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Post by: vinca BK. on May 05, 2021, 01:31:10 AM

Title: Re: Trusting exchanges, wallets and banks wallets (hacking process)
Post by: tranthidung on May 05, 2021, 01:40:13 AM

Quote from: vinca BK. on May 05, 2021, 01:31:10 AM

I were surprised by the many people that trust banks and online "trusted" wallets to store cryptocurrencies

In cryptocurrencies, you will only be safe if you store your cryptocurrency, wallets, backups offline. The more exposure to the Internet, the more probability that you will be target of hackers.

Wallets are categorized to custodial wallets and non-custodial wallets
You should choose non-custodial wallets because with them, you have control of private keys or mnemonic seeds.
Non-custodial wallets are not enough. It is best if you choose opened-source non-custodial wallets. People can look at opened-source code and detect suspicious things. However, it does not mean all opened-source wallets are better than closed-source wallets.
Choose wallets that support Bech32 (bc1) address and Lightning Network

Bitcoin wallets

Recommended Bitcoin wallets (https://www.lopp.net/bitcoin-information/recommended-wallets.html)
Try to verify wallet file to make sure you did not download a phishing file.

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Wallet Basics:

Do not use wallets that don't give you recovery data; these wallets are likely controlling your keys.
Do not use paper wallets unless you're an advanced user who understands all the risks.
Do not store large amounts of value in single signature wallets.
Make sure your heirs know how to recover your wallets without you!

Title: Re: Trusting exchanges, wallets and banks wallets (hacking process)
Post by: jossiel on May 05, 2021, 03:02:38 PM

Hacking incidents are real mostly if it's from the reputable platforms that are being affected. Well, the doubt really kicks in if it happens but they're legit hacks and exploitation.

The reasoning that it's just a hack could be used by not so popular exchanges as a gateway to their exit. It's becoming the exit scam and they're using it to scam their user's funds.

Title: Re: Trusting exchanges, wallets and banks wallets (hacking process)
Post by: hugeblack on May 05, 2021, 09:29:22 PM

Your words could be correct, there are no regulatory authorities that guarantee the transparency of these platforms. we have some trusted cases when exchange claim that someone has stolen all the money on the platform to scam people.

Old Exchanges Role: buying cryptos, not storing them, you must withdrawn them once you have made the purchase.

New Exchange Roles: The cryptocurrency market has developed, and exchange between cryptocurrencies and other stable coins brings a lot of profit. Therefore, many people keep a lot of liquidity in the platforms or even do not buy bitcoin, but rather speculate on its price. But again, you bear all the losses that may happen.

Finally, not your keys, not your coins. Use real Dex Exchanges.

Bitcoin Forum

Other => Archival => Topic started by: vinca BK. on May 05, 2021, 01:31:10 AM