Crypto Rule No. 1 - Always Keep Your Funds Safe!
In different words, never hold big amounts of money on a centralized exchange. In case you do, you are fully dependend on the exchange keeping up top notch security on all coins they got listed. That this isn´t always the case can be seen at the example of numerous exchange hacks during the history of cryptocurrencies:
- March 2014 - Mt. Gox ($473 Million)
- January 2015 - Bitstamp ($5.1 Million)
- August 2016 - Bitfinex ($66 Million)
- January 2018 - Coincheck ($400 Million)
- Which One Will Be The Next? ...
Use The Decentralized BitShares Exchange Instead!
Has anyone ever heard of a BitShares Hack? I haven´t and I´m pretty sure that we´ll never hear about one to ever occur. A Decentralized Exchange that´s build up through numerous access points all around the globe is just not an easy target, while a centralized one is quite the opposite.
On top of the security aspect there are many other reasons for you to use the BitShares DEX instead like e.g. it´s huge amount of coins that can be traded and the exclusive availability of some awesome tokens just like Buildteam 😉
Nevertheless, Most Secure is Still Your Own Wallet!
Despite the fact that I´m a huge fan of BitShares and the DEX it just has to be mentioned that the most secure way of storing your coins is still to have them sitting on your own wallet on which you own the private key(s) to. Of course this option comes with more responsibility but will always guarantee you the ownership on your tokens.
In case you are not comfortable with that responsibility or don´t want to maintain a lot of different wallets then just please remember that the DEX is ultimately the best place to go in regards to security!
(Source 1 - Storeofvalueblog.com)
(Source 1 - Coindesk.com)
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I think the list of hacked exchanges is far far longer. Somewhere i have seen a list of 20+ names. And even that was probably not complete.
From all the crypto coins ever been stolen , i believe more then 98% of them were stolen from the exchanges (world wide).
The future is decentralized !
Exchanges including.
And this theft is a good lesson for anyone who cares about his crypto coins.
I´m sure that there are more exchange hacks and eventually some unreported minor ones as well. I just mentioned the biggest incidents to show how bad it can end after all by using a centralized service for cryptos...
Wassu wassa wassa wassssssup beeeeetshhaaaaaareeeees. I love me some Bitshares. The more hacks we see on exchanges (there will be a lot more this year) the more bitshares' value will rise.
I´m actually with you on this. Hackers will try to get their hands on the big hot wallet pots, which are not properly secured. Bitshares is the one place to use instead to keep funds save while having them on an exchange.
more decentralized exchanges please!!
I want to feel safe putting my coins on a decentralized exchange that is run by some epic code!
Well then use Bitshares, that´s pretty much the best place you can put them right now whenever you´re looking for a decentralized exchange.
@steembusiness Yup I would never hold my crypto in an exchange I have a few Ledger Nano S's and have them in security boxes I purchased mine from here www.ledgerwallet.com but you can also get them on ebay and amazon.
Hardware wallets will always be safer and more secure than software/exchange wallets.
@hollowpoints
Ledgers are great and I have a few myself. I would recommend buying from the ledger company because there may be a way for a used ledger to still be accessible by the previous owner. I had read that in an article on Coin Telegraph. Thanks for sharing your insights =)
Hardware wallets are the best option for sure. Just be aware of scammers in case you buy them from ebay or amazon. People got robbed of all their coins this way already.
it makes me very scared! but I have some coins that I am not allow to keep on my hardware wallet :( how to deal with it?
Well that´s up to you, either store them in a wallet you own the private keys to, use the dex if possible or put it on an exchange you trust. There´s actually always some risk to get hacked or tricked as long as humans are involved.
thank you for your input!
100% agreed, decentralized exchanges are the solution and even that never leave more than 10% of your fund in a exchange as maximum ;)
thank you for the good post :)
Exactly I keep the amounts on exchanges low as well to be more secure. Hardware wallets are the best thing to go for though these days :)
I have no knowledge about the exchange and maybe will do research on DEX later..so I would say, I kept everything secure in my wallet :)
Thanks for giving info about this or to be specific the decentralized exchanges
As long as it´s safe on your own wallet that´s good. It´s more about the coins you store on an exchange, which would be better to be put on the DEX IMO.
I couldnt agree more. Just look at what happened recently with XEM and Coincheck. As the crypto markets rise, so do the predators. I think people are beginning to understand the important concept of OPSEC. You are your own best security guard.
Setting up some decent security on your own system is definitely recommendable as well these days. Don´t save money on that!
He, wanted to drop by in order to speak my mind about your recent support for my work. I always smile after seeing you again upvoted my work!
Greetings from Amsterdam!
t.
Your own setup has to be secure. An antivir software and a VPN client are the best thing to begin with next to not surfing on suspicious websites with the device you got cryptos on.
Awesome Rules!!
I am paranoid honestly and never leave much on any exchange, decentralized or not. I much prefer to store in my own wallets. Bravo for sharing such valuable information. Thanks!
Own wallets, which you own the private keys on are definitely the best option :)
Awesome reminder. Everyone needs to think about this especially because it keep happening.
Hackers won´t stop digging for gold so better be safe and prepared ;)
i was only talking with my friend about this last night :) great post thanks
bitshares is a lot safer for sure.
It is for sure :)
Great post! I agree with you, great info.
You call it BitShares DEX, but isn't it called OpenLedger.io DEX now?
@steembusiness you are 100% Correct in reminding people once again to think SAFETY, SAFETY, SAFETY !!
Excellente
I use waves too and will give a try to bisq too.
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