Are we still able to stake 2.5 million AXN to join the 5555 club?
5 months ago
This is one of the questions we get asked most often, and it’s easy to see why. Unlike cash or transitional investments you are responsible for storing your own crypto safely.
The private key allows you to transfer funds out of it. The public key allows you to transfer funds into it.
- If you lose your public key, you can still access it with your private key.
- If you lose your private key, you lose assess to your wallet’s funds.
- If someone discovers your private key, they gain access to your funds.
It’s as simple as that. So, as you can see, it’s extremely important that you keep your private key, well, private.
You should never store your private key on your computer, email, smartphone, or any device that has been connected to the internet. Hackers can and do steal private keys from these devices.
The best practice is to write down your private key on paper, or print it out. This is called a making a paper wallet. Make a few different copies of your paper wallet and then destroy the digital copy of it. Then store these paper wallets in a few different secret places – a safety deposit box in a bank is a pretty good one. The problem with this method is when you want to access your funds again.
Whenever you want to access your funds, you will need to type your private key into your wallet, either on your computer or smartphone. This is a slow process, and every time you do it, you’re at risk of a hacker stealing your private key and taking your funds.
So, this is only really a good solution if you’re not moving your funds around very often. And even then, it’s not super secure.