Think security first, before you invest

[Stable090]

It's very important as a new investor wey come into the system to think security first, because for this life wey we dy so, e dy very important say, as we dy try to make more money, make we no go lose the small one we try get, because of ignorance.

If you wan invest, and you no sabi about wallet security, then u fit end up losing your money later, so before you go even make any investment, make sure say you sabi the best wallet wey you go use, make sure say you write down your your private key, and make sure say you properly secure your private key. Make you no even try store your private key online, make sure it’s completely stored offline, place wey be say no internet connection go dey the place.

Because plenty people dey make mistake, na for online, and for there phone na him dem dey store their private key wey no make any sense at all, most people dey reason say na phone be d easiest place to store their private key, but make we know say phone no be safest place be that.

If you invest now, and you no carry your security serious, and you later lose the money, e just be like say you No invest be that, because e fit be like say na when you don dey prepare to sell, na him you go lose am.

[Humblevirus]

It's very important as a new investor wey come into the system to think security first, because for this life wey we dy so, e dy very important say, as we dy try to make more money, make we no go lose the small one we try get, because of ignorance.

As person wey wan invest crypto the first thing wey you suppose know na him be where you go put  money because e no go get any use if you invest and you no know the wallet wey you invest. you fit loose your money self, so make we they sure of where we are storing our funds, and we know how people they do once they see say person they do crypto, they fit start to they mount person any small loose guard omo na problem. so my advice be say make we know the wallet wey we they use.

if you no know make you come to the forum make you ask question so that people wey know go give you advice and the name of wallet wey you store your investment before we go con go use wallet wey go put us con they cry or they regret at the end.

[Mate2237]

Well you tried but you only tell them to secure their funds which they even know because they own local bank accounts and the same way can be applied here. And since your saying securing the coins in the wallet, you would have given so the ways they can safe their coins from scammers and hackers. like as some tok am before say make no save our seed phrase in internet and internet device. And if possible make him write an down in different places and hide them or print as other also suggested. These are the major steps ntontakw when one is invested to invest in bitcoin.

One thing to invest and the other thing na to know the security not your investment. To invest is not hard in the cryptocurrency market but to secure your security nis the main issue there.

[Miles2006]

Not just newbies but everyone, I think in the crypto space limit no dey for scammers the only important thing is you don't have to fall mugu for those tricks and scam. Emphasizing mostly on newbies is right cause they seems excited with everything from my observation. prioritizing  your security or privacy is best when dealing with bitcoin mostly this season. A lot of people have been speaking about the giveaway, airdrops etc but I have not experience such ever since. Security in the aspect of our wallet is needed and safeguarding the seed phrase also.

[Cryptomultiplier]

Electrum is a reputed wallet but it is an online wallet, not recommended for holding huge amount unless you used it on an airgapped device in a way that it is a cold storage wallet.

I think the word "cold" in term of storage means free from any form of external connection  that is standalone storage .
This same word "cold" would be bridged anytime  you want to make transaction  as you will change to "Hot" for transaction.

You are welcome to enjoy the interplay of words because, well, it means exactly as you said and that is enough to emphasize how the security standard is.

Any person who wants to build a house must first sit down to analyze the cost to be incurred from getting materials, to paying off labor, until the structure is fully erect.
Same analysis of process to adhere to which must include the safety of the coins/investment and cost to keep it safe and make it worth the while, must also be carefully studied before investing, mostly into cryptocurrency where the popular saying reads, not your keys, not your coins.

Furthermore, I think knowing the amount to be invested should be a determinant to the kind of wallet to be used. We don't expect a big or whale investor to use electrum or Trust wallet, unless it's specifically designed for them for that purpose. A small investor shouldn't worry much about how safe a wallet is but how to ensure that the security protocols is adhered to including keeping the key phrases safe and if possibly device means to diversify funds or reinvest it on regular basis.