Keep Your Cryptocurrency Safe
You may have heard of the Canadian crypto-exchange QuadrigaCX CEO's passing has resulted in the company being unable to access the funds and having file for bankruptcy. They have lost access to $190m of funds held on the exchange's wallet whose sole access was with the CEO and no one was able to access his computer to recover it.
You can find more details about it here and now there's a reddit thread that states that the wallet funds have been found and they are being moved.
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Either way to many it looks like a exit scam and it very well could be. It's hard to say for certain without being at the forefront of the investigation but one thing is clear the if you don't have access to the private keys of the wallets then you don't own your cryptocurrency.
More the reason for us to keep our cryptocurrency safe by moving it off exchanges. Have you done that already?
You need to keep your funds secure and to do that you can use a Ledger Nano S. But more importantly teach a close family member how all of this works and leave some instructions for them in the case of an eventuality where you are unable to access your funds anymore.
It's scary to think if Binance or Bittrex goes down this path what might happen. As users we have no idea how these exchanges maintain their funds. It's easy to assume they maybe using multi-sig wallets or other methods to secure the funds but it's always best to own it yourself.
If you are not trading your cryptocurrency regularly, then it's best to move them out of the exchange wallet. This is just a gentle reminder for us all.
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Thats one thing I like about cryptos that let you "power up" yeah it sucks that it can be a while to get it liquid again, but at least it cant all disappear over night either.
but it looks like a scam !
Do you think it could happen to binance? I have a ledger nanoS and I am going to move everything onto there.... but then again... who really owns ledger? There would be a way to access all devices...
Anyway, I haven’t logged into my binance in a few months... I’m too hurt from this huge drop I don’t want to see the damage!
Yes, it could happen to binance.
While the ledger nano S is a device made by a company, what it does is storing your private keys. The company that creates the ledger nano S do not have access to your private keys, therefore not to your funds. They cannot run away with it.
Still, some of the hardware wallets have had problems and bugs. Be careful to what extense you use it (maybe not suited to create complex multi-sign wallets). But if you take a little effort into setting up a good hardware wallet is one of the most secure ways to store your crypto.
When the amounts are not too essential, you can use delightful wallets like Exodus.
If you have a good amount of crypto and even use it sometimes. I would recommend a combination of those (a part on the exodus, the bigger part on the nano wallet).
For me, I like good ol' paper wallets :D
Thanks! I have my ledger and I will use it for that purpose. I have an old laptop I might use for all crypto transactions, someone suggested that to me once, however, now thinking about it my new laptop is more secure
I think as long as you handle different sums of money quite appropriate you are on a good path.
Being aware of the possibilities and security levels of your funds and acting accordingly is sufficient for handling your crypto.
Yes, very well said, thank you.
For me, I kind of feel that crypto is never really 100% safe... I mean, China could completely shut down bitcoin at an instant if they wanted to? Also, as it is all digital, it is more likely to be able to be hacked or accessed - then again, all of our banks are all digital now so that is just as easily accessed! In fact, my bank did get hacked about 3 months ago
@sunsethunter, @tosch has answered it really well. :)
Useful post. Resteemed.
@firepower, We are responsible for our funds so it's really important to keep our funds in our control and these kind of situations teaches us lessons for future. Stay blessed.
Investing in cryptocurrency market looking like a gamble due to security reason.every steemains are working hard to growth on this platform but in their mind always be little doubt taking security.As we have seen crushing of crypto.co.nz .
Much love from India
Thank you brother @firepower
In this digital era there are always a possibility to loos our funds but still from our side we can just take all major precautions to keep our funds safe.
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STOPTo support your work, I also upvoted your post!
i bet a lot of people die and dont leave anyone their passwords