PSA : Remember to always back up your Private key / Seed!

[Saisher]

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

This is so basic and if you missed this you lose everything, every coin that comes along any wallet or trading sites that you are going to sign up with, all they will tell you is to back up your seed and your private, if you don't have your back up key or seed, you don't own your wallet, as simple as that.

[totoy4741]

That is the most important thing that every wallet/exchanges should think about always make a back up, cause once those, Phrase,seeds, or privates keys lost you won't be able your assets. It is not that hard to take it down in notes and label it, rather than lossing everything yplou have because of your laziness.

[judeafante]

And I would like to add do not put your coins in a custodial wallet like an exchange, that's a big no it just means that you do not own your private key, id you are going to use exchange be sure that you do not store your coins there for a long period of time if you can, do it only if you are going to trade.

[bearexin]

Anyone that’s making use of a good wallet will always get a reminder to back up their wallet using the 12–word backup phrase. The only places you might not be told to backup your wallet is on exchanges since you’re not the one that is holding it on your device, rather it’s being stored on the exchange and the only you can do when you’re making use of an exchange is to create your strong password and activate your two factor authentication code to stay safe so that hackers won’t hack your account.

Some exchanges also have cold storage where you can move your coins and have it secured fully. I make use of Coinbase and there is nothing like 12 word backup phrase, but they have 2fa and it’s really secure. Xapo has cold storage and they always recommend it to users. Blockchain wallet requires you backing up your account with 12–word backup phrase.

[Shallow]

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

Am glad most wallets now requires users to Frist set up or backup their mnemonic phrases, private keys etc as well as adding a note of how important it it to do so before getting started and this will surely force even newbies to be aware of the risks of misplacement of the written words. Also, even when written down it is also paramount to ensure that the piece of paper on which it is written on is duly secured and kept in a safe place should the need to import the wallet arises; if possible duplicate the paper.

[jossiel]

With the online wallets too, if they don't provide you your keys then it's not yours.

Many still don't understand the simple logic about holding your private keys. They are trusting exchanges more than holding their own coins through having their own keys.

This has always been a reminder on B&H.

i agree there are still maby people preapared to use an exchange as wallet which is actually have a danger using it , like what if that exchange hacked your stored can also be stolen.

It's either they are keep on doing that because it's ease and less effort if they want to trade again.

But they don't see the caution from that strategy if they want to sell or buy as quickly as possible. In the past, various of exchanges were hacked and people's fund were affected and the majority was never returned.

[kawetsriyanto]

No private key or losing private key without saving any other ways to enter the wallet such as the mnemonic phrase, Keystore and password means that you lose your wallet. This is basic.
However, even though this is basic and very important, there are still some people who don't pay attention and being careless of losing those crucial data. So poor and silly.

[Iyanu14]

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

I think it's a basic thing to know actually.  That should be the first lesson before opening any wallet address I believe.  I could remember, one stupid mistake I made then, sometimes ago, when I updated my stellar wallet app, I didn't know what went wrong, the updated app didn't restore my wallet address and unfortunately I didn't back up it's PK, that was how I lost all the assets I have there.  It's good to be meticulous in doing things.

[sorrros]

That is the most difficult thing on cryptocurrencies, store private key on a safe place. Cloud - is not recommended because hackers could steal it, but when you store it physically you risk the flood, fire or just loosing the paper / place with your private key. 

[Perfect35]

That is the most important thing that every wallet/exchanges should think about always make a back up, cause once those, Phrase,seeds, or privates keys lost you won't be able your assets. It is not that hard to take it down in notes and label it, rather than lossing everything yplou have because of your laziness.

Definitely, most of the exchanges I have seen backup or keep their funds securely and their private keys are with them, which is not the duty of a user. That is why if they claim that their exchange was hacked, it gets me surprised because the control of funds is in their hands.
Your private wallet is your personal wallet and should be guided jealously.  Also, while writing down, sure you look at every detail again, to be sure of what has been done.

[akitha]

yes we should always back up the private key or seed of our wallets!i have experience this before, i lost my pk and there is a token that had a value but cannot do anything as i lost the pk.. 

[SistaFista]

Everyone should have this knowledge before they enter cryptocurrency.
In cryptocurrency, your private key = your wallet, you own the key, then you own the wallet.
Losing private key is the most regretful thing in early bitcoin holders life.

[mariah.sadio]

Backups is always good for every bite of important information. Especially if we are talking about money

[lienfaye]

I know it's cliche, but I wanted to post this for newer people. If you don't control the keys to your wallet, then they aren't really your coin (i.e on exchanges). When you make a new wallet that you intend to keep funds in, please make sure to always backup your wallet seed. It's very important because if something happens (such as a hard drive failure), you will be able to recover your wallet and funds.

Yes its important to have a wallet that you control your keys, the beginners should keep in mind this.

I know someone who lost his coins for keeping it in exchanges and not thinking of the risk. Its just sad that he learned the hard way.

[LazerPanther]

Some newbies don't even know that we have different type of wallets in crypto space, stay away from online wallets aka centralized wallet, they don't give users backup e g recovery phrases or private keys

I still use online and centralized wallets for years. And up to now I have not had any problems with it. As long as you choose the most prestigious wallets in this market, I believe you will always be safe