Usually, when we have bear markets, there is a common thought about keeping our investments safe. Some people do a panic sale and convert their crypto as stable coins. Some people who don't even believe in stable coins, take the money to the real world. These are some common things that happen now and then in the crypto world.
Coming to the topic, yeah I think it is not very safe to keep all our money on the internet. Basically, crypto investments are more like keeping the money on the internet. There are some possibilities where the data can be manipulated if our investments are in centralized exchanges. Even in some cases, Blockchains are also not fully 100% tamper-proof. Say for example if only 10 people are running a node for a blockchain, they will be able to change the balance in a wallet with the approval from all the 10 people. That's one of the reasons why the number of different users operating a node is very important.
There were also events similar to such that happened on Steem blockchain when the company Steemit was acquired by Justin Sun. The balance of the accounts was altered and the money was taken out of supply with the help of 20 sock puppet witnesses. So, it is important to understand the risks of crypto investments or anything to do with money over the internet. I'm not saying all these to scare anyone but just as an awareness initiative.
Private internets can be a problem
Some countries have private internet. If we are planning to move from one country to another for some reason, we have to also understand how the internet works there. Otherwise, communications with the outside world can be a big problem. I heard there are some similar restrictions in North Korea and it is hard for someone to break those rules and live there. Private internet especially can be a very challenging thing.
Even in the current internet itself if our Internet Service provider restricts our access to some of the crypto cloud wallet sites or crypto websites, our money is already gone. In some cases, VPN can help but we cannot guarantee that either.
In some countries, the crypto regulations are not pretty clear. Only now India has announced that there will be a 30% flat tax on crypto earnings. But before that, the situation was not clear at all. What if suddenly overnight the government starts taking all the crypto investors into radar and start monitoring them closely. In this case, the private internet may not even be the real problem. The actual problem would be the restriction from the government end itself. But they might as well decide about implementing private internet for the entire country.
Hardware wallets can be a good move
Hardware wallets are good in all these scenarios. It doesn't mean that we have to all move our funds completely from other places to hardware wallets. But comparatively, I believe keeping our major holdings in hardware wallets would be safer compared to keeping it in exchanges. We can still keep our money in cloud wallets and exchanges but how much is what matters. We can just keep a little on the exchanges and move the remaining to the secure wallets.
As long as our private keys are pretty safe, the other wallets are also safe to some extent. We can always get back and reach out to our funds if we keep them on a hardware wallet. There are also backup mechanisms available that can be used only by authorized individuals. This gives multiple protection in my opinion.
 |
 |
 |
 |
 |
 |
Posted Using LeoFinance Beta
It is not that easy to scare me. I started using the internet somewhere around 2001/2002/2003, and I have internet at home since 2004 or 2005, and I discovered cryptocurrency in 2014, and I registered on the Steem/Hive blockchain in 2017.
I have seen a few dangerous, weird, and unfair things, including scams on the internet in the previous approximately 20 years, yet I am still here. I am planning for the long term with the Hive blockchain.
Yeah same here. But I have heard of scary things happening in some countries. Especially China having no internet access in most of the places and private internet too.
Every crypto enthusiast should be concerned about the safety of his assets. Yes, there is a risk of being hacked in the crypto space but measures can always be taken to ensure safety of assets.
First, keeping your funds in a centralized wallet isn't a good move. Instead, normalize storing your funds in a private Wallet where you are in full control of your keys. Also, hardware wallets increase safety if you can afford it.
Posted Using LeoFinance Beta
By keeping in the private wallet, we don't even have to let anyone know that we are keeping funds. It can be our private little secret. 😃
Exactly! That way, safety is more guaranteed unless you expose your keys
Posted Using LeoFinance Beta
Hardware wallets are for sure the answer, soft wallets are for smaller amounts or short term operations.
Yep these soft wallets also gives us some attractive rewarding opportunities. But it is still to keep the funds minimal.
The hard wallet suggestion is a good one. Keeping safe on the internet can be hard with so many scammers
!1UP
Yeah especially centralization cannot be trusted completely.
If you don't have your private key, they are not your coins.
I totally agree with you on that because it totally secured when doing so
I never understood why people always think that hardware wallets are somehow the safest option. I think that they are anything but safe. Super easy to lose them, get stolen, or they could simply brake. But those are just my 2 cents ;)
Unfortunately, I'll have to agree with you on this one.
In theory, hardware wallets are great and safe. But, in the real world where we live, I definitely wouldn't trust on me to keep a little drive safe if my life savings depended on it.
Absolutely Hard Wallets can be a great move, I myself am thinking to get finally one and to start slowly stacking up some coins in there. Accumulate in the red and move over to the wallet with this attitude 🤣
This secret santa in the office 2 collegues gifted each other 2 ledgers 🤣
Exactly, nice suggestion and hard wallet can be a safe move but how can a person snatch our asset from binance which has the two factor security?
Cryptocurrency was created in response to a money and banking system that centralizes power away from the individual. So, I prefer hard wallet more than an exchange.
Apart from the volatility, I think it's completely safe.
Also, the same volatility will make you happy sometimes.
Discord Server.This post has been manually curated by @steemflow from Indiaunited community. Join us on our
Do you know that you can earn a passive income by delegating to @indiaunited. We share 100 % of the curation rewards with the delegators.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
Read our latest announcement post to get more information.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
Well I think hardware wallets might be a solution but I might be scared to see what happens when the hardware fails. I guess the backup options might be a possible solution for this though.
Posted Using LeoFinance Beta
PIZZA Holders sent $PIZZA tips in this post's comments:
(8/20) @curation-cartel tipped @bala41288 (x1)
Please vote for pizza.witness!
View or trade
BEER.BEERHey @bala41288, here is a little bit of from @pixresteemer for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.Discord Server.This post has been manually curated by @bhattg from Indiaunited community. Join us on our
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
You have received a 1UP from @trashyomen!
@leo-curator, @ctp-curator, @neoxag-curator, @pal-curator, @pob-curator, @vyb-curator, @bee-curatorAnd they will bring !PIZZA 🍕 The following @oneup-cartel family members will soon upvote your post:
Learn more about our delegation service to earn daily rewards. Join the family on Discord.
W jaki sposób usunąć swoje poufne, prywatne dane osobowe z sieci? Nasz nowy poradnik https://bezpiecznyvpn.pl/usuwanie-danych-osobowych-z-internetu/ dajcie znać w komentarzu jak wam poszło! #security #bezpieczenstwo #polska #poradnik #internet