Is There Any Guaranteed Security to Cryptocurrency Holders?

[6wilson]

As digital currencies soar, safeguarding your cryptocurrency is imperative, no matter how humble your holdings.

How safe are your coins? You might think your coins are safe due to the fact that you've observed all security protocols. No mention was made of all the wallets that are cloud dependent. Most wallets still have to "check-in"or actually store the coins in their cloud with wallet links to it.

Two factor authenticatin is a lark. Longer passwords are the same thing except not broken into two fields. Only propaganda to make the masses feel secure.

Hardware wallets are just passwords into another piece os software and can be hacked just the same as straight software. Another sales gimmic.

I think there's a huge weakness of cyber currencies or what do we think?

[Iranus]

This is like saying "cash is so insecure, if you leave your wallet out on the street then anyone could take it", and ignoring that if you put your cash in a hidden safe, it's almost 100% certain that it will never be stolen.

Private keys don't have to be stored on the Internet.  You can create a paper wallet entirely offline and never connect to the Internet until you need to sweep the coins.  So it is actually very comparable to cash.

Hardware wallets are just passwords into another piece os software and can be hacked just the same as straight software. Another sales gimmic.

That's not the purpose of hardware wallets.  The purpose of hardware wallets is to have a separate device to sign transactions which doesn't potentially expose your private keys to the Internet and leave the possibility of a keylogger stealing your coins.

[setifien19]

In every single online business, there is a risk of lack of security which is related to malware and hack attacks, but I think keeping private keys and wallets offline can extremely improve the safety level as it's very hard to reach'em by hackers

[nydiacaskey01]

I think there's a huge weakness of cyber currencies or what do we think?

No matter how secured the site is and no matter who designed or developed the security of the site or wallet there is no such thing as 100% secured. Hackers will try to breach any type of wall placed by the person in charge of the site's security. Sad part is you cant even trust the owners of the site themselves because they might be the one who really stole your coins and not the hackers.

If possible, stay away from those online wallets and never use a public computer to make any transaction, specially sending Bitcoins to another BTC address.

[bitart]

I think there's a huge weakness of cyber currencies or what do we think?

No matter how secured the site is and no matter who designed or developed the security of the site or wallet there is no such thing as 100% secured. Hackers will try to breach any type of wall placed by the person in charge of the site's security. Sad part is you cant even trust the owners of the site themselves because they might be the one who really stole your coins and not the hackers.

If possible, stay away from those online wallets and never use a public computer to make any transaction, specially sending Bitcoins to another BTC address.

It's really important to make a difference.
You don't want to use the same security for just a few cents or for your life savings. For a few $ worth of bitcoin, there's no need to create a nuclear-proof shelter to hide it in. So if you don't mind losing them, you can use web wallets for a small amount of coins. You can do this, because on the other side, using a web wallet gives you more comfont than using a paper wallet.
For your life savings in crypto, you need to make all the security precautions. Just search the forum, there are a lot of useful advices about safe storage methods. There's no 100% security, ever, but 99% is usually enough.

[avikz]

As digital currencies soar, safeguarding your cryptocurrency is imperative, no matter how humble your holdings.

How safe are your coins? You might think your coins are safe due to the fact that you've observed all security protocols. No mention was made of all the wallets that are cloud dependent. Most wallets still have to "check-in"or actually store the coins in their cloud with wallet links to it.

Two factor authenticatin is a lark. Longer passwords are the same thing except not broken into two fields. Only propaganda to make the masses feel secure.

Hardware wallets are just passwords into another piece os software and can be hacked just the same as straight software. Another sales gimmic.

I think there's a huge weakness of cyber currencies or what do we think?

The possibilities you have mentioned here, applies to your bank account as well if you have online banking facility. But does that mean, people will not be using it? No, people will use the technically advanced feature because of increased convenience. We don't have any guaranteed security for our crypto currency wallets. We are all prone to cyber attacks. The only thing we can do is to take precautions. Always try to use original operating system and licenced internet security package of reputed companies along with the existing protocols we are using. It better to be prepared than to wait for mishaps to occur.

[Virtual miner]

There is nothing like a guaranteed security every layer of added protection just gives you some extra amount of security. Even the fiat and banking system that we currently have isn't quite free from such hacks and keylogers. Moreover if we create a contrast between blockchain and banking system blockchain will surely gain an edge over the traditional banking system when it comes to security. Even if one hacks your blockchain private key he can't dismantle the whole blockchain system. On the other hand if one could get into bank's login he could seriously devastate the whole banking system.

[Alexander Mamaev]

In general terms, cryptocurrencies are files, it is information. And the main question is, what sort of infrastucture do you use to store your cryptocurrency or make transactions using it.

In the end, there is hardly a solution that can protect you 100%. Always remember about a human factor - people often do not pay heed to even elementary precaution when it comes to protecting their personal data.

Existing types of infrastucture have pluses and minuses. Hardware tokens, used for storing private keys, are quite reliable, but not comfortable to use. On the other hand, many digital cryptocurrencies, although quite convenient, are vulnerable to malware.

I have been long interested in the subject myself, and have been involved in developing the solution that tries to marry high level of security and convenience into one interface. So if you are interested, you can check out my project: https://www.diamondguard.io/

[glowbreathe]

Nothing is guaranteed! You just have to make the personal decision to invest blindly and to trust that its something that is not a mistake for your circumstances.

[rfcdejong]

All crypto currency is a high-risk asset. This market is young and it is unclear what will happen in the future. Many governments have not yet legitimized the cryptocurrency.

[dothebeats]

That's why it still takes a lot of time for some individuals to study and learn all the basic necessities in handling their money in crypto. You can't just rely all the securing on the software or hardware, you also need to help it be secure yourself. It's like placing your wallet in a busy street expecting that the wallet will protect your cash until someone takes it. Who are you going to blame in your carelessness?