Why Security in Crypto Matters?

[TedMosby]

Considering that this amount is only official data, I am afraid to think how much was really. Certainly, thousands of people who have been stretched for smaller amounts probably have not reported it anywhere, being ashamed of their stupidity or greed, so the real number must be much higher ....

Most of that money fly away to Finland.

"For the third year in a row, Finnish exchanges ranked #1 in highest percentage of criminal BTC received , with 12.01% of all BTC funds received coming directly from criminal sources."
https://ciphertrace.com/spring-2020-cryptocurrency-anti-money-laundering-report

[sabbir2world]

Well security in tech in general matters in every aspects. In crypto you have your money involved so there's no way you don't take necessary protections and feel like you are protected from everything! Non custodial wallets are way to go but that's not all either.

[ultrloa]

Well security in tech in general matters in every aspects. In crypto you have your money involved so there's no way you don't take necessary protections and feel like you are protected from everything! Non custodial wallets are way to go but that's not all either.

Our money in crypto space is floating around so security really matters unto this since there are so many skilled hackers that can able to broke out and steal our balances if our wallet provider have weak security features in their wallets.

So protection is a must to us here since there's a money involve in every action here.

[Lanatsa]

Well security in tech in general matters in every aspects. In crypto you have your money involved so there's no way you don't take necessary protections and feel like you are protected from everything! Non custodial wallets are way to go but that's not all either.

Our money in crypto space is floating around so security really matters unto this since there are so many skilled hackers that can able to broke out and steal our balances if our wallet provider have weak security features in their wallets.

So protection is a must to us here since there's a money involve in every action here.

In built protection like 2fa's and verification neither on mail or otp wont really be enough or shall we say 100% safe because most common errors do really target out on the user itself

which means we should really be sensible on keeping those valuable informations in to secure place that no one would able to see it on.Security does matter just like on what we've

been doing on keeping our money in banks.The difference here is that we've been storing it on online.It might hard to be bruteforced but once those info's will leak then expect for you to
lost money.

[terrong]

In built protection like 2fa's and verification neither on mail or otp wont really be enough or shall we say 100% safe because most common errors do really target out on the user it self

I don't know if what I did is completely right or it will take me to hell, so far I have never lost my main trading asset because I only chose an exchange that many people like like Binance, one day I tried trading on a new exchange ( BCNEX) because I thought that someday it would be big like Binance now, but unfortunately I lost what I just started, even if only slightly.

while for security I only use the authenticator, I think the exchange that I currently live in has thought about the security of my assets (customers) is much better than me, so I just entrust everything to them

[Traderbtcc]

Nowadays keeping funds in any exchange platform is at a very high risk,thats why I always prefer to store my crypto in my own wallet, rather than leaving it in an exchange, since most exchanges are been targeted by hackers, I think its best we store our crypto in our wallet,but even after all this warning about 85-90% of all crypto users normally store or leave their crypto on exchanges, that's why each time an exchange is been hacked you'll see alot of people crying, because they have lost all their assets due to the hack.

[ReiMomo]

Nowadays keeping funds in any exchange platform is at a very high risk,thats why I always prefer to store my crypto in my own wallet, rather than leaving it in an exchange, since most exchanges are been targeted by hackers, I think its best we store our crypto in our wallet,but even after all this warning about 85-90% of all crypto users normally store or leave their crypto on exchanges, that's why each time an exchange is been hacked you'll see alot of people crying, because they have lost all their assets due to the hack.

They will leave the money because they trust the exchange was where the money has been stored. Most commonly problem and how many times we stated this that we shouldn't leave our crypto on exchange wallet but if you are actively doing trading, leaving for a while is considerable but in a long term, I suggest you are in risk.

People should always understands this and I know this is always repeatedly says here that not your key, not your bitcoin. So dont be expect.

[Anyobsss]

In built protection like 2fa's and verification neither on mail or otp wont really be enough or shall we say 100% safe because most common errors do really target out on the user itself

which means we should really be sensible on keeping those valuable informations in to secure place that no one would able to see it on.Security does matter just like on what we've been doing on keeping our money in banks.The difference here is that we've been storing it on online.It might hard to be bruteforced but once those info's will leak then expect for you to
lost money.

It's your responsibility to keep your crypto safe. If you're not using necessary precaution/protection like metacert and phishfort to prevent phishing it's your fault for being careless and just carelessly logging in your sensitive informations without checking if its the right site or to some form. In internet, we can't really trust anyone so if you've received some link you should not just carelessly open it or download it.

[arwin100]

In built protection like 2fa's and verification neither on mail or otp wont really be enough or shall we say 100% safe because most common errors do really target out on the user itself

which means we should really be sensible on keeping those valuable informations in to secure place that no one would able to see it on.Security does matter just like on what we've been doing on keeping our money in banks.The difference here is that we've been storing it on online.It might hard to be bruteforced but once those info's will leak then expect for you to
lost money.

It's your responsibility to keep your crypto safe. If you're not using necessary precaution/protection like metacert and phishfort to prevent phishing it's your fault for being careless and just carelessly logging in your sensitive informations without checking if its the right site or to some form. In internet, we can't really trust anyone so if you've received some link you should not just carelessly open it or download it.

There are few people lazy about using those necessary details to keep their account secured and there are also others who doesn't know about the methods about how to secure their account properly so maybe if there's something like information drive about account security for sure we can see those hacking,phising or other bad attack minimize. And we shouldn't trust anyone or anything that can possibly lure us since for sure hackers are just there waiting for their potential victims so we should be informative on safety and security to avoid this.

[rodskee]

Nowadays keeping funds in any exchange platform is at a very high risk,thats why I always prefer to store my crypto in my own wallet, rather than leaving it in an exchange, since most exchanges are been targeted by hackers, I think its best we store our crypto in our wallet,but even after all this warning about 85-90% of all crypto users normally store or leave their crypto on exchanges, that's why each time an exchange is been hacked you'll see alot of people crying, because they have lost all their assets due to the hack.

I leave my crypto sometimes in exchange but just for a day or two specially when time that i still trade.
Though i am still doing this now to be ready if ever the Massive dropping happen again like last march or when the price Moves Huge again like last year.
In this cases My funds in exchange will automatically converted into what coins i wanna buy (but mostly it is for Bitcoin)

[ultrloa]

Nowadays keeping funds in any exchange platform is at a very high risk,thats why I always prefer to store my crypto in my own wallet, rather than leaving it in an exchange, since most exchanges are been targeted by hackers, I think its best we store our crypto in our wallet,but even after all this warning about 85-90% of all crypto users normally store or leave their crypto on exchanges, that's why each time an exchange is been hacked you'll see alot of people crying, because they have lost all their assets due to the hack.

I leave my crypto sometimes in exchange but just for a day or two specially when time that i still trade.
Though i am still doing this now to be ready if ever the Massive dropping happen again like last march or when the price Moves Huge again like last year.
In this cases My funds in exchange will automatically converted into what coins i wanna buy (but mostly it is for Bitcoin)

This is also one of the reason why we left our bitcoins on exchange, sometimes I do this personally but I make sure the exchange where I left my balance is a trusted for long years since I can't take a risk to try those new exchange coming since there are several events that they scam their users. So I choos to think that way since security really matters if we talk about our hard earned money.

[Fivestar4everMVP]

As per your thread title/subject, security in everything matters, not just in crypto, for instance, you build a house and dont secure the environment, in the night, armed robbers may break in and rob you off your goods and belongings, and if you are unlucky, you might even loose your life in the process.
So what i Want to emphasize is that security should be one of the most important things to really consider when ever we do or build anything.

[Smartvirus]

A thing about safes is that, it always comes with a key or some combinations that grants you access to what ever is locked away or kept safe and that which is worth keeping safe is sure to be valuable in this case, cryptos.
Fiats are kept in banks who in turn puts it's in a save for safe keeping, some individuals own their personal safe and needs combinations to access it as well which brings into concern, how to safely store cryptos which is also very valuable being a currency of the web and needs protecting from hackers and scammers that seem to plague the system.
The advent of crypto wallets makes you your own banker and the private key serves as the combination to ensure it's safety and access hence, the need for keeping it rather safely less, that which is stored be taken away. This is why, the advocation for keeping your private key private is a necessity.

[Marina5]

Obviously security is matter in crypto. If we unaware of security in crypto then there is a big chance to lose our valuable assets. We should more conscious about security in crypto.

[CryptopreneurBrainboss]

but even after all this warning about 85-90% of all crypto users normally store or leave their crypto on exchanges, that's why each time an exchange is been hacked you'll see alot of people crying, because they have lost all their assets due to the hack.

I had an opportunity to have a conversation with some individuals at a seminar I attended earlier this year before the whole coronavirus pandemic shutdown everything. The reason most cryptocurrencies investors still trust these exchanges over them holding their funds is the same reason banks are seeing high patronage from the average citizens. People don't trust themselves to oversee the affair of their finance.

They believed in entrusting the funds to management services providers to do it for them. Also the stress of investing in the industry especially when you're of the altcoin industry is just tiresome that if you're inform, you might be left behind in times of smart contract upgrade etc. But if these coins are on exchange, you can just feel relaxed to some extent although I'm not advocating for it.

Now when this coins are moved off exchanges, you'll still find out that centralized wallets are the next stop which isn't any different from where it was previously residing. It would be very hard to get everyone to buy into the idea of holding their coins as the exchange keep decieving them that their coins are safe and insurance funds keep bailing the exchanges out in times of hack.

[ultrloa]

Obviously security is matter in crypto. If we unaware of security in crypto then there is a big chance to lose our valuable assets. We should more conscious about security in crypto.

Right because it's our lose if our money will be trusted to unreliable exchange or wallet so we should really make sure to go on fully protected platforms upon depositing to make sure that we are safe and to assure that our balance is safe for next day used.

Obviously security is matter in crypto. If we unaware of security in crypto then there is a big chance to lose our valuable assets. We should more conscious about security in crypto.

If you store your coins in online wallet or say any exchanges which does not have a good security feature, and if that gets hacked you lose you all hard earned money which is kept in in coins on those wallets or exchanges. So, in order not to lose it you will require a good security feature they implement in it so that your coins remains safe and secured.

This is the reason why I'm so careful and selective to the wallet I used to store my coins since I don't really want to get hacked so I always prefer the old reputable wallet providers since for sure they are safe wallets to use and less chances to get hacked.

[Quidat]

Obviously security is matter in crypto. If we unaware of security in crypto then there is a big chance to lose our valuable assets. We should more conscious about security in crypto.

If you store your coins in online wallet or say any exchanges which does not have a good security feature, and if that gets hacked you lose you all hard earned money which is kept in in coins on those wallets or exchanges. So, in order not to lose it you will require a good security feature they implement in it so that your coins remains safe and secured.

I cant say that it would totally safe because you wouldnt know if exchangers would tend to have that inside job and just showing off that it was a hack.
Even if you do set up 2fa or something then its still useless if its being compromised from the platform itself.Security matter most because this is just
like protecting or keeping our own wallet in our pocket not to be stolen since we know that it is valuable.When it comes to security then nothing beats
up when you do store your coins in a hardware wallet but still it do have risk if you dont know how to keep it away from other people even if
keys arent exposed but hardware can neither be stolen or broken.

[daarul50]

As per your thread title/subject, security in everything matters, not just in crypto, for instance, you build a house and dont secure the environment, in the night, armed robbers may break in and rob you off your goods and belongings, and if you are unlucky, you might even loose your life in the process.
So what i Want to emphasize is that security should be one of the most important things to really consider when ever we do or build anything.

Yes and moreover in crypto space as everybody else knew that crypto present to solve security matters so yes it is more than just related but it is in crypto area.
You cannot judge based on several cases that crypto exchanges have been too often hacked.
You have to see to the otherside as well as positive things more often happened in cyber security world where transactions can be done conveniently without hassle, no trust issues in third party .
Simply nothing fully safe on this world. Nobody can guarantee  it.

[rollingdice]

My strategy is as simple as possible. I use non-custodial wallets only and never keep coins on exchanges for a long time.

[Taskford]

Obviously security is matter in crypto. If we unaware of security in crypto then there is a big chance to lose our valuable assets. We should more conscious about security in crypto.

If you store your coins in online wallet or say any exchanges which does not have a good security feature, and if that gets hacked you lose you all hard earned money which is kept in in coins on those wallets or exchanges. So, in order not to lose it you will require a good security feature they implement in it so that your coins remains safe and secured.

I cant say that it would totally safe because you wouldnt know if exchangers would tend to have that inside job and just showing off that it was a hack.
Even if you do set up 2fa or something then its still useless if its being compromised from the platform itself.Security matter most because this is just
like protecting or keeping our own wallet in our pocket not to be stolen since we know that it is valuable.When it comes to security then nothing beats
up when you do store your coins in a hardware wallet but still it do have risk if you dont know how to keep it away from other people even if
keys arent exposed but hardware can neither be stolen or broken.

Inside jobs attacks happen for so many supposed to be trusted before and I can't even tell on which of them is totally secured since any of them even a top tier can be compromised, Maybe the best security here is to cash out our funds on hardware wallet once we finish our day in tradings since if we will do it on web wallets then still we cannot assure our funds safety.

And security in crypto really matters since we are putting our money/asset on certain platforms and it will be a totally huge disaster for us if we get hack and compromised.