Why Security in Crypto Matters?

[milewilda]

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.

Majority of people do neglect out this simple thing just because they do just like to get rid of fees when it comes on anytime transfer from exchange wallet to other external wallet you do make use.Also we cant really deny
that there are really some Pro's when you do had some funds on an exchange where you can easily make out such decisions neither on buying opportunity since you can directly trade without the need of transferring funds from time to time specially if you are an active trade then you would really be most likely be concern off on the hassle on making transfer from time to time just because you do like to secure up things when you arent trading but to think that those fees arent really that high compared if the funds you had store on an exchange wallet would be all gone due to unexpected or any other similar event.Its up to our own choice
if we do risk it out since its our own possesion after all.

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[CryptocurencyKing]

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.

This is a very understandable and good point but shouldn't be so. I know saving some values over the web could be so overwhelming with insecurities looming all over as per cyber criminals but then, having your valuables such as documents, germs, diamonds, gold's and the rest of them for safety in a bank entitles you some card which links to a key to access the safe for which it's stored based on which ever purpose you do need to access it for.

That's just the exact way online wallets works. It's a correlation. Just that in this case, your always with the key and it's safety (private key) is entirely up to you. Having your coins stored in an exchange is often a bad idea as these exchanges are often hacked especially the just emerging once for which the hack could be an insider job or just the loosed security ends due to inexperienced from it's technicians. It's always best you oversee your banking and that's why we don't just have softwares alone to store our private keys but, hardware wallets are readily available for storing private keys.
Keeping your private keys private is a necessity and your way to your funds.

[Lycan70]

Obcourse security is important. Not just in crypto. But many hackers targeting crypto because of abundance of possible victims. Leaving your asset on exchanges is makes the risk higher. And when you store your assets on your wallet just be careful with your keys. I experienced it myself. When I'm just starting way back in 2016, I click a site of myetherwallet (a phishing site and dont know it that time).  I loss $2500 at that time.

[superving]

Crypro is a like a business, in order to attract investors you must do all the thungs to their investment safe from thieves /hackers, thats why  strong security is the most needed by exchanges.

[Mr.sprin]

security in the crypto world is like a key, don't let the keys be found by others, everything can be taken, so it is very necessary to keep the security code so that it is not taken by other people.

[pealr12]

Security is the most important thing on crypto,  cause it matters a lot.  If the crypto wallet is secured, everyone love it and will use it to store thier assets,  if a exchange is strongly secured, they would love to trade on that exchange. Thats why security should be the priority of mobile wallets and exchanges to have great amount of users.

[PepeLapiu]

Tell me: What's your strategy to secure your funds?

Well, I do have to keep some of my coin on an exchange (Kraken) due to my little business model. But other than the coin I move around on a day to day basis, I store my coin on an offline wallet.
I just have and old smartphone with a wallet installed on it with the battery removed. And I only ever go online with it via a secure and encrypted VPN (ProtonVPN).

[Untomabur]

security in the crypto world is like a key, don't let the keys be found by others, everything can be taken, so it is very necessary to keep the security code so that it is not taken by other people.

but what happens now is that many keys have been stolen, as is the case in exchanges now,
if you are an exchange user then you must pay attention to the security of your account,
such as 2FA, or the password should not be spread.

[kotajikikox]

If people are just responsible and be careful on their private keys then losing funds is lesser and also using up centralized or custodial wallets should really be avoided.

everyone wants to be responsible but hackers and scammers are good at it so chances are they become a victim than a secured person
things that i believe serving as lesson for them to find which is good and what is bad.

Security does matter but people do still end up on using centralized platforms either they dont have any choice or just too dependent on it.Its just a matter of
risk management and awareness about particular risk.

Because bad element will always come to find ways taking our funds so that's why security are very important specially in this
investment that transaction mostly happens on line.
so the chance of being targeted is always in our doors.

[Issa56]

Everybody knows that security really matters when it come to cryptocurrencies.
You just have to make your private key safe to avoid lost of funds to schammers!!! So when it comes to cryptocurrencies u just have to make your private keys are safe!!!

[arwin100]

Everybody knows that security really matters when it come to cryptocurrencies.
You just have to make your private key safe to avoid lost of funds to schammers!!! So when it comes to cryptocurrencies u just have to make your private keys are safe!!!

Right and store it to the place where the intruders or anyone strangers who want to take your keys to steal your balances. And we need to know the things we need to avoid and other proper way to safe keep our balances since sometimes the one we think safe is the most dangerous thing we do since anyone can penetrate us especially in open platforms.

Here are the things we must read to protect our private key and be safe from any harm https://www.coolwallet.io/10-best-tips-to-protect-your-bitcoin-wallet-private-key-or-recovery-seed/

[andrewsmith77]

You gotta be careful because someone might ask you for money and take it and its gone 

[Samayuki]

It always happens to people who are used to regarding saving money in traditional way, like on banks, people keep trusting banks as if their money are 100% safe there. With that, once these people enters crypto, same thing they will do, they wil trust these centralized exchange even though there are lots of them already hacked.

And sure thing, security matters when it comes to finance.

I don't think so, people are fully aware that bank accounts can be compromised nowadays, even your master card numbers must not be revealed or your funds will vanish from your bank account, today people steal people's funds through their bank account, the risk is well known, crypto wallet is just like bank accounts too, you have to keep your bank details and passwords or pin hidden and private to yourself only, that's exactly how crypto wallet should be treated

[johnmurphyy]

Since it uses encryption to validate transactions, Cryptocurrency received its name. This implies that advanced coding is involved in the storage and transmission between wallets and public ledgers of cryptocurrency data. The object of encryption is to provide safety and protection.

[ninabobo]

blockchain is about security and straightforwardness yet it would seem that these trades were not zeroing in on it, they appear as though they are zeroing in on procuring their assets.

[rokon1234]

Everyone try to safe their money and cryptocurrency is related of your own money.No one try to lose their money on crypto, that's why everyone search secured and safety place.

[chippy.hogan]

Ofcourse the stronger the security is , the better for you! Its your responsibility to take care of your own assets.

[konflikkastil]

I'm of the opinion that the first thing you do when you open a new wallet is to find out if the platform is secure. A stronger security will definitely put your mind at rest against any theft for your coins in the nearest future. Security matters a lot, just has every account details has its own way of securing it. I do not see why crypto own should be any different. In fact, the crypto security access should be very hard and strict. You know why, bcause it's all done over the internet. There are lot of hacks going on u and down. And one other thing that can secure your wallet too is never try to expose what you have in your wallet to anyone. It will be very hard for anybody to want to hack into what they don't know what's inside. By making sure your wallet address is secure too, it could also help in securing your account.

[lienfaye]

Crypro is a like a business, in order to attract investors you must do all the thungs to their investment safe from thieves /hackers, thats why  strong security is the most needed by exchanges.

Exchanges are prone to hacking so its a must that they have a high security features to protect their exchange and the users.

Crypto became popular to many people now and the users are increasing as well, it also means those hackers who want to take advantage the weakness of newbies are active again to have a victim.

So be careful on where to entrust your crypto, if you're not going to trade it then dont let it sleep in exchange, use a wallet that you're the one holding your private keys.

[faulkner27]

Cryptocurrency got its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The aim of the encryption is to provide security and safety. While the blockchains used to record cryptocurrency transactions offer real security advantages, many believe these transactions to be more anonymous than they actually are. Furthermore, cryptocurrency exchanges have proven vulnerable to hackers, meaning that crypto does not offer security guarantees.