Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: altstothemoon on March 18, 2020, 06:35:34 PM
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As many of you may already know, the list of Crypto Exchange hacks (https://bbod.io/post/the-ultimate-list-of-cryptocurrency-exchange-hacks) keeps growing and it's very important to maintain your funds safe.
Always remember this popular statement: not your keys, not your crypto.
Actually, without keys there's no crypto at all, so one of the first and most important things we should learn and remember is to keep our keys safe. You may write them on a paper and put it in a safe place only you know, or maybe create a document with all your keys... Although I wouldn't recommend this unless you store that file protected with a password and mainly open it offline.
Some people have backups offline in external devices. That could be another good choice.
Custody: a choice that matters.
Let's say you buy some crypto whether because you want to hold or trade them. So you register in an exchange of your trust, put your payment data and buy a bunch of crypto.
Now, here's the key part: what do you do next?
Do you hold your crypto in the exchange or do you transfer them to your private personal wallet?
In other discussions, a few days ago (https://www.uptrennd.com/post-detail/transparent-custody-why-is-it-important~MjA1NDE1), the importance of custody was addressed, and the article emphasized: watch out with holding your crypto in an exchange with centralised custody.
Why?
Simply because of the topic mentioned at the beginning of this article: exchanges can be hacked and you can lose all your funds. Thing is the majority of exchanges have a centralised custody system, meaning that you don't own your exchange's wallet private keys. And what happened if you don't own your keys...? Exactly.
To summarize, be sure you keep your funds safe. Whether it's on your private wallet, or trading in the new generation exchanges that have a transparent custody system (https://bbod.io/post/transparent-custody-solution-bbod), meaning that only you can access your funds and they will be safe in case there's a hack to the exchange.
Tell me: What's your strategy to secure your funds?
Resources
https://www.uptrennd.com/post-detail/why-security-in-crypto-matters~MjE5Nzk5
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Yes, that world looks very true not your key, not your funds. People are using decentralized exchange and wallet because of this. Though the service of centralized exchange is very good right now sometimes I think is it possible to hack a decentralized wallet or exchange somehow. May be or maybe not but it's your responsibility at the end.
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i never trusted exchange , i always hodl my private key
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i still prefer the strategy of trading on centralized exchange because it is quite easy and scalable. the fees could be the problem but can't be comparable with that of Dex. you are charged for every little transaction that took place on Dex. which is not fair if you ask me. there are pros and cons on both side.
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Working with cryptocurrency will always allow a certain degree of risk of losing it. There are a lot of reasons and they are various. No matter how we try to protect ourselves, it is completely impossible to do it all the same. Therefore, in cryptocurrency, it is worth storing only a certain part of your savings. It will also be better to store your coins and tokens in several wallets and make sure that our E-mail is not hacked, because through it can go to our wallets and accounts.
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Peoples are investing their money so much in the crypto market than we need security and the online wallets is the best way to safe our coin and that is most secure wallet for us to safe the coins in it.
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Security is the main thing in the crypto market and so many peoples will do this and the peoples will invest in that exchanges or coins where the security is high becasue hackers will try to hack the systems and steal our coins and the weak security system will not safe our coins thats why the security is the main issue for the investors in the crypto market.
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Security is crucial for those who want to deposit funds. If a very good security exchange will surely be a lot of people who trust to save funds. However, if the exchange is very bad in its efficacy, I guess they will not want to deposit funds. Whereas if exchanges have many investors coming in, of course, it will provide excellent growth. 2FA security is very important. So that every investor must activate the security.
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Do not be careless clicking links that are suspicious.
Do not easily trust.
Make sure that you are in real page, group, and project.
2FA hleps you to secure your account.
Security is the key to use your profit.
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Thats true security matters, but if you are a trader you should come up with a working strategy while using a centralized exchange for me is not bad because it has a good volume compare to DEX but I never let my cryptocurrency stay for a long time in a centralized exchange. if I'm not doing some trading sessions for a while I withdraw all my cryptocurrency and send it to my private wallet.