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RE: How Much Influence Do You Have On Your Financial Security? 💵💵💵
Yet the utility of cryptocurrencies in the context of financial security is evident
Say what?? How many times have you heard in the last 6 months about people losing their cryptos? or having their accounts hacked? Or having their coins locked/trapped on an exchange and they can't get at them?
Compare all the security crap currently going on in crypto market, to current operation of your bank account. Or operation of your credit card.
Cryptos are in general, currently crap when it comes to security. One of the biggest improvement opportunities that exists in my opinion.
Fortunately I personally haven't made any bad experiences in that context. But of course I've heard /read a lot about it.
My question would be if the problem is that "the new world" (crypto) is still not uncoupled from "the orld world" (fiat) and that's why e.g. exchange portals (being not based on the blockchain) have significant security gaps? It's not the single account that is hacked, it's the provider. Right? So the question is if this might be improved, once the exchange is made directly on the blockchain? I by myself would love to see a SteemXChange and then shut down my Bittrex account where I don't feel safe at all.
To avoid bad experiences, users of cryptocurrencies should educate (preferably themselves or someone they can trust) them selves of what security measures they must have. In a way, common sense (but we all know common sense is not common :-S)
Why don't you feel safe at Bittrex?
Bittrex (as well as other exchange platforms) freeze wallets from time to time. Officially they do that because of technical issues like in the context of a hard fork, for instance. A couple of days ago I couldn't access neither my Steem nor my SBD wallet there. Then it was the BTC wallet.
I don't feel safe if an exchange platform just locks my money without previous advice and I can't access it for an undefined period of time.
Then I accidentally transferred 100 SBD to my Steem wallet on Bittrex a week ago. After opening a ticket, the support team informed me that they would need at least two weeks to check that. WTF? Two weeks? I mean, the money is there and it's even from the same coin family. I just don't like the feeling that they haven't any control about their work load.
I wish Steemit Inc would set up an exchange service!!!
Just assisted someone with the exact same problem involving a couple of other exchanges but we did find a solution within a couple of days. 2 weeks is absolutely unacceptable. Agree with you that the exchanges should never lock or make unavailable our cryptocurrencies/digital assets.