$2.37 -4.44%
ADA · 3w

New to Cardano? Here is a refresher on basic security

Smart contracts are around the corner, the ADA price is going crazy so you decided to jump in to get a piece of the pie, and like many people now, bought some, or even a lot of ADA. You also followed the old advice "not your keys - not your coins", created a wallet and transferred the ADA to your wallet? Yes? So far so good. In principle this already mitigated a lot of risk, mainly because individuals are small fish compared to the much larger exchanges (looking at you, Binance, with your [62 pools]( and 2.8 billion ADA!), and although the exchanges today are indeed very professional and take security risks seriously, they still are highly interesting targets for hackers. However, you are now your own bank and because of that you also have to think and take care about security, and develop a **security mindset**. But I only have a couple of ADA and I only bought what I can afford to lose you say? Well, there are many different ways to handle cryptocurrencies safely and yes, if you bought 50 ADA, it doesn't really make sense to buy a hardware wallet that costs roughly the same. The point is, your strategy should depend on how big your risk is. Please do your due diligence and educate yourself further, for example Charles Hoskinson himself posted a great video on that topic on YouTube about year ago, which can't be recommended enough: []( Some of the measures might not be adequate for your circumstances, skills, risk, exposure, and your risk tolerance/aversion, so I am now only offering you a few considerations, and you decide what is right for your situation. You are now your own bank so please be so mature to err on the safe side. For the whales, pool operators or other people with high amounts and/or lot of exposure: This text is for the people who are new to the game and and hold rather small amounts, and not so much for you - but I of course appreciate your input. ...
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