Call it kismet...but I have been seeing more and more signs lately about the dangers of using a centralized exchange. Everything that I have invested in so far...apart from Bitshares...is on Bittrex! I now feel the urgency of fixing this...and want to store all of these different coins somewhere else decentralized...but I have no idea where. I have Exodus...and OpenLedger...but they are not compatible with all of my coins and it's really difficult for me to keep track of everything all over the place...and if I were to use some of the individual coin wallets! Is this why hardware wallets come in handy? Or paper wallets? These are very new terms to me...maybe you would consider writing a post...or you already know of one that teaches the difference? I wonder if there is a decentralized exchange or wallet that accepts and stores everything listed on Bittrex?
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That is the main reason I have not invested heavily into any coin that I can't stick in a hardware wallet.
These keep you safer than most other methods but still can not hold every coin out there.
I'll add it to my list :D
Chances are slim at this time but BitShares has a lot of coins listed but not as many as Bittrex
Thank you for your response! I need to learn more soon about which hardware wallets will work for my more important investments. For now though...it looks like I will be downloading extra desktop wallets...or cores as they seem to be called? These feel a lot safer since they are provided by the blockchains of the actual coins themselves.
These can only be as safe as your computer is and it is always a good idea to assume your computer is compromised.
Well...maybe not completely safer...but hopefully more compared to the alternative? How do you choose between keeping the coins in an exchange that could suddenly vanish...or keeping them somewhere they could be hacked? I know there isn't any perfect solution...but I am having a really hard time seeing which options have more pros than cons.
The coins in an exchange can still get hacked. Hardware wallets keep the private keys offline 100% of the time. That is why they are the safest way to store crypto at this point in time.