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Not your keys not your money: never leave your money on exchanges.

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Written by   1057
1 year ago

One things that happens in the world of crypto is hacking with cyber criminals targeting crypto firms and exploit their security to steal assets from them, which many times find the customers in the "cross fire" leading to funds get vanished from their accounts and if the exchange isn't have the funds insured they may be gone forever!

Cryptocurrency exchanges are platforms to negotiate assets, not to be used as storage of crypto, their wallets aren't customers wallet but exchange domains, you don't secure personal funds on crypto platforms, firms that don't give users private keys to hold decentralized assets meaning that if you can't have your private keys that money isn't yours but from the platform. You shouldn't ever secure money at exchanges but secure them where you hodl the keys of the wallet.

Cryptocurrency exchanges are usually attacked and lose money frequently and only declare hacking when they have suffered less damages but declare them when the losses are astonishing! They are practically hacked regularly so isn't a good idea never to leave money on them.

Recently Kucoin was the latest big platform who got robbed and the cyber punks took assets totaling more than $149M from customers funds, but fortunately the platform will cover all the losses and no customer will be left with damages, but let's imagine if the exchange wasn't insured?! Probably customers funds could be lost, even this ones that are covered won't be immediately put available to clients it will take some time to have it at users disposal of course after a careful audit.

Never is good idea to hold assets on third party entities, you are Soleil responsible to store that amounts in a wallet that you secure the private keys, which makes anyone to have access of them anytime, any place and in any device as long the same ones could be imported to a new gadget.

Not your keys not your money, that is pure true, you can't claim those assets if you want when they are stored in a centralised environment, to be able to claim them need to store them on personal crypto wallet or use mostly decentralized exchanges where don't need to deposit assets to trade them.

I particularly prefer to hold my assets in my wallet and secure them with my keys, this gives me more stable security and I can negotiate, send, manage any time I need to, if I need to exchange the same ones I use decentralized exchanges who work better to my purposes and I strong recommend anyone to not secure money on centralised exchanges.

Security is the key here, don't gamble with your money ever, respect your crypto wallet and always have your private keys written down.

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Take care!

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Written by   1057
1 year ago
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Comments

good article

$ 0.00
1 year ago

What are the differences between private keys and seed words

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1 year ago

It cannot be repeated often enough.

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1 year ago

Very well said. Decentralized exchanges, where you keep the crypto in your wallet, until the transaction, is a must.

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1 year ago

I believe in this exchanges, my assets are protected with my keys and I don't have to worry about being stolen in my personal wallet, thanks for passing by 🙌

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1 year ago

Therefore I use (and also read.cash) sideshift.ai

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1 year ago

Nice article broo

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1 year ago

This is true. Thanks for this reminder

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1 year ago

Thanks for your comment it's important to keep your money secure in a place where you hold the keys💪

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1 year ago

Lol after seeing only the title of this article, I immediately checked my account on Hitbtc. I'm gonna withdraw my money now as it is not even working on me on that site. 🤦😂

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1 year ago

Better hold it on your personal wallet where you have the keys😁

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1 year ago

For sure, I will. Thanks for this reminder. I didn't have any plan to withdraw it tho. Haha!

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1 year ago

Good that I gave you that reminder🙌

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1 year ago