Is having a hard wallet necessary for asset protection? Hive users who have a large amount of Hive, should they give strong protection to their keys? Or should every user who keeps large amounts of coins on centralized exchanges ensure the protection of their assets?
These are the questions we will try to cover in today’s post. Remember, protecting your assets is very important to avoid big losses.
First, let’s talk about centralized exchanges. Keep in mind that no CEX (centralized exchange) is safe, and it can disappear at any time. That’s why you should protect your assets yourself.
The best option is a hard wallet or DEX (decentralized exchange), where there are many exchanges. With these, you can give proper protection to your assets and avoid risks.
For example, if a user holds a large amount of BTC, they should not take any risks and transfer it to a cold wallet. Whenever you need to sell, transfer back in small quantities and sell.
Similarly, for Hive users who stake a large amount of Hive, they are always at risk of hackers. They should give strong protection to their account.
The simple solution is to store your keys safely on a hard copy or USB drive. Never keep your keys online. Never keep your keys on any media or share them with anyone. Doing so can result in your account being hacked.
These are some precautions that can save you from big losses. A famous saying: “Protect your belongings and don’t blame others.”
THANK YOU!
