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The Drawer Challenge - Do you have sufficient backups for your crypto?

All Cryptocurrencies

by COINS NEWS 145 Views

I want to challenge everyone in this sub for a little experiment that might show how good or bad your crypto is currently stored:

Step1: Put your phone into a drawer and close it.

Step2: Access ALL of your crypto. If you have to open the drawer, you lose.

Only exception: If you are asked for the 2fa, you can skip it if you have the 2fa backup in front of you.

The phone is only symbolic here. If you do crypto from your laptop, lock that one away. You should be able to complete every task on a device you don't usually use for it.

Many do the mistake to trust a single device with their data without creating additional backups - but electrical devices can fail or be stolen at any moment. Try to be honest to yourself. Have you everything from the following backed up?

Login Credentials: Do you have access to all login data for your CEXes and crypto related email accounts? You can either write them down or store them in a password manager you can access with a different device. Even if you don't hold crypto there, you should be able to access your exchanges at any time.

2fa: Bypassing 2fa can take a lot of time during a bull run when customer support is slow. Every Google Authenticator code can (and should!) be written down when setting it up for the first time, but you can also create a backup afterwards for all your accounts. For this you have to open your Authenticator app, click on the "..." in the top right corner and can there export your accounts.

Wallet Seeds: Do you have any crypto wallet on your device that's not backed up? Well, time to write down the words. Never store your seed online or as a screenshot!

Reddit vault: Technically a seed, but I feel like many are not aware of this even though it holds our precious moons and avatars. You should always create a backup of the 12 words on paper. You also have the option to create an encrypted backup online. If you lose your seed and vault password, you won't be able to restore your vault.

submitted by /u/Maxx3141
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