Earlier this week we released an article on How to Invest + The Risks of Cryptocurrencies. Today we’ll be discussing how you can grow your wealth and how you can protect your cryptocurrency assets.
How to Grow Your Wealth
There are four words we stand by when it comes to growing wealth. Consistency, collaboration, consolidation, and patience. Here’s how you can use them to master your financial future.
Consistent actions lead to consistent habits and consistent habits lead to an empowering financial future. The more consistent that you become with saving and investing, the stronger your fortress of wealth will be. It takes discipline to have emergencies pop up but get right back on track with your goals or to break old financial habits and stay on track with improved financial actions. But trust us, you can do it. That’s why Jarbux was created, to turn your everyday spending habits into opportunities to save. Your behavior will change naturally turning into habits that keep you aware of and focused on building a more independent financial future.
Stop thinking that change rests on your shoulders only. You have friends who may be experiencing similar financial experiences and could use an accountability partner. Why not reach out and discuss how you’re looking to build a healthier financial future and you’d like to work with them to achieve that? It will strengthen the relationship and provide a way for solicit advice you may not have considered. Collaborate with your trusted circle to make the path to wealth clearer.
Technology is your friend. Automatic bill pay, account transfers, ad blockers to minimize online shopping distractions, and more can help you consolidate your financial life. Simplify as many financial decisions as possible and automate as many transactions as possible and you’ll forge a rapid path to success. Just take a notepad out one day jotting down your categories of transactions (bills, income, other expenses, donations, etc.) and begin researching how you can consolidate them into simple processes.
When saving, spending, investing or trading, becoming aware of your emotions, goals and abilities in any given time-frame will help you solidify patience in attaining your goals. The growth of wealth is a marathon, not a sprint. Attentively guiding your financial intent through learning, planning and then doing in a cycle pattern can remove the stress of the unknowns that come with your financial future. By having a plan, defining milestones, and agreeing to follow your plan, you can relax and patiently wait for the market to come to you. On your terms.
“(Stock)Trading is the transfer of money from the impatient to the patient” – Warren Buffet
How to Protect Your Crypto
In our last article How to Invest + The Risks of Cryptocurrencies, we mentioned the difference between digital wallets and physical wallets. We’re going to focus on how to protect your cryptocurrency investments across these two different platforms.
Digital Online Wallets
Digital online wallets are online software that you can use to access and exchange different cryptocurrencies. Some of the best examples are popular exchanges were users private keys are accessible by the hosting site like Coinbase and Bittrex. To protect these wallets use two-factor authentication (“2FA”), which means that once you type in your password to login, you’ll be prompted to type in a code that pops up on your phone. That code changes every 60 seconds and you can use a platform like Google Authenticator or OTP Pro to further secure your wallets. The main caveat is to make sure that 2FA is not configured to send your secure code directly to your mobile number as a text message — those have been compromised by the bad guys for awhile now.
Make sure you never share your password to your wallets and that when you visit your digital wallets, you double check that you are actually on the intended site, and that encryption via HTTPS has been enabled on the website. When you access these wallets, we also recommend that you use private mode on your browser to protect your history and any third-party site tracking.
There are two “physical wallets” that dominate the industry to date. The first is a hardware wallet, similar to a portable USB drive. The second is a “paper wallet” where literally the wallet is a piece of paper that is printed.
A standard hardware wallet adds an extra security layer between your computer and your stored funds through use of pre-established layers of security with encrypted security codes and access protocols. The two hardware wallets we recommend for their continued support, cost, and ease of use is the Ledger Nano S, and the Trezor.
A paper wallet, is just as simple as it sounds, a paper printed “wallet” that documents your private and public address. The easiest way to see this in action is to check out BitcoinPaperWallet.com. The great thing about paper wallets is that they can stored, locked up or buried to help secure your funds. The only way they are useful is if they are physically in your possession and they don’t require any configuration or energy to use.
Because all cryptocurrencies use blockchain backed infrastructure, each time you create a wallet (either online or physical), your funds sent to the wallet are stored on the blockchain itself, not just in your “wallet.” See when you set up a wallet you’ll receive something called “Seed Phrases” which are just a long list of twelve to twenty random words that can be used to reactive your wallet in the event you loose it, or forget your private key or pin. In this way, you don’t have to worry about physically “dropping” your hardware wallet and be worried about loosing your funds. You just need to keep your seed phrases safe in a secure location to make sure you can always use them in the event that you need to reconstitute your wallet.
While the last in our Wealth Series, it certainly isn’t the last step in our mission to help you build wealth in fun ways. The Jarbux platform brings a special experience to those desiring to maximize their financial opportunities.
With Jarbux, when you spend money you save money and gain access to winning free prizes that you love. If you have any direct questions about building wealth or the Jarbux platform just send us a tweet @JarbuxApp or an email to firstname.lastname@example.org.
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