Crypto Rule No. 1 - Always Keep Your Funds Safe!
In different words, never hold big amounts of money on a centralized exchange. In case you do, you are fully dependend on the exchange keeping up top notch security on all coins they got listed. That this isn´t always the case can be seen at the example of numerous exchange hacks during the history of cryptocurrencies:
- March 2014 - Mt. Gox ($473 Million)
- January 2015 - Bitstamp ($5.1 Million)
- August 2016 - Bitfinex ($66 Million)
- January 2018 - Coincheck ($400 Million)
- Which One Will Be The Next? ...
Use The Decentralized BitShares Exchange Instead!
Has anyone ever heard of a BitShares Hack? I haven´t and I´m pretty sure that we´ll never hear about one to ever occur. A Decentralized Exchange that´s build up through numerous access points all around the globe is just not an easy target, while a centralized one is quite the opposite.
On top of the security aspect there are many other reasons for you to use the BitShares DEX instead like e.g. it´s huge amount of coins that can be traded and the exclusive availability of some awesome tokens just like Buildteam 😉
Nevertheless, Most Secure is Still Your Own Wallet!
Despite the fact that I´m a huge fan of BitShares and the DEX it just has to be mentioned that the most secure way of storing your coins is still to have them sitting on your own wallet on which you own the private key(s) to. Of course this option comes with more responsibility but will always guarantee you the ownership on your tokens.
In case you are not comfortable with that responsibility or don´t want to maintain a lot of different wallets then just please remember that the DEX is ultimately the best place to go in regards to security!
(Source 1 - Storeofvalueblog.com)
(Source 1 - Coindesk.com)
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