Dilemma of the year: Crypto Security

[Decentral-Mag]

As the world looks at the security concern as a primary repellent. Security issues not only repel the traders, but they also snatch away the trust from “what could have been huge” cryptocurrencies.

So, giant exchanges like Huobi Global need to step up in order to help the cryptocurrency revolution live up to its full potential. For one thing, they can help ensure that clients feel safe, especially from hackers, identity thieves, and other fraudsters..
https://en.decentral.news/crypto-security-and-huobi/

[palle11]

I like the aspect where it was looked at or advised whether exchanges could reimburse members back stolen money  That will be very good. Also, 2FA security to safeguard the funds of members.

I'm really seeing groups coming up to adopt bitcoin and cryptocurrency. It could just be possible we might be seeing another ATH.

[3acaga]

Therefore, they do not accept governments to trade in cryptocurrencies - because there is always a risk of fraud at this time, and theft of cryptocurrencies by hackers from the exchange.
And the stock exchange is not yet ready to take responsibility for the assets of traders.

[avikz]

As the world looks at the security concern as a primary repellent. Security issues not only repel the traders, but they also snatch away the trust from “what could have been huge” cryptocurrencies.

So, giant exchanges like Huobi Global need to step up in order to help the cryptocurrency revolution live up to its full potential. For one thing, they can help ensure that clients feel safe, especially from hackers, identity thieves, and other fraudsters..
https://en.decentral.news/crypto-security-and-huobi/

This article is actually a praise to Houbi and don't really talk about any other exchanges by essentially making Huobi as an industry benchmark. Seems like it is a paid article to emphasize on how secure is huobi!! because this article doesn't provide any comparison between other big exchanges like Binance, OKEx or Kraken etc.

It's great that huobi has set up a "customer protection fund" of 20,000 bitcoin just in case anything goes wrong, but I believe Binance has also planned something similar to this after syscoin issue! Also I know Kraken has similar reserve maintained in their Bank accounts (even though un-audited). A comparison of security features among top exchanges is what I was looking for after seeing the subject line, but bumped into a paid article!

[faceoff97]

This is why the need for public viewing of codes should be available, open source software will help users to have great security on their funds. It would be better if exchanges will not be use as storage of fund since you have the full contro over the funds, you don't even hold the private key of your own account which makes you more prone to potential vulnerabilities. An open source wallet like HODLER wallet would fit storing the fund without thinking about the issue of security, it is also tge only open source multu wallet available which means it is a must to try.

[Kopyleft]

Exchanges should be decentralized, and users should never have to give up control of their assets and depend on the security of the platform.

Cases if exchange hacks are non existent in decentralized exchanges, some may argue that there is not much amount in circulation to attract hackers, but the funds are never truly in the exchange and if users protects themselves with metamask the chances of getting hacked would be further reduced.

[iASIC]

Yes, everyone in the Crypto market is working very hard to save the situation. We are at the worst stage of recent years. The economy goes down and we have to help the Crypto market grow. The bounty hunters like us will also work actively to help make the ICO project complete well. Then the market cap will increase.

[Loubap]

many cryptos  there will be problems with that if they classify as security

[Tavarez]

As the world looks at the security concern as a primary repellent. Security issues not only repel the traders, but they also snatch away the trust from “what could have been huge” cryptocurrencies.

So, giant exchanges like Huobi Global need to step up in order to help the cryptocurrency revolution live up to its full potential. For one thing, they can help ensure that clients feel safe, especially from hackers, identity thieves, and other fraudsters..
https://en.decentral.news/crypto-security-and-huobi/

Exchanges are generally insecure and smart thing is to keep crypto away. My experience shows that hardware wallets are the best especially for long-term hooodlers. For small amounts you can use exchanges, just for short period of time (deposit/sell/withdraw).
Hardware wallets worth every single penny.

[ranman09]

I don't trust any hot online wallet and that includes exchanges. You know time goes by and hackers will implement many kinds of attacks, so even a popular hot wallet can become vulnerable without proper security.

[maldini]

No one can guarantee security in the digital world, no matter how many people handle it because the system must have the strongest weaknesses that can be broken into.
The right step in my opinion is to save on cold storage even though I don't guarantee this.
The world does not need to worry about security because experts must have tried their best to improve system security, even the fiat currency cannot be guaranteed security.

[gabmen]

No one can guarantee security in the digital world, no matter how many people handle it because the system must have the strongest weaknesses that can be broken into.
The right step in my opinion is to save on cold storage even though I don't guarantee this.
The world does not need to worry about security because experts must have tried their best to improve system security, even the fiat currency cannot be guaranteed security.

Well you can't worry about security all the time. An individual can only do much since it'll be extremely difficult to prevent a determined hacker from getting to your assets. Thankfully i don't think there are enough of them to pinpoint me out of all other people with bigger wallets.

[geminiboy]

I don't trust any hot online wallet and that includes exchanges. You know time goes by and hackers will implement many kinds of attacks, so even a popular hot wallet can become vulnerable without proper security.

yes you are right, as stated above, exchange is not a safe place to store, exchange is better used as a place of sale and immediately saves in the wallet, in this case what often happens is that the exchange is still a weak security system, hackers always study the system and that will threaten crypto forever