Secure your crypto but do not forget your keys.

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Secure your crypto but do not forget your keys.

It is a widespread phrase "Not your Keys, Not your Crypto" and this phrase simply means if you do not own the wallet or crypto is lying on someone else wallet then you should not consider it as it's own crypto because you do not have "control" over the keys of that crypto. But what if , crypto is in your wallet and you yourself forget your keys or in other words lose your keys.

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So there are lots of users who lost their Bitcoins because they sold or dumped their hard drives when Bitcoin was trading for pennies and they never saw that Bitcoin's future can be so bright and it is capable of changing the financial landscape of the world. But in another case there are some user who have their wallets but lost their keys and lock themselves out of their funds.
Currently, a famous case that is making rounds is "Iron key" hardware wallet of former Ripple CTO, Stefan Thomas, whos has 7002 Bitcoins stored in his wallet and forgot his keys. He already made 8 futile attempts to his wallet and if 10 futile attempts can erase all the content of that drive. So basically Mr.Thomas owns 7002 Bitcoin theoretically but practically in the current situation he owns nothing.

keep password/seed phrase at multiple locations.

It is in our best interest that we keep the seed phrase/password at multiple locations so that if we lose one of the backups then we can retrieve it from another location.
Also make sure that you can also be able to pass your inheritance smoothly, so make sure that we should leave the "ways" for our loved ones to reach at that crypto if something unfortunate with us.

How Hive recovery account is a lifesaver.

I feel Hive recovery account is also a good solution available in Hive. In Hive if you forget your password and do not have any backup of that password then you can still be safe if you set a "recovery" account for your account so that "recovery" account can initiate the recovery process.

If you are in Hive, then make sure that you do not forget to put the "recovery" account for your account.

Posted Using InLeo Alpha

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I agree that securing your crypto is important. I haven't made any dedicated accounts for recovery but I should probably do so at some point. I have the account creation tokens already to do so.

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!PIZZA

Please do update , Default recovery account used to be "Steemit" in my pinion.

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I joined after Hive forked so my recovery account is not steemit.

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Reviewed and Approved for an Ecency boost. Keep up the good work.

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