Jackson purchased 2000 Dash for $1 each. He left those Dash in a wallet and told himself that one day he would come back to them. He expected Dash would eventually be worth $500. When Dash hit $100, Jackson thought about selling a few to recover his initial purchase. He loaded his wallet and there were none.
In The Millionaire Guide To Digital Security, we point out that a 1000% return becomes a 0% when poor security is used. In addition, most of the security you're learning is outdated, wrong, or makes dangerous assumptions. Consider some security practices that people think are safe:
- 2 Factor Authentication
- Strong Password
- Paper wallet
Not only do people misplace confidence in these - thinking that they'll keep them safe, some of these actually increase your risk.
As we saw yesterday, security will become a bigger issue in time. If you have digital money of any kind, there is a high probability you will lose a lot of it. This is a reality of the digital world; it's not physical and it's not in your possession. You've been warned.
If you are going to use digital money, you should learn the security techniques to protect yourself. Otherwise, like Jackson, you may have misplaced confidence in your wealth. When you come for it, don't be surprised when it's not there.
Millionaire Notice
If you are a multi-millionaire or above, we recommend direction consultation for security, provided that you have more than $5 million in digital net worth. While the course is designed for the average person, a person with more than $5 million in digital net worth must take addition steps for security, unless they're willing to lose all they have.