What If Your Cryptocurrencies Get Stolen?
7 years ago in #cryptocurrency by louisthomas (76)
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Depending on the amount, it might be worth getting bitcoin bounty hunter.
Haha!
Back to silk road!
Totally!
That would be very sad, all the effort that one is making and someone comes to steal it.
Cheers
:(
You can protect your cryptocoins by not keeping them on the exchange. There are now excellent hardware wallets available for bitcoins and many altcoins.
Trust in a third party is a security risk. If you leave the coins on an exchange you are trusting them. Just as you do if you leave your money in a bank. It can be even more risky because many exchanges do not have the same experience with security and the insurances against theft that banks may have.
Even if today the security and protection of the principal bitcoin exchanges is considerably better than MtGox.
I don't pray for this,That is why we need to be very conscious and be careful in all what we do, all the gadgets need to be secure end to end encrypted, we should also avoid log on computer that not belong us. That is decentralization we talking about because there is no regulatory body to deal with this, our private address should be well secured.
Theft is theft. If my account gets hacked and my money gets stolen, it is stolen and we can do nothing about that. Anyways no one will steal my account, it ain't worth stealing.
The point is that a bank returns what was stolen in case of fraud.
But what if the bank gets robbed or something. Then too your money is gone.
Exactly, the risks of the lack of protection are the payment we make for autonomy. We dump the middleman and we have many less worries (the banker running away with your money, the gvt locking your funds, the printing agency inflating/deflating the value) in exchange for the added burden of having to protect your funds.
But it's a bit ironic, since that's the purpose of cryptocurrencies.
"Do you want to own them yourself?"
"Oh, no, then I would have to own them myself!"
And having paper wallets is like putting your bills under the mattress. I try to encrypt and save my access keys everywhere. As long as the decrypting software still exists, I will have access to my funds.
PS. Still love your accent.
I still love the thoughtful comments that you leave 🙂
🙂
The other issue is that with a hardware wallet, no one has to know the “money” is there. Usually to have something stolen, someone has to know it exists! I guess the same might be said about money under a mattress too.......your wife or kids might find it though.
The only question remains “what do we want?” Centralized with better security or decentralized with feeling of better freedom? I guess time will tell, perhaps soon it will change this whole crypto issue. Perhaps there will be companies such as exchanges offering insurance if anything happens to crypto. Remember we are at the beginning of crypto. Anyway, the first rule of cryptocurrency security is if it can be stolen, it will be stolen. $400 million in NEM gone. As digital assets attract more mainstream attention and value, more thieves are innovating ways to steal them.
@louisthomas Great effective video... I think every crypto holders should watching this video before take their decision...
We can hope that within a few days cryptocurrency market will be able to start some of the investment and internal activities where negative effects are expected.
Cryptocurrency market is expected to be much better than it is now this week.
There are several news today that the cryptocurrency market is in a very good position and this week we can invest a lot and we can earn a good amount of money from this investment and our cryptocurrency market will be ready for investment because we can invest in cryptocurrency market at any time. And many people are asking for investment in cryptocurrency from our Bitcoin I hope the week at cryptocurrency Very well in market we hope that.
Let's see ! i am also wanted to know about this matter.
It is expected that soon our cryptocurrency market will be settled and we can re-invest the stock market as before.
we hope it will fix asap!
I am also hopeful this week we will be able to see some good investments.
Thank you. This is such an apt description! You and your helpful guides! You are awesome! Thank you!
Thanks for the valuable content. I will be looking forward to seeing future content from you !
maybe your opinion may help, depending on each of us
Yes, you are right. Yes u can get hardware wallet or you can use recently released Mobil app EDGE.
This wallet is by far the easiest to use. Edge is the best use friendly app for mobile. I downloaded it a few weeks ago and as you mentioned, it’s epic. The fact that it’s a Mobil wallet makes it even better. Not to mention that you are in complete control of your privet keys. Just the way wallets should be. I have it on mi iPhone 6 and so far I’m happy. You can get it on Android as well. ⭐️ ⭐️ ⭐️ ⭐️ ⭐️
@louisthomas just awesome. you analaysis about cryptocurrency, that was very great. i think every steemian's need that kind of advice for their career. lots of learning in here. thank you so much for your amazing video about BTC cryptocurrency. keep it up.
as long as my acount is worthless to steal i dont care ,when it will have a high value i will definitely think about this
bdw crypto need more growth related to security
just came across one of your youtube videos and found you on steemit - small world! loved the videos - super informative and helpful. will be following along and joining in the crypto revolution :D