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Author Topic: Care of security and don't store your coins on exchanges!  (Read 1362 times)
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May 11, 2019, 11:41:55 AM
 #61

Keeping coins in your own wallet is safer. If you save too many coins on the Exchange, I think it's riskier. But if you use Authenticator security, I think it will be much safer too. You must not take risks because there is a lot of hacking in the Exchange. If you store your digital assets in Wallet, it is better if the private key is stored in data that is not online.

I am agree, store our own coin and token in our own wallet is much safer because most hackers want to stole coin in exchangers. Its very vulnerable because recently binance got hacked and its give us a warning that the best place to store our coin is our own wallet and its much better if we store it on hard wallet
yes, I agree with you, it's better to keep the coins that we have in our own wallets much safer, the exchanges are vulnerable to hacking, scammers know more about what they think is useful by hacking that exchange. be vigilant and never store assets on the exchange, it's a high risk if hacking occurs.

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May 11, 2019, 12:20:58 PM
 #62

Binance's hacking event a few days ago was a good proof. No matter how powerful the exchange is, it can always be hacked. As you said, the hardware wallets will reduce the likelihood of losing funds.

 
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May 11, 2019, 12:31:08 PM
 #63

Binance's hacking event a few days ago was a good proof. No matter how powerful the exchange is, it can always be hacked. As you said, the hardware wallets will reduce the likelihood of losing funds.
Yes you have a point, but I think the moment that you start investing you are taking a risk also , invest what you are carry to lose. Im not saying that in negative way,but I think when you earn, withdraw it right away because anytime, any hour our exchanges whether it is known or not it can be hacked , even if it has a 2fa security, I always taken away my funds once I already sell all my tokens.

 
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May 11, 2019, 12:54:07 PM
 #64

you should be right if we want to invest and buy coins on the exchange, you should immediately pull and secure it in your personal wallet, I have friend and he has lost a lot of coins because of hacking

i'm sorry to heard about your friend
thats why we should store our coins on private wallet, maybe a hardware wallet or paper wallet
also in the exchange, in our personal account, we must use all security system there, such as 2FA, sms notifications, email notifications and many more
and always withdraw your profit to your personal wallet my friend  Wink

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May 11, 2019, 01:29:36 PM
 #65

This is one of the lesson  learnt when I got acquainted with the crypto space. Exchanges are not to be trusted in terms of saving funds, rather our personal wallets. By holding our assets in a personal wallet we assume all control thus reducing unforseen risks.
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May 11, 2019, 01:40:43 PM
 #66

Not only cryptopia even binance hack I don’t even think about it the top crypto currency exchange hacked . It’s guaranteed no exchanges are safe to keep or funds. Now we have to accept proof of key concept.
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May 11, 2019, 01:51:28 PM
 #67

yes you are right it is the safest way to keep coins in your personal wallet and keep the private key good, because exchanges have often been hacked and became the target of hackers, I think saving coins on the exchange is only for short-term trading.

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May 11, 2019, 01:57:10 PM
 #68

Seriously keeping funds in exchanges has never been a good idea. There is a reason why personal wallets have private keys, which shows that by saving funds in these personal wallets we decides what happens etc.
Many exchanges have been hacked and with the recent one, I believe we will learn now.

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May 11, 2019, 01:59:17 PM
Merited by seleme (1)
 #69

Since trading in an inherent activity in cryptoverse, sooner or later we will transfer our digital assets to exchanges on which we have no control and one way to minimize risks is to be knowledgeable on the ways that intruders might stole our assets and identify tactics on how to prevent it. These are some of the most common practices most crypto hodlers do namely:

1. Trade on exchanges which prioritizes security and exercises different security mechanisms e.g. 2fa, email verification, ip whitelisting

2. Trade on exchanges which has an emergency insurance fund that can cover the damages from its clients once an attack occurs (e.g. Binance SAFU)

2. Don't store digital assets on exchanges for a longer period of time as OP has suggested

3. Avoid being a victim of phishing sites (check url integrity, bookmarking previous trusted sites, avoid phishing emails - suggesting any unwanted account access)

4. Be vigilant and suspicious always and don't be complacent about security. Always investigate any unusual activity.

5. Secure your computer system (installing antivirus, firewalls, use password manager, use of file encryption, hardware wallet)
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May 11, 2019, 06:00:09 PM
 #70

Lol "Your coins are Safu" part made me laugh.

You made good points but hacking can still happen during trading or before you make the withdrawal..
It is just hard to use Centralized exchange without becoming vulnerable to this things. The safest thing to do is to trade with what you can afford to lose or just use decentralized exchange.



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May 11, 2019, 06:12:16 PM
 #71

I agree with the author,in recent time, often appear to news about the hacking of exchanges.But I keep money in my stock account on exchange. After all, there are times when you need to urgently buy or sell something,and while you transfer from wallet to exchange-you lose time.

7074 btc was lost when Binance was hacked. I could not imagine that it would happen with this exchange as it is supposed to be one of the safest ones. They managed to steal almost 42 million dollars (if we use BTC/USD rate for this time).
However, the information that Bitcoin would fall now was wrong. The situation is quite different now - BTC seems to be awakened again. probably, it is really better not to hold your crypto on exchanges, if these things can happen.
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May 11, 2019, 09:20:14 PM
 #72

I always tell my friends, if you are not a day trader, never store your coins on exchange sites because they are not safe over there. you have your own wallet and you owns its private key to yourself making it safer for you, why store them on your exchange sites and put your coins at risk. I work hard for the coin I hold and store and to me, its not safer storing them on exchange sites and I prefer storing them in my private wallet.

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May 11, 2019, 09:43:15 PM
 #73

Truly anyone still doing this is only risking his assets. If a secure exchange like Binance can get hacked what more is there to say about keeping funds on exchanges. No matter how big or small the assets is, keep it off exchanges.
The crypto space is getting more valuable each day thus the need to always protect our assets, which can be done by using personal wallet; that is a wallet we control.

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May 11, 2019, 10:22:23 PM
 #74

It is not totally possible for everyone not to have coins at the exchange, except one is not trading, even at that their could be time when one would have placed a sell order. For who do not have any trading purposes this does not apply to them. In all these one has to be lucky not to fall victim, the hack can happen as soon as one is sending his coin to the exchange to sell.

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May 11, 2019, 10:42:06 PM
 #75

Storing coins in exchanges is not advisable, is better saving all this coins inside a personal wallet and keep the wallet login details very safe. This is very much preferable

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May 11, 2019, 11:09:51 PM
 #76

You're right. We must take care of the safety of our funds. Recent events with the Binance exchange have shown us that even the most reliable and secure exchanges can still be attacked by hackers. This once again showed us that no one should be trusted.

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May 11, 2019, 11:18:21 PM
 #77

Since trading in an inherent activity in cryptoverse, sooner or later we will transfer our digital assets to exchanges on which we have no control and one way to minimize risks is to be knowledgeable on the ways that intruders might stole our assets and identify tactics on how to prevent it. These are some of the most common practices most crypto hodlers do namely:

1. Trade on exchanges which prioritizes security and exercises different security mechanisms e.g. 2fa, email verification, ip whitelisting

2. Trade on exchanges which has an emergency insurance fund that can cover the damages from its clients once an attack occurs (e.g. Binance SAFU)

2. Don't store digital assets on exchanges for a longer period of time as OP has suggested

3. Avoid being a victim of phishing sites (check url integrity, bookmarking previous trusted sites, avoid phishing emails - suggesting any unwanted account access)

4. Be vigilant and suspicious always and don't be complacent about security. Always investigate any unusual activity.

5. Secure your computer system (installing antivirus, firewalls, use password manager, use of file encryption, hardware wallet)

Thanks for sharing these tips, very valuable information for new traders.

Having two types of wallet can solve the problem of holding the crypto for the long term duration. Backup wallet for storing the coins and exchange wallet for short term trading. I can't imagine what will happen to the price of BTC if Binance doesn't give back the funds of investors.

 
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May 11, 2019, 11:37:49 PM
 #78

Keep your holdings on the exchanges is not the smartest move as they could be hacked anytime.
Even the biggest exchanges like Binance are not an exception from hack. We have to hold only
the coins we are trading with on exchanges, the rest on hardware wallets.

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May 12, 2019, 01:31:59 AM
 #79

You're right. We must take care of the safety of our funds. Recent events with the Binance exchange have shown us that even the most reliable and secure exchanges can still be attacked by hackers. This once again showed us that no one should be trusted.

Yes! We must always bear in mind this famous law on computer science - Murphy's Law which states that "If something can go wrong, it will" as this simply explains that no system, be it a pc, software, OS, blockchain, exchanges, etc are 100 percent safe. There will be unfortunate events that would likely to happen sooner or later though we can't stop it, we can do something to minimize its possibility to happen or make necessary actions to mitigate any untoward incident that could occur.
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May 12, 2019, 03:30:44 AM
 #80

This should be the first thing all crypto holders and investors should learn, you are your own bank and knowledge is power when it comes to being a part of the cryptocurrency community, I expect everybody to know this, skip this and you will regret later.

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