Why Security in Crypto Matters?

[onrise]

Without saying much, or prolonged this question, have you ever wondered why you need secure your funds in bank. I believe you don't just worked hard for it and at the end of every savings you have made an outsider will just wipe off everything. So definitely security in crypto-currency really matters alot.

Security is everything in crypto else even if you hold the world highest coon but would be worthless for you if somebody else takes it and you are left with nothing. This would explain people as to why we need security and why it should always be on top priority before using any exchanges or wallets while keeping our coins in online world.

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[Baofeng]

Without saying much, or prolonged this question, have you ever wondered why you need secure your funds in bank. I believe you don't just worked hard for it and at the end of every savings you have made an outsider will just wipe off everything. So definitely security in crypto-currency really matters alot.

Security is everything in crypto else even if you hold the world highest coon but would be worthless for you if somebody else takes it and you are left with nothing. This would explain people as to why we need security and why it should always be on top priority before using any exchanges or wallets while keeping our coins in online world.

Right, when everyone here was starting with their crypto journey, we all get excited and happy to have just a bitcoin wallet and few satoshis in it. However, when we mature and learn that wallet security is the only thing in crypto then we start to educate ourselves, protect our private key, make a back up copy, create a wallet in an air gap machine or thru off-line and then hardware wallets. As far as exchanges goes, never trusted them, there's no way that we are going to leave our money in which we don't know what's going to happen. So we must stay safe so that we can also stay long in the crypto sphere without any crypto lost to those hackers or exchanges negligence.

[abuya55]

My strategy is as simple as possible:
1. Never keep coins on exchanges.
2. Use non-custodial wallets for storing small amounts of crypto and hardware wallets for big sums.
3. Keep the seed-phrase is a secure place
Because not your keys, not your coins

[Neconic]

Security is important not only in cryptocurrencies. I think any processes and transactions on the Internet should be confidential and secure.

[Dr whyte2020]

Most of the people lose their fund because of their carelessness that's losing of private key and aside that most of the exchange are not care about  the security of the trader,just focusing on how to make profits.

[thomas_morrison71]

As we can see crypto is a digital money that can only transact with online transactions. As we notice “it’s a digital money” so that it is intangible and cannot be touch once we convert our physical money into digital money. Once our money is a virtual money we are not 100% responsible on it because the platform that we trusted has also and access onto your money. You cannot manipulate it at 100%. In choosing our trusted digital coin platform we need to review well their rights or is it legal platform because when we hurried to use those platform, we can’t fully checked their platforms if it is legit or just a scammer.

[CHENIEN]

Safety is the best security without any high tension with cryptographic design to transact and most important thing is a real private key which is your first base as command because we cannot guarantee to your journey mostly on unexpected scammers. I believe that this creative and suitable as traders.

[Bezobraznike]

Security is important not only in cryptocurrencies. I think any processes and transactions on the Internet should be confidential and secure.

    Neconic I agree, security is important everywhere. I think that keeping crypto-currencies in a hardware wallet is safer than
to have cash in a wallet. We can compare crypto-currencies and banks, who is more secure, who has faster and cheaper transactions,
who can provide easier access, and usability. Probably crypto-currencies, at least some of them are much better in all this than
banks can be.

[iv4n]

This is a topic for kids, not even for kids, it's for babies. You explain why security is good to 2-3 years old babies, to not get hurt, and you teach them how to be safe all the time.
If you need to explain why security is matter to people, than ask yourself on what level they are and what else you will have to teach them and to prepare them for life.
I think this is a waste of time, but in the same time I respect people who have patience to work with low IQ people and teach them about life.

[Zemomtum]

Without security most of tradings and deals that are happen in the digital world will be wiped by hackers. Despite military grade security to some exchanges, they still find there way to penetrate. Security is key to everything in life

[Taskford]

I may be old school, but I don't trust these centralized wallets and exchanges because they might be hacked easily. It may happen sometimes to keep a low amount of crypto on a centralized exchange but in general, I keep my funds only on non-custodial wallets.

Your not an old school but I find you a wise guy since we can't really fully trust those centralized wallets and exchanges since they are more prone to any attacks since hackers knows that if they could penetrate in the system they can get a big money from it, I admire you talk about that here since there are so many users who still trust those dangerous options and ignore the past incident of hacking issues.

I always suggest to my friend to always use a non-custodial wallet for good security matters.

[reliable]

This shouldn't even be up for debate, security should be first thing in mind when it is a matter of funds. The best way to secure your funds is by putting them under your own control. This is why I tell people to avoid storing tokens on exchanges. Always use a non-custodial wallet to store your coins.

For trader or for those who require it for some purpose or gambling those can have it online rest of them like long term you want to hold it etc should not be kept in any of the wallets or exchanges. In past we have seen how security breaches have occurred and better to remain safe by sorting it offline and also not sharing any details.

[wxxyrqa]

One way or another, one of the main problems that may arise before the massive introduction of cryptocurrency in a person's daily life is the security of each user's cryptocurrency funds. In addition, it is necessary to improve the education of people in the field of cryptocurrencies, so that they can not only use cryptocurrencies, but also have knowledge of security. In addition, in order not to worry too much about the safety of their keys when making a transaction, people will be able to use certain applications that can act as intermediaries between wallets and the resource on which they plan to transfer cryptocurrency funds. WalletTrust is an example.

[peterpanda]

I may be old school, but I don't trust these centralized wallets and exchanges because they might be hacked easily. It may happen sometimes to keep a low amount of crypto on a centralized exchange but in general, I keep my funds only on non-custodial wallets. All these custodial wallets need to run some Penetration Testing at least once in a while to evaluate their system's security. I know a lot of people who lost their funds because they kept them on their exchange account, so to learn from their mistakes and totally avoid that.

Yes, it is very risky to trust virtual wallet more. It can be hack easily if we don't care about it. Security in crypto is very important as we store our crypto currency here. If we don't concern about security, we may lose our money easily.

[Quidat]

I may be old school, but I don't trust these centralized wallets and exchanges because they might be hacked easily. It may happen sometimes to keep a low amount of crypto on a centralized exchange but in general, I keep my funds only on non-custodial wallets. All these custodial wallets need to run some Penetration Testing at least once in a while to evaluate their system's security. I know a lot of people who lost their funds because they kept them on their exchange account, so to learn from their mistakes and totally avoid that.

Yes, it is very risky to trust virtual wallet more. It can be hack easily if we don't care about it. Security in crypto is very important as we store our crypto currency here. If we don't concern about security, we may lose our money easily.

This doesnt only concern in crypto but in all sectors or fields on where money and valuable things should really be kept away from other peoples hands.We do value money
and its just normal for us to take security measures to take care of our funds and there are various ways on able to do so but somewhat peoples carelessness and being to
numb is really the reason why scam and hacking event do take place.

Lets stick to crypto security.Of course you would surely need to secure on what you had invested or do earn.You cant just let other people do steal it from you knowing that
transactions are irreversible and once it had been stolen then theres no way on getting it back. Trusting third party wallets is a no go. Always stick on wallets which you do possess
they keys and also dont leave them on exchangers or platforms for too long.

[arwin100]

I may be old school, but I don't trust these centralized wallets and exchanges because they might be hacked easily. It may happen sometimes to keep a low amount of crypto on a centralized exchange but in general, I keep my funds only on non-custodial wallets. All these custodial wallets need to run some Penetration Testing at least once in a while to evaluate their system's security. I know a lot of people who lost their funds because they kept them on their exchange account, so to learn from their mistakes and totally avoid that.

Yes, it is very risky to trust virtual wallet more. It can be hack easily if we don't care about it. Security in crypto is very important as we store our crypto currency here. If we don't concern about security, we may lose our money easily.

Many doesn't really trust any like that even if how trusted they are and how many years the wallet exist since there are so many incident that some of them get hack and compromised for unfortunate events so maybe best to reach some good HD wallets as well if we can't afford to have it the best solution to withdraw always our funds to make it safe for unwanted attacks.

[peterpanda]

I may be old school, but I don't trust these centralized wallets and exchanges because they might be hacked easily. It may happen sometimes to keep a low amount of crypto on a centralized exchange but in general, I keep my funds only on non-custodial wallets. All these custodial wallets need to run some Penetration Testing at least once in a while to evaluate their system's security. I know a lot of people who lost their funds because they kept them on their exchange account, so to learn from their mistakes and totally avoid that.

Yes, it is very risky to trust virtual wallet more. It can be hack easily if we don't care about it. Security in crypto is very important as we store our crypto currency here. If we don't concern about security, we may lose our money easily.

Many doesn't really trust any like that even if how trusted they are and how many years the wallet exist since there are so many incident that some of them get hack and compromised for unfortunate events so maybe best to reach some good HD wallets as well if we can't afford to have it the best solution to withdraw always our funds to make it safe for unwanted attacks.

Always we can't do it. Some times, we have to store our money on wallet. Yes, it is really safe to withdraw as soon as possible but trust is also needed.

[semobo]

I may be old school, but I don't trust these centralized wallets and exchanges because they might be hacked easily. It may happen sometimes to keep a low amount of crypto on a centralized exchange but in general, I keep my funds only on non-custodial wallets. All these custodial wallets need to run some Penetration Testing at least once in a while to evaluate their system's security. I know a lot of people who lost their funds because they kept them on their exchange account, so to learn from their mistakes and totally avoid that.

Yes, it is very risky to trust virtual wallet more. It can be hack easily if we don't care about it. Security in crypto is very important as we store our crypto currency here. If we don't concern about security, we may lose our money easily.

Many doesn't really trust any like that even if how trusted they are and how many years the wallet exist since there are so many incident that some of them get hack and compromised for unfortunate events so maybe best to reach some good HD wallets as well if we can't afford to have it the best solution to withdraw always our funds to make it safe for unwanted attacks.

Always we can't do it. Some times, we have to store our money on wallet. Yes, it is really safe to withdraw as soon as possible but trust is also needed.

HD wallets are safe compared to the crypto exchange storage but you need to keep the 12 word master key in a secure place if you don't want to get hacked or else all your cryptos will be stolen from one place.And withdrawing from HD wallets everytime doesn't really make sense, it is better to move to hardware wallets if you don't trust them.

[TedMosby]

nice soft selling lol. but nevermind.

this is why security in crypto matters.

first five months of 2020, $1.4 billion has been stolen.
https://www.coindesk.com/crypto-criminals-have-already-stolen-1-4b-in-2020-says-ciphertrace

crypto exchanges hacks timeline.
https://www.ledger.com/academy/crypto/hacks-timeline

[cryptovigi]

...
first five months of 2020, $1.4 billion has been stolen.
https://www.coindesk.com/crypto-criminals-have-already-stolen-1-4b-in-2020-says-ciphertrace

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 ....