Were do I store my money

[Agathamay]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED

Why not put this in a quote box or even use the Quote symbol since it was just a complete copy and past from the X post, yes you added a source but to differentiate which is copy and paste and that which is what you derived from the post.

Op is still a newbie trying to figure out his way round the forum if I'm not mistaken and from my perspective, I don't see anything wrong with how the post was made since there was a source link attached to the post.

Op, why is there a prediction market listed or are there people that store their coins/assets on prediction market wallets?
These year has been a very remarkable year for the crypto market and in all thy has happened, we ought to have learnt one important lesson which is the fact that, any platform and or person can be hacked and that is why, our personal safety on the internet should be taken very extreme.

[Faisal2202]

That X post doesn't look like a genuine question but rather designed for engagement.
The poster must have multiple "MultiSig" or a "Cold-storage" setup somewhere already.
(of course, the owner wouldn't brag about it on social media, or did he?)

Can't agree more. Titles like this, in these times, act like fuel for the fire. I have seen so many posts on social media that are spreading wrong information. They are creating FUD, and maybe that's the reason the market is dipping, although it was expected to dip due to the meetings and current economic data they shared yesterday.

Anyway, it's speculation, but with multisig, we can really secure our funds effectively. But a lot of us don't even know what it is. They trust Binance or centralized exchanges, and now they will search for something else that will assure them of security but will be more convenient for them.

[Alphakilo]

I get the point. Exchanges and noncustodial wallets were hacked. So where can coins be stored.

Prediction markets supposed not to be a what anyone should use to hold bitcoin or any other cryptocurrencies. The right thing for it are the noncustodial wallets.

I do not also recommend exchanges despite their protection funds. I also do not recommend hardware wallets.

Airgapped device seed phrase and passphrase wallet or Multisig wallet are the best. Do not have your coins on a single wallet.

It almost hurts to read the OP... I think some people treat any third service provider the same way they treat their most trusted bank and if they are not from a first world country like Switzerland etc., even that would be concerning. Jesus, a newbie in the scene or not, but OP sounded as if he naturally wants to store his assets with exchanges or gambling sites like Polymarket. That's not going to end well for him...

The news of all these recent hacks is responsible for such kinds of post being created because this is a concern that is creating a certain panic in the atmosphere of cryptocurrency and I must say one got to learn best from the experience of others than from their own experience as regards how and where to safely store their coins.
CEX bad, Polymarket worse, gambling platforms absurd, even non custodial and most hardware are unsecure, so it is good to trust the platform that hasn't failed yet while distributing coins among several others for safe keeps Incase of a worse case scenario.

[Joy_learns_crypto]

Op is still a newbie trying to figure out his way round the forum if I'm not mistaken and from my perspective, I don't see anything wrong with how the post was made since there was a source link attached to the post.

Op, why is there a prediction market listed or are there people that store their coins/assets on prediction market wallets?
These year has been a very remarkable year for the crypto market and in all thy has happened, we ought to have learnt one important lesson which is the fact that, any platform and or person can be hacked and that is why, our personal safety on the internet should be taken very extreme.

When someone is new that's the best time to direct them, and that's the best time they can learn, how else do you expect someone still finding their way around the forum to learn.
And it' may not be against the rule or maybe you don't see something wrong but if it will take nothing or take no time to just quote a copy and paste text then they can do it if they want, it's not a do or die advice and it for OP to take or not.

[Sonia_123]

LEDGER >HACKED

BINANCE >HACKED

POLYMARKET> HACKED

METAMASK > HACKED

PHANTOM >HACKED


I say this post on x Were the question kept me wondering about Were to save our money and I thought of sharing for the sake of knowledge and also to learn what we all think is the best ways  to store our crypto. Which I know from the beginning an exchanges is not even an option. Ready to learn more incase if people ask questions like this we know what to suggest for them.

Source: https://x.com/MikeZillionaire/status/2115918685638668614

Self custody (Electrum) remains the best for storing your funds since hackers will find it difficult to break into your account except you expose your account password yourself, your security is in your hands, it gives you peace of mind.

Electrum remains the best , since its main purpose is to store Bitcoin safely, it has a strong security strength because it was launched to focused mainly on the security of Bitcoin, fast and tested, since I have being using it my funds has being secured and safe without any attempt  of theft.
The recent hackings by scammers have really made alot of bitcoin holders scared because they don't know what the future has for them, exchanges and other vulnerable options should not be used in other for the safety of your funds.

[Saltysugar99]

The binance situation clearly show how risky it is to store money in an exchange, no exchange is trusted when it comes to saving money likewise prediction market. Asking where to store money is actually surprising when every holder is still holding so definitely they’re variety of options to store bitcoin, meanwhile prediction market is also not a save place to store money. Everytime when there’s a hack we get to see questions like such, honestly no one should consider using an exchange to store money while the Ledger situation is kind of rare in crypto space like I said they’re variety of options.

Holding bitcoin on an exchange is risky, it is a very known thing to all. Because there is ultimately no control over it . But now a problem has arisen, when an exchange like Binance, which has such a popular and strong security system, has been hacked, from which billions of dollars have been hacked. This has also created an impact on the crypto market. As you can see, the price of bitcoin has immediately decreased slightly. And people will naturally hold bitcoin in a wallet. For additional security, a hardware wallet can be used. The wallet in which I personally hold bitcoin has not been imported any device , I have kept it offline and I give considerable importance to seed phrase backup. But I do not understand what other alternative systems you are talking about. Yes, you are right, an exchange should never be used to hold bitcoin in the long term. The main function of an exchange was to buy and sell tokens or convert from a crypto to fiat. In addition, exchanges are now offering many features. But in reality, bitcoin should not be held here.

[collardelay]

The binance situation clearly show how risky it is to store money in an exchange, no exchange is trusted when it comes to saving money likewise prediction market. Asking where to store money is actually surprising when every holder is still holding so definitely they’re variety of options to store bitcoin, meanwhile prediction market is also not a save place to store money. Everytime when there’s a hack we get to see questions like such, honestly no one should consider using an exchange to store money while the Ledger situation is kind of rare in crypto space like I said they’re variety of options.

Holding bitcoin on an exchange is risky, it is a very known thing to all. Because there is ultimately no control over it . But now a problem has arisen, when an exchange like Binance, which has such a popular and strong security system, has been hacked, from which billions of dollars have been hacked. This has also created an impact on the crypto market. As you can see, the price of bitcoin has immediately decreased slightly. And people will naturally hold bitcoin in a wallet. For additional security, a hardware wallet can be used. The wallet in which I personally hold bitcoin has not been imported any device , I have kept it offline and I give considerable importance to seed phrase backup. But I do not understand what other alternative systems you are talking about. Yes, you are right, an exchange should never be used to hold bitcoin in the long term. The main function of an exchange was to buy and sell tokens or convert from a crypto to fiat. In addition, exchanges are now offering many features. But in reality, bitcoin should not be held here.

Yes exchanges are risky, however there is SAFU. If Binance can guarantee 100% asset protection that ensures user's funds are safe i would still keep my assets in an exchange. In the untimely event that i pass away my dependents will have a better chance of getting my assets as they will be listed as beneficiaries. ON the other hand, self-custody is secure but also has many variables like theft, fire, ransom, kidnapping or simply your partner throws out your hardware device (e.g James Howells) or engraved secret seed backup. I always keep telling my wife to leave my stuff alone even if she thinks i am hoarding trash. 

[shinratensei_]

Bitcoin ETF, if you don't mind having your money stored by someone else and only care about the price. This characteristic is inherent with software though, no system is safe. As the world develop, more and more bugs being found, especially these past few years where AI speed up bug finding and anyone can be their own cyber security expert.

Maybe the problem here is the post grossly generalize one specific bug or supply chain attack and paint it as if the whole thing is compromised. I'm using metamask, still good until this day. Ledger spyware implant only happened to that one specific authorized reseller. Best course of action to take is supposedly always consider no system is safe and if you can, do a multi signature setup. One more thing, never put all your money in one basket. Diversify it on multiple trusted wallet.

[Mallampue]

There are some things that I want to say such as not too suitable to make assets in our portfolio on gambling sites and op I think it is not too appropriate when pairing several wallets with gambling sites although currently pollymarket is still said to be a prediction market.

In addition, what needs to be reminded here is not where we store our assets but how we carefully before storing the assets we have. For binance even though they were hit by a hack but it is said that user funds are safe even though it is a bit difficult because there is a suspend as a form of guarding binance in the last few days.
For ledger it is a little difficult because it is for ordinary people it will definitely be difficult to distinguish the official manufacturer's machine and the one that has been modified but on the one hand we can still minimize it in the end.
So this is not about "where "but" how " because for now if we are not really observant in determining the attitude not only about the threat in his wallet but our carelessness as a personal reason can also make us lose the assets we have.

[Silikiem]

Yes exchanges are risky, however there is SAFU. If Binance can guarantee 100% asset protection that ensures user's funds are safe i would still keep my assets in an exchange. In the untimely event that i pass away my dependents will have a better chance of getting my assets as they will be listed as beneficiaries. ON the other hand, self-custody is secure but also has many variables like theft, fire, ransom, kidnapping or simply your partner throws out your hardware device (e.g James Howells) or engraved secret seed backup. I always keep telling my wife to leave my stuff alone even if she thinks i am hoarding trash. 

Binance can only claim that users funds are safe but they cannot say that the storage is 100% attack free, I think there’s no storage that’s 100% immune to any form of attack or compromise. Since the recent attack on binance till now, withdrawals have been suspended indefinitely and no one knows when it will be released even though they might be claiming to have everything under control. Every storage have it’s risks and for now I think the most secured way to store bitcoin is using a hardware wallet of which private keys are totally offline that can make it difficult for any cyber attacks.

[retreat]

POLYMARKET> HACKED

I don't know who's so smart to store their money on Polymarket. That's a prediction platform and it's not designed to be a place to store your assets. Trusting your assets to their platform isn't something that's recommended. Right now, it's even hard for me to suggest people use a hardware wallet, because there have been so many cases of hardware wallets being hacked lately, even though most are claimed to be super reliable for storing your assets. I think an airgapped wallet or a wallet like Electrum is the best recommendation for storing your assets securely.

[Awaklara]

Op, why is there a prediction market listed or are there people that store their coins/assets on prediction market wallets?
These year has been a very remarkable year for the crypto market and in all thy has happened, we ought to have learnt one important lesson which is the fact that, any platform and or person can be hacked and that is why, our personal safety on the internet should be taken very extreme.

Existing platforms definitely promote themselves as being able to store assets safely. But we know that current hacks are enough to make us worried about putting our assets on those platforms. We already know not to put our money in exchanges, but I am sure many exchange platform users still keep their money there. It's not that they don't know, but they feel confident enough in the security of the platforms they use. But after hacking incidents like this continue to happen, they should think about how to secure their own money.

[gracreavix]

Non custodian wallets are obviously the best to store you assets in, not exchange like Binance or the others. With a well secured wallet you alone would hold your private keys and control your funds.

And at this point I think it is best we start separating assets into different wallets for safety reasons. So peradventure if any of the wallet gets hacked, it won’t affect the other assets.

[Zlantann]

Storing your BTC in different wallets does not automatically mean they are safe, as a matter of fact, it could give you a false sense of security. Are all the wallets in cold storage, are they in different devices? Some people use multiple online wallets in the same device and think it makes their funds any safer.

It doesn't guarantee safety, but it reduces the risk of losing all your coins in a single breach. However, it also comes with the responsibility of keeping multiple seed phrases. Keeping your coins in a single good wallet is better than spreading it across untrustworthy ones. But if one can afford to keep funds in multiple reputable cold wallets, it wouldn't be a bad idea. It is important to acknowledge that the safety of our wallets also depend on users, not just the product.