Recently, many where asking if our money here is safe. Many are afraid to hold big amount in their wallet as they thought it might be stolen by anyone. And so I will give you an answer to that question. YES OUR MONEY IS SAFE, HOW?
When we signed up here, we have given a seed phrase.
A seed phrase, seed recovery phrase or backup seed phrase is a list of words which store all the information needed to recover crypto funds on-chain or on any cryptocurrency platforms. Wallet software will typically generate a seed phrase and instruct the user to write it down on paper.
Reminder: You should make a copy of your seed phrase and don't show it to anyone.
Youre money is safe through the seed phrase. So even if someone knows your password, he/she won't be able to steal the money, because only your device has the seed phrase, unless that person has access on your device.
And if that thief tried to log in using your password, he/she will be notifed that his/her device doesn't have a seed phrase associated with your account.
And ReadCash have created a Bitcoin Cash (BCH) wallet for us. It exists in this browser/mobile phone only. It won't show up if we log in from another device or if we reinstall our system.
But why do @Read.Cash keep telling people not to keep more than $20 in their online wallet?
■ Because even the biggest companies are vulnerable to server hacks. (as what RC said)
■ And Read.Cash is very young and might contain bugs.
If something happens to read.cash - you can install any Bitcoin Cash wallet, such as Electron Cash on the desktop or bitcoin.com wallet on mobile, import your seed phrase there and access your money (Bitcoin Cash).
In case you forgot to save your seed phrase, just go to your wallet menu, and click "Back Up Wallet". It will bring you to ReadCash article on how to backup your wallet. Make sure to copy your seed phrase and do not show it to anyone.
To know more about this matter, click this link.
So guys, our money here is safe, don't be of saving more cash here. But of course we should be aware of the consequences. As what RC said, this platform is still young and contain bugs. Follow his instructions incase you lost your money here. One thing is for sure, it's not lost, if you think someone withdraw your money, then email RC so he can find it.