Beginner Crypto Lesson 03 – Hard Wallets & Getting Paid Interest
Recap So Far
In Lesson 01 you learned how to sign up for an exchange and purchase the Crypto of your choice.
In Lesson 02 we briefly discussed Understanding & Using Your Crypto Wallets and the importance of Understanding Custodial vs. Non-Custodial Crypto Wallets, we also talked about Where NOT to buy Crypto: (Robinhood & PayPal to Begin With)
Keep in mind – coins are not stored in your hardware or other wallet. Your wallet only stores and protects your private keys. People are used to storing bills and coins in their wallets, but in the blockchain world, your wallet doesn’t contain coins – it contains private keys.
NEVER SHARE YOUR PRIVATE KEYS!
So in recap – you followed lesson 01 and bought Crypto, you followed lesson 02, your crypto is still sitting on an exchange. So now we need to move your assets to bullet-proof safe locations. Time to get get a hard wallet.
Hard Wallets
A hard wallet looks like a thumb drive. You plug it into your computer and move your assets from an exchange to your own device that can be disconnected from the internet and stored in a safe, a shoebox, or buried in the back yard.
As long as the hard wallet is disconnected, your crypto assets are 100% safe.
There are 2 industry-leading Hard Wallets. Pick One. Buy One.
The Devil in the Details – Earn Interest on Your Holdings
You bought crypto, you moved it off the exchange into a hard wallet that is 100% secure.
Good job. However – here is a twist, if you keep some crypto on an exchange you can actually get some amazing interest rates.
This is where you need to assess your risk tolerance. You can earn interest on some exchanges.
BTC, ETH, LTC, etc. go up and down 9n value, but in the meantime, you are earning interest regardless of the price.
Finally – What Is Your Bank’s Interest Rate?
Take a moment to read A Basic Guide To Understanding Cryptocurrency Stable Coins
If you have $1000.00 in the bank, why not move that cash into BlockFi or Voyager as USDC and get an 8%+ interest rate?
More on that in the next lesson!
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