How do I prevent my cryptocurrencies from being stolen from an exchange that has been hacked?
As I was browsing random questions on Quora, I came across this one. This is a common question, still answers were not to the point, and most people suggested storing coins in hardware wallets, or paper wallets, which solves the problem for long term storage, but not for someone who is into day trading (due to the fees associated with every transfer). Hardware wallets comes with an additional cost as well, and not many people would consider investing in them.
So how to solve all the problems above?
Introduce a decentralized exchange, like Bitshares Dex!!
Throughout history, centralized exchanges have repeatedly proven unreliable and untrustworthy. Whether it is MF Global, Mt. Gox, or BitStamp, many people have been cheated because they allowed a 3rd party to hold their funds.
This happens just because the exchanges hold your private keys, to allow seamless trading, which, in the long run is definitely risky!
Bitshares, the world's first decentralised exchange solves this problem, by giving users to have complete control of their cryptocurrencies by allowing them to control their own private keys.
You can definitely trade other coins, deposit BTC, and other coins just as you can do on any other exchange!
But when you login to bitshares.org, you will get a bit confused at the way they work, so take some time to explore, it'll be worth it for sure!
do have a look at the link below to see why you should consider using Bitshares!
https://bitshares.org/technology/decentralized-asset-exchange/
Feel free to comment down below and have a meaningful discussion to know more abut it and how you can secure your cryptocurrency from the centralized exchanges.
And if this post helped you in any way, consider upvoting and resteeming, so that I can come up with more suggestions!
it's a great platform , Thanks for the post !
sure... consider resteeming if you find this useful... :D
Good work....
Like
I MEW has worked extremely well for me. I'm not a huge fan of storing my coins in exchanges, using paper wallets or softwallets. However, while a MEW is considered to be a softwallet it is a little different than most. A lot of softwallets store your information on their website which has the potential to be hacked. With MEW, only you hold your primary key, which is what hackers need to steal your coins. The only downside is there is no customer support because you are in charge of keeping your info save. If you're interested check out their website.
https://www.myetherwallet.com/
I agree, I also have a MEW. But the thing is that if you want to trade, you need to transfer coins from MEW to an exchange, which comes with an additional fees. Its good if you wish to store coins for long term.
To solve the problem of security, risk, as well as trading, I suggested using a decentralised exchange.....! :)
@originalworks
The @OriginalWorks bot has determined this post by @rahulbasu to be original material and upvoted(1.5%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
Congratulations @rahulbasu! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBitshares really does work quite well. Upvoted & followed you from Telegram :)
Thanks for the support...! Followed you back :)
This post was resteemed & upvoted by @superbot - the Best Resteem bot on Planet !
Good Luck!
Follow for 10 minutes ,
Send 0.100 Steem/Steem Dollar and the URL in the memo that you want resteemed and upvoted.
So don't waste any time ! Get More Followers and gain more Visibility With Superbot .
Resteemed by @resteembot! Good Luck!
Curious?
The @resteembot's introduction post
The @reblogger's introduction post
Get more from @resteembot with the #resteembotsentme initiative
Check out the great posts I already resteemed.