@Jane
Is Our Money in ReadCash Safe?
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. **From RC:** **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).** https://electroncash.org/ https://wallet.bitcoin.com/ 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. https://read.cash/@Read.Cash/is-your-money-safe-9f620e97 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.
66 comments
It is safe because seed phrase never leave your browser and it impossible for anyone to copy your seed and login to your wallet but in case if by accident they get access to that then there is nothing RC can do.
Exactly, we should always take to risk and brace the consequences from joining any kind of platforms. So better back up our wallet
This is true. And thank you for the clearer explanation about why we should not be worried about our money here on readcash. Just like any other online wallet like coins.ph and gcash, there will always be a risk that we lost our money in it. So we should keep the important codes or phrases to keep our wallets secure.
True. I hope you kept yours? Do not saved it on your phone as well, others might steal it from there
I actually wrote it on a piece of paper in my notebook where everything that is important is written in there. Haha And I also have a version of it on my phone. I guess I will have to take that advice. Thank you again po.
I also have that too in my phone, but the app has a password too. 😂 so they won't be able to open it. You can put password on it too
Yes po. I put passwords on my financial apps. Haha So people will not be able to use it incase I misplace my phone or worse I lost it.
That's good. 😊 better be safe than sorry
@EyByoung @Jakir @Sajib read this. 😅
Yes, already imported my seed on my Bitcoin.com wallet.. That's why I am not that worrying about storing $5 above here. As long as nobody knows my seed phrase and my account here. Because if you worry about hacker, they have to hack BCHN because our wallets are integrated on blockchain networks, on trusted BCH Nodes side.
I didn't keep much here since invest the BCH I gather here in an trade platform to make it more grow. so I never held much here .
Mind asking what platform is that?
coinbase pro , payeer, then if you are not pro in trade there is coinpot
I think we can't deposit on coinpot.. we're only saving crypto there earned from their faucets... the trans fee on payeer is too expensive
I'm user of that thing since :-) you can deposit just pick the right crypto coins you will deposit that site is like a casino and bank. well that is one reason why payeer is not much favorable but there is a big opportunity because you do an open trade where you decide your own price how much you can sell or buy a 1 crypto
You can just deposit but not trade in coinpot i guess..
you can lol convert it in token offer such BTC,Doge dash coinpot LTC just make sure you had guidelines to trade or yourat lost example make the payeer or coinbase price to see if you trade it you'll get profit
Can you give me a tip on how to trade where you can gain profit? Should i convert it when the price is low or high?
just pick 2 token to do trade and do it vice versa in a better time lets say our main time is BCH so now lets just pick a token that is not correlation on it or a token that is moving different from it. example BCH to BTC. try to calculate the price difference on it like BCH i 255$ then BTC is 10300$ the difference is 10045$ at present then you trade your Bach to btc(buy btc using bch) then when btw get price 11000 + and bch up 300$ calculate it again if its price difference is bigger than 10045$ then it profitable if you trade it back to bch. if lower than 10045$ its not profitable to trade back in bch just pick a different price where you could use as guide to do buy and sell or a margin leverage
Oh that was lengthy... thanks for the information. I never tried trading yet. But i wanted to learn more. This is helpful. I have $35 on my coinbase from different crypto, i want to trade them all to bch only.
Oh yes I got zero balance from being muted for 3 days so no worries.😂 Yes exactly this true that our balance here is very safe, just keep your seed phrase somewhere safe try to encrypt your text files where you save it. Because there are codes, scripts or malwares that can crawl all over your phone or laptop and scan for your passphrase/seedphrase. I have a lot of seed phrase from different wallet so encrypting them is a must.😆🖒
I knew it. I was about to ask you why you where gone for few days. I thought because you were muted and now it's confirmed haha..welcome back mafriend.. so what was the reason why you were muted?
Someone reported me that I'm a spammer 😂, well I already emailed Read.cash about it but no response from them. I just told them I felt being jailed without reading my rights. Those real spammers are abusing the report and downvote. It did really hurt me.😣
Sorry for accidentally moving your comment to spam, i undo it already.. I think it was there revenge from reporting them. Gladly they didn't report me as spammer too. 😂😂 but I don't think RC will believe them if it happens..haha
It's okay my friend, yeah I think so. Because of supporting your article against the Queen of spammers hahaha.😂 Oh yeah I still stick to the plan of downvoting those spammers.
Oh sorry bout that mafriend, but the important thing now is, many spammers are gone, rc has lesser spam comments..and you're back, atleast rc didn't banned you. 😅
Ahahaha good thing I just got muted for 3 days and not getting banned from this platform.😂
Thank you for the information 😊
Good and simple info on BCH wallet and Read.Cash. In the crypto world they say not your keys, not your money. If you dont have access of your private keys then you do not own that crypto or money. You basically hold a promise to give it back to you...
Btw what was your biggest holdings here?
Being new here not much... About 5$ and some dust... but looking forward for more.
Oh that's already a big amount if converted to our own currency.
Yeah I guess im just looking at what it is in dollars.
Thats very imformative maam.I screenshot my seed phrase. Thanks for sharing your knowledge.
a very informative article, and its good you have added the article from readcash about not saving big amount on their wallet to let others know the consequences..
Thank you.. we always have many newbies here everyday, so it's better to inform them about this matter, btw thanks for the upvotes
Thank u so much for sharing this to us. Now we know that our money is safe in here, and how do we back up our wallet if something seemed not right. Thank u!
Welcome, I actually made this for newbies, many doesn't know bout this
Oh. I see. I hope they get to read this one.
In crypto ecosystem, we own our bank accounts 😌 As long as a blockchain is secure, your money secure with your private key 😌 Read Cash is no exception. Just do not lose your private key
True.. 😊
Thank you so much for a very informative article that you shared this will really help for every one here in read cash that it is very to keep any amount we earned here in read cash in our wallet.
Welcome.. so don't be afraid to hold your bch here. Just make sure to back up your wallet
Thats right, no wallet is safe if someones have intentions to stole it from us. like a physical wallet that we own, if anyone have interests on it and have ways to steal, we should consider the reminders of the platform and tips on how to have security on our wallet, maybe here in readcash its safe to withdraw everyday or not have much money to store ,cause as they said dont store higher than $10 dollars, maybe we should keep that in mind.
Just like any other site, rc also have bugs.. but aslong as we back up our wallet and save our seed phrase, money will be safe
I have an error about that phrase thing,it didnt accept when im about to log in. i was force to create new wallet ,and that was im using right now,
So what was your old username? Do you have balance there? That's one of the reason why i don't want to log out my acct here, coz I might have trouble signing back just like what happen to my lil sis.. but good thing she successfully did after many attempts.
Damn, I thought someone started complaining about losing money again. Good choice of re-explaining how Read.Cash's Bitcoin Cash side works for privacy.
Good decision for not submitting that complaint. 😅 rc really doesn't like us complaining, and i guess it also affects our point system
Hey, the last time someone complained, they lost just 19 cents and got banned because he dissed @Olad, give it a break. But to be fair, Read.Cash has two articles already for this, and yours is a very good rehash of events to make sure everything still knows after the Creator lost his mouth.
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