#bitcoin #boroncapital #thesolomoninvestor
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Get the insider info on crypto investing!
Join the INNER CIRCLE: https://www.boroncap.com/cryptoinnercircle
Text “info” to (817)771-0615 or email info@boroncap.com
for more information on investing in our crypto hedge fund
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*Other Episodes of The Solomon Investor Show CRYPTO ADDITION*
Management and Investment options that active and prospective crypto investors didn't know they have
https://youtu.be/UKmLgHDxKYU
Are we at the END of the CRYPTO Cycle?
https://youtu.be/powZY_Y9whI
Kazakhstan. Crypto Mining. Market Crash. Is it time to SELL?
https://youtu.be/-IhRNDLOezQ
What the smart money is doing now (plus 2 top alt coins)
https://youtu.be/80iRH-4nfjI
"Crypto Volatility is just Opportunity" -here is HOW to USE the Opportunity
https://youtu.be/cyomRHxueBs
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-- DISCLAIMER: Past performance is no guarantee of future results. Any historical returns, expected returns or probability projections may not reflect actual future performance. All securities involve risk and may result in significant losses. No communication by Boron Capital, LLC Inc. or any of its affiliates (collectively, “Boron Capital, LLC™”), through this website or any other medium, should be construed or is intended to be a recommendation to purchase, sell or hold any security or otherwise to be investment, tax, financial, accounting, legal, regulatory or compliance advice. Nothing in this episode is intended as an offer to extend credit, an offer to purchase or sell securities, or a solicitation of any securities transaction.
All right, what's up everybody? Zach Morrow here with boron capital and The Solomon Investor. Podcast wanted to come visit with you guys today. As you guys know, we go live every Thursday to talk about the crypto markets, helping you protect your money, grow your money and reduce your risk inside the crypto markets. I'm here on this channel we go every Thursday 530. Eastern, and running a bit behind today. Don't tell anybody but I want to make sure I got with you guys in today, I really want to get down to something very practical with you. Okay. And I wanted to walk you through just some examples, and get really clear on how you can best secure your crypto. And so a little background on us. I'm coming at you today as one of the partners in our hedge fund more on digital. And that's our hedge fund focus in blockchain technology cryptocurrency with boron capital where we manage private funds. The partners join me on a regular basis on this channel, a little background, I was actually in security years back I served served five years in the Marine Corps on presidential security force actually went to school for fiscal security electronic security system worked security at a top secret facility and Department of the White House. So security is an area that's near and dear to my heart, making sure that things are secure, protected and taking care of obviously reducing risk. And then on the actual crypto sign investment site, increasing return. So want to talk a little bit today, on security, we're gonna go through seven quick steps that can help you secure your portfolio, okay, and I'm gonna make it real practical for you. Okay, so step one, I'm going to bring you over here, I'm gonna share my screen. And I want to talk to you about getting on a secure server. So for those of you who don't know, your email account that you utilize for any buying, selling, purchasing is very important. This is one we recommend proton mail, this is one that we use, and proton mail, it has complete data security neutrality through through Switzerland, into end encryption. And you actually are the one in there going in, and it secures everything for you. And very easy to use. This is true. And it's open source, they actually
Unknown Speaker 2:42
with their fiscal security, their data is stored and fully encrypted across multiple different servers in different places. Okay, so, decentralization is a key part when it comes to actually maintaining control and security inside of a space, right? So if you need to secure something, you don't want to keep everything in the same location. Right? And so for all of my Marvel nerds out there, right, Odin didn't want to keep too many Infinity Stones in one spot, right? So although I'm not gonna lie with you guys, like Marvel, what are we what are you gonna do? It is what it is, I enjoy it. So. Okay, so protonmail, you want to always use a secure email. And when you're actually looking at the email, you use, finding the right server, very important. So this is an email server, right? Just like you have Gmail, you have, you know, Yahoo, whatever, I don't know, I don't know what you have. But protonmail. So this would be, you know, your email at protonmail. And they also use a VPN. And that VPN also is it is a key item for security. So you always want to have a secure server, and an actual good, strong VPN. The next thing I want to talk about with you, is when you're creating your email address, you want to have a different email address for every single exchange, right. So if you're going to be on Kraken, you're going to be on binance, you're gonna be on Coinbase, whatever, wherever you're at, it's important that you have a unique email address for every single exchange you use. You want to also decentralize your access to crypto. So if one of your email addresses gets unsecure, it doesn't actually then translate to the rest of your holdings and other locations. So diversification not only through there, but also through different exchanges, right. And I'm not going to get into why different exchanges. Different exchanges often offer different value, right? And so we actually will utilize multiple different exchanges for different reasons at different times. And so we're always going to use a unique different email with a separate unique password for every single exchange. You should do the same thing. Okay, so great server VPN and a unique email with unique password inside your email. Okay, you don't want to use your name's John Smith.
Unknown Speaker 5:00
You don't want to be John Smith at protonmail, John dot Smith at proton mail, John hyphen Smith at protonmail. And these are your three, you know, diversified emails, well, you know, people can crawl in look through your actual people are searching for data, and they're trying to find things that relate to you. So you want to have something that's not just unique and separate, but unique in its naming, as well. So a good server with good VPN. And you also want to have unique email address unique password and utilize those with different actual exchanges. Okay, the next thing I want to talk to you about is secure Wi Fi. So a lot of us will use Wi Fi. And it's important to have secure Wi Fi, Wi Fi, whenever you're accessing these things, don't be in a shared network that will potentially give people access to your data when you're utilizing it. So just kind of a quick, quick look here, you know, when it comes to securing your Wi Fi, so what it is, Wireless Security is the prevention of unwanted users from accessing a particular wireless network. So you're just securing your network. Okay, so I'm kind of going to kind of skip over the different networks you can use here. But you know, what's important is, how do you get it right? How do you actually make your home Wi Fi secure, so you can change the default password and SSID, making sure you have a good long, strong password. And make sure you have an enabled firewall through your router, unable to the MAC address filtering and disable remote administration. Those are ways you can do that at home. And then of course a business, you're going to actually want to deal with a data professional and have them come in and work on working through an enterprise program to get you secured there. So a secure actual Wi Fi trusted Wi Fi source. And typically guys, your phones actually do this. So you can through your data network, it's typically secure there. But going through something private is always going to be a better use of your time. Okay, next thing I want to talk about two factor authentication. Okay, to FA you've probably heard of this, if you haven't looked into it, what it is, is it's a second verifying thing whenever you're going to when you're going to log into something. So when I'm going to go to log in to an exchange, I'm going to put my username and my password, right. Two factor authentication requires me to then have some other registered device, send a secure code, and you've probably seen it'll text
Unknown Speaker 7:21
a number to your cell phone. But we don't want to go with text, you can actually utilize things like
Unknown Speaker 7:28
you have Google Authenticator, you have Authy, which is a good one, I really like Authy, because you actually have to
Unknown Speaker 7:35
have a password to log into your Authy. So Google will be an app on your phone. And what it will do is, rather than sending you a unique code, you're going to have a unique code. When I open my google authenticator, it's going to have a new code that's listed up right there. And it changes out every few seconds. So every, every few seconds, you're getting a new code. So I log in, it's gonna say, hey, enter your code, I go into my app, it has a unique code for me, I then put that in. So it's not going to be a code that could potentially come through text be seen elsewhere, it's going to continuously update. So Google Authenticator is when you can look at and Authy is one that I like, as well. So that's a great way, you always want to have two factor authentication on these types of platforms. Okay, and guys, a big portion of this video is really going to be about the overall view, especially the basics, general terms, whenever you're looking at how to operate with an exchange, buying and selling holding things on the exchange, I'm not going to get into a lot of like cold storage and things like that. We could potentially be doing another video on that. But this is for people who are actively getting engaged and more active trade in active management there.
Unknown Speaker 8:48
Okay, next thing I want to talk about is the actual exchange you use. So it's very important when you're selecting exchanges, you want to go with institutionally verified exchanges, you want to have ones that are are transparent, trust and have good strong liquidity. I want to show you something right here. This is this is a really good thing right here. Kraken
Unknown Speaker 9:12
has proof of reserves, and we'll use them as an example because they just finished there's so Kraken actually goes through twice a year, an audit, where a third party, you can come in and they share this out with the community, you can go verify their audit and see their proof of reserves. And what that means is they have reserves on hand. Okay, so like, there you have a third party coming in and auditing everything that's helping back their liquidity and all of the actual crypto and assets that they're holding. So obviously, that just means they have good collateral, right there backing your investment, right, which is complete. I'm gonna go a little tangent here, completely different than the banking system today. Right whenever I deposit cash in a bank, they then can lend
Unknown Speaker 10:00
That out fractionalized multiple times, you know, nine to one ratio, and my money's not in the account. Okay, they're not holding my cash at that account, right. And it's not backed by the tangible dollar. Whereas great exchanges, like Kraken here, has a audited proof of reserves showing that they have collateral in their accounts backing, your investment, your money on the exchange, right. The other thing is good quality exchanges will have insurance, they have insurance policies to help protect you from loss from hacks from security problems and things like that. So not only do you want great security, and verified institutional verification, with their security, you want to make sure they're verifying with you they have good strong security protocols getting to know you with your verification when you're signing up, but also strong liquidity and trust. Good example here would be cracking right here. So making sure you're using that another another one. Coinbase is obviously one of the bigger ones Coinbase 98%.
Unknown Speaker 11:01
of their reserves are just held in court cold storage, so of their deposits. 98% is held in cold storage. 2% is is typically what's online for liquidity and actually being utilized for buying and selling. So good strong numbers back in there. And then once you're on the exchange, you want to do things to help limit right. So one thing you have to understand about security. And this is this is an interesting thing that I learned back in the Marine Corps whenever I was working for that top shooting facility and going through schools there. And they said that security is not about preventing, you can't prevent or stop everything. Like, if I had 45 feet of concrete between me and the outside world that concrete does not guarantee that nobody can get in, it just guarantees that it's going to really deter people from wanting to get in. And they're likely it's going to delay them from getting it, right. So if somebody's trying to get in, I'm going to have an extended amount of time to help prevent and stop that. And so when we're processing security, we always want to be processing, how do we become what's called a hard target. A hard target just means difficult to kill, or difficult to execute whatever it is against that thing. So if it's going to be a theft, it's very difficult to break into. Therefore, it's a strong deterrent to prevent people from doing so it's not that it's impossible, just makes it very difficult. And so all these steps are helping layer and protect you one step at a time creating a much harder target. And so one additional way we can do this is by whitelisting on the exchange. So if you don't know what whitelisting is, it's where you go into the exchange, and you will whitelist or given approved address where funds can be sent. And it's the only address or maybe you have 123, whatever it is, these are the only addresses that funds could be sent. So let's assume even if somebody got into my account,
Unknown Speaker 12:59
let's say they broke into one of my emails, were able to get through my to two FA they were able to get through the you know, because they got through my secure Wi Fi and all this stuff happening. So now they got access to one exchange, they get on there. Now there's a whitelist that says, you can only send crypto to these accounts. And what's going to happen is, if they tried to send it anywhere, then where's already approved, the company will put a hold on it. And it will require additional verification and an additional hold time where they won't send that out without additional approvals until that address became whitelisted. So it gives you additional time and steps to help prevent any theft. So you want to whitelist addresses, if you're going to be using or sending addresses, this is a great way to do this. And
Unknown Speaker 13:48
this will really help with your security, your ability to withdraw crypto move crypto, and to make sure it only ends up in the right space. So these are kind of some of the major overview factors. But
Unknown Speaker 14:02
a couple things just kind of other notes, you know, if you're holding things long term, it's probably not a bad idea to just go ahead and move it into cold storage. If you're not planning on exchanging in any way, you're going to go ahead and get, you know, a ledger, a cold storage wallet, and you can move it off line and then put it into into cold storage. But then there's a whole nother process. Now it's a physical security. So on this side of things, we've all been talking about electronic or digital security. And over here, we've been talking about physical security. So you're actually taking it you're putting it in your safe. Well now the security factors and the risk factors are dependent upon your ability to secure that with inside your own residence or wherever you're storing it. Right. So just like
Unknown Speaker 14:40
you know, there are risks associated with keeping things on an exchange. There are also risks associated from a physical security standpoint, by moving things offline. They're just different risks associated with each right. So we just want to understand our risk, prepare for them and protect ourselves. So a couple other notes, guys, whenever you're getting private key shared, make sure you're not taking picture
Unknown Speaker 15:00
You want to write that down on actual piece of paper. Okay, these are just some simple tips, you know, you want to write it down, you store that in your safe, you're not sharing it. Same thing with your wallet address, you want to, you know, share that as little as possible so that people aren't able to see where your wallet address is. So they can track movements and things like that. Those are all things you want to take care of, obviously, making sure that whatever you know server you're working off of is secure, your computers are secure, keeping all those things updated on a regular basis. But I'm not going to keep rambling on the nitty gritty. But these are these are really the the main seven steps number one, a great server with a great VPN number two unique emails with unique passwords, and not utilizing your name number three, secure Wi Fi number four to FA two factor authentication, number five, great exchange with great liquidity, great trust and insurance, okay, whitelisting your addresses. And if you're going to be storing for a long period of time, go ahead and take the steps to go into that cold storage moving things off line. So hopefully this was helpful for you guys.
Unknown Speaker 16:01
I know, on this channel, we got a lot of people that are new beginning there's so many people coming into the crypto space. And we wanted to make this video for you guys who are learning who are growing and are working. I understand that for those of you who have been in it for a while, I hope there was some new insights and additional steps because each step helps add a layer of security to you to help protect you, right, we're in here to preserve grow our wealth, right. And so we need to protect that over time by knowing the risks associated not just on an investment level, but on the actual practical level as well. And this is one of those practical ones. So
Unknown Speaker 16:36
guys, that's all I got for today. I hope this was helpful. If you enjoyed it, if you got some value, hit the like button below. If you're enjoying want to come back and see us every Thursday, where we're going over market cycles, things like that updates and news in the crypto markets, you can subscribe, check us out every Thursday. And for those of you who are looking for greater work or wanting to invest in crypto already invested in crypto, if you're an accredited investor, you can work directly with us by clicking down in the links below in the description. There's a link right there where you can get started to learn more about us actively managing your accounts with inside the crypto markets in our hedge fund or for those of you who are not accredited, but are growing learning and want continued support, we've got a private inner circle where we have an additional course education on everything you need to know on how to actually operate with inside of crypto. And then we actually put you in a private group where in that group, we're regularly putting out updates on a regular basis of all the different moves, trades, things like that, that we're looking at that we're considering and also the mindset with inside the markets where you're getting active management, where you are learning how we are thinking and how we are operating as hedge fund manager so hopefully it's valuable to you. Any more information can be down in the link below. Other than that, hope you guys have a blessed day. Talk to you soon.
Transcribed by https://otter.ai