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Now it’s time to learn about keeping your cryptocurrency safe.

Scroll down for tips from Crypto Australia about keeping your crypto safe.


Once you’ve bought your crypto, it will be sitting on the exchange/brokers website in a wallet.

If you’re brand new to cryptocurrency, start off by watching this video from one of our valued members, Benny Hall.


In summary:

  • Wallets don’t store actual tokens/coins. They are merely interfaces to the blockchain.
  • Public keys are essentially your account number. Private keys are essentially your password. Don’t ever give your private key to anyone.
  • Hot wallets (also known as desktop, exchange and mobile wallets) store your private keys online.
  • Cold wallets (also known as paper wallets, hardware wallets) store your private keys offline.
  • Ensure you record your seed phrase/mnemonic of your hot/cold wallet somewhere safe. Don’t show anyone.


2FA is the last line of defence for your accounts to avoid being hacked. In most cases, it is a software-generated time-based, one-time passcode.

2FA apps can be downloaded from the app store on your smart phone. Two popular apps are called Google Authenticator and Authy.  

Normally you would use a username and password to login to an exchange but with 2FA activated, you will be required to enter a code as a third step.

This code will be generated from whatever app you have chosen to be your 2FA code generator.


  • Stay away from companies that offer guaranteed returns. They are always scams. They always fail. You will lose your money.

  • Ensure you have the correct website address entered before you type in your username and password. Scam websites change a character in the website address to trick people.

  • You can find commonly used cryptocurrency terms here.

  • Stay away from paid trading groups ran by individuals with no experience in the trading industry. Most crypto traders only have one year experience and are asking people for money to join their paid groups/discords.

  • You can track your crypto investments using apps. Two popular apps that can be downloaded from the app store are Blockfolio and Delta.

  • Ensure you know your tax obligations. Read the guidelines here.

  • Never leave large amounts of cryptocurrency on an exchange. If the exchange gets hacked, you will probably lose everything.

  • You can check the price and charts of all cryptocurrencies here.

  • When sending cryptocurrencies to a new address, make sure you’re sending it to the right address. For example, only send bitcoin to a bitcoin address/wallet. Double check the address is correct before sending.

  • The term ‘blockchain’ is over-hyped. It’s uses are actually quite limited. Bitcoin, not blockchain.

  • Any other questions about security, ask us on our Facebook page here

If you found this information useful, feel free to leave us a bitcoin tip. Thank you.