Sometimes the best move is just to chill. Don't worry, I got you. Today I’ll share my TOP 10 productive things to do during shakeouts and boring price actions.
#1 Improve Wallet Security
Investing in a secure hardware wallet is one of the best ways to protect your assets. Consider purchasing an Alephium co-branded hardware wallet from OneKeyHQ or from Ledger; they are both reliable. I am using the One Key 1s Classic, and I love it. To keep you updated, Ledger devices are now supported in the Alephium Extension and the Desktop Wallet.
Tips for keeping your seed phrase secure:
Make sure you are alone and not reading your seed phrase out loud when writing it down.
Ensure there are no cameras in your room and store your recovery sheet safely. Also, avoid taking a picture of your seed phrase and do not create a digital copy.
Be fully attentive and have your cup of coffee.
Consider buying a SafePal Cypher. It is a fire-resistant steel plate that can store your 24-word seed phrase. This helps you stay calm during the ALPH run, without worrying about being hacked when $ALPH reaches new all-time highs.
Store your cypher in a place where only you have access.
Never split your 24-word seed phrase into two separate places. This is a bad practice because if someone gets your first 12 words, they only need to brute-force 11 words plus 1 checksum. Terrible idea!
Try studying Shamir backup. However, this is not currently available in OneKey or Ledger.
Use passphrases! You can have those 24 words written somewhere else, but you keep a 25th word only in your mind.
Make sure to buy only from the official website. Double-check the website to ensure it is correct. You can start from their official Twitter accounts for best practices.
If you are really into Web3 and you’re a multi-chain walker, setting up a good hot wallet could also be beneficial.
You can purchase the OneKey Classic 1S Alephium Limited Edition for 59$ (-40%) by using the discount code "ALEPHIUM" on checkout.
#2 Optimize Your Workspace
Clear your desk of any unnecessary items, clean your computer tower to keep it spotless and ensure it works well when needed, perform a fresh installation of OS, if possible, install a very reputable anti-virus software, and consider subscribing to a VPN service.
#3 Improve Mobile Security/Privacy
If you are using Android, consider installing antivirus software. If I had more time, I would also think about doing a fresh install and moving my pictures and videos to a secure external hard drive. Make sure you use a reputable brand to avoid losing two years of precious memories! Keep those external hard drives away from magnets, water, heat, or physical shocks.
Additional Considerations:
Regular Backups: One-time migration isn't enough. Regular backups should be part of your routine to protect against data loss from device failure or theft.
Encryption: For added security, consider encrypting the data on your external drives, especially if the data is sensitive. Many drives now come with hardware encryption, or you can use software solutions. Although if you have proper storage for your storage devices, I wouldn’t mess with encrypted backup. If you happen to corrupt your OS, you could lose access to your files.
Cloud Backup: While we emphasize physical backups, cloud backups can offer an additional layer of security with off-site storage, which can be invaluable in case of physical damage to your local storage.
#4 Plan for your Taxes
The last thing you want is to achieve your biggest dreams, buy your dream house, and fill it with beautiful things to make life easy and enjoyable, only to end up in jail. Not paying attention to taxes can really mess up your life. You can avoid this by planning your taxes now. Consult a professional and seek advice for maximum tax efficiency.
#5 Exercise!
If you notice, vampires in mainstream movies are always wealthy! They've lived so long that they've probably held onto valuable assets and gained a lot of experience in different cycles. I don't want you to become a vampire, but essentially, the longer you live, the longer you can HODL your $ALPH! There is a lot to gain from simply holding onto your investments.
#6 Create new hobbies
You might want to try and dip your toes into crypto mining, which can be a fun and rewarding to learn. If not, try exploring setting up nodes using Raspberry Pi. You could also start learning a new programming language if you are into coding. For me, I'm planning to take up a new sport, jiu-jitsu, after my first amateur boxing fight this March.
#7 Take the time to catch up with loved ones
Investing in crypto can drive you crazy. That's why going into monk-mode can help you block out all the noise and focus on your goal. I also avoid discussing crypto with my real-life friends because all of them are either into questionable coins or don't know what they're talking about and don't fully understand what they're doing. NGMI. However, without roasting them for being plebs, you can still catch up with them in a very civil manner through phone calls, video chats, or in-person visits. Kidding aside, catching up with your loved ones reinforces your purpose in life.
#8 Play that video game that you’ve been wishing to play
If you've been deep into ALPH since the beginning of the year, you probably missed some major game releases. Now that you're doing well financially, you can buy some games on Steam. I bought Black Myth Wukong and finished it once. There's more to explore in the new game plus, but with my limited time, I moved on to other games I've been wanting to finish, like Palworld, Hades II, a bit of Tekken 8, and Little Nightmares 1 and 2. I could buy more, but too many Steam purchases might mean missing out on opportunities in ALPH. Keep that in mind!
#9 Learn DeFi
Become a nerd! Learn how liquidity pools work, how they help traders, and how they can benefit you. Understand what CLAMM is and similar topics. Remember, if you don't know where the yield is coming from, you are probably the yield! Staying informed and up-to-date boosts your chances of success in this bull run. Also, keep up with the latest ALPH developments by following the official Alephium Twitter account, Alephium Gazette, and your favorite ALPH experts. Occasionally, do some research in the ecosystem to stay ahead of the game.
#10 BUIDL
Last but not least, BUILD. Think of a tool you can contribute to the community. Identify what you need; others might need it too! Look for existing problems and consult some experienced community members to see if your idea is worth pursuing. They might even sponsor it for you. Consider applying for a grant; it won't hurt.
Visit alphdevs.com to connect with vetted Ralph Smart Contract developers. If you can agree on something, this could become a source of passive income for you.
Remember, it doesn't have to be big and grand; sometimes you just need to start.
That's all from me today! I hope I gave you something to keep busy with this slow December. Remember, stay informed and stay involved in crypto! See you around, cheers!
***Disclaimer:***The information provided in this article is for informational purposes only. It should not be considered financial advice. You should consult with a financial advisor or other professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first conducting their own research and due diligence. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses. Remember that investing in crypto involves risk, and past performance is no guarantee of future results.
