Is there any way to out of this insecurity? - page 6.

Latviand

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Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

That's the reason why government do not legalize cryptocurrency that easily due to some hacked exchanges and that's a serious issue.

You just need to become more careful and become responsible with your assets so that you will not become the next victim of those hackers. Criminals will not be completely eliminated so that using cryptocurrency is risky in some point. But in order to become confident in your assets, increase your security especially your bitcoin wallets and learn how to choose a reputable exchange where there's no history of getting hacked. Plus, choose an exchange that immediately fix the issue in their platform with an improved security so that you can become free from that insecurity that you are saying.

alani123

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If you merely use exchanges to buy and sell, and not keep your coins there for indefinite periods of time, then I think you're not exposed to much risk.
Don't use exchange as a bank, just use it for its utility. Then you can store funds in your own cold wallet for example and have the security of being your own bank.
Exchanges are sadly or not the best way to acquire bitcoin in terms of market price, and are especially necessary if one wants to buy large amounts of BTC at a time. But until we get fully decentralized exchanges, we can't have an exchange whose wallet client is also fully trustless, much like bitcoin always was.

Twinkledoe

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Quote from: Kemarit on July 19, 2020, 07:45:11 PM

Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

The first thing to do is let your crypto sit in your personal wallet that you have total control and learn how to secure it so that you can sleep well. And then educate yourself, how are hackers able to get those accounts?

(1) Never click on any suspicious links because it might contain a malware that will steal your information
(2) Used 2FA in specially in crypto exchanges, this is a must
(3) Used strong password
(4) Don't trust, verify
(5) Don't put all your coins in an exchange

Hackers will always find a way how to get a hold of the exchange or an account. So yes, those tips above will be of great help in avoiding those hackers. Having your own wallet and be cautious of what you are doing over the internet are just some of the few ways how to avoid being rekt.

Kemarit

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Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

The first thing to do is let your crypto sit in your personal wallet that you have total control and learn how to secure it so that you can sleep well. And then educate yourself, how are hackers able to get those accounts?

(1) Never click on any suspicious links because it might contain a malware that will steal your information
(2) Used 2FA in specially in crypto exchanges, this is a must
(3) Used strong password
(4) Don't trust, verify
(5) Don't put all your coins in an exchange

The Sceptical Chymist

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Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers.

To be fair, some of the bigger incidents have been inside jobs (like Cryptsy and whatever the hell happened at Mt. Gox). But I'm not arguing that some of these exchanges have sub-par security, and some of them (like Binance) have legitimately been hacked.

None of that seems to be souring people's opinion about crypto, however. Judging by the posts I've read here over the years, it's kind of become an accepted thing that exchanges should be assumed to not be secure unless they've been proven otherwise. One piece of advice that's given the most on bitcointalk is to not keep funds on an exchange for long--and it's good advice indeed. But none of that has kept people from being passionate about crypto, and I don't suspect it's going to be a problem even if we continue to see huge hacks on big exchanges (which we probably will).

I've also noticed that a lot of crypto enthusiasts tend to have a strong gambling instinct, so I'm sure a lot of them can tolerate the risk of losing their funds to an exchange hack--and a lot of them have, too.

crzy

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Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

Hackers succeed to ruin the reputation of many exchanges and most of the hacked exchange are already closed and if its continue to happen in the future, then those exchanges are not worth it at all. To overcome this situation, don’t put too much money on exchanges instead put it on a wallet where you have a control. There’s a lot of scams before and fortunately, cryptocurrency is still good and continues to grow.

dunfida

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Quote from: SARA ISLAM on July 19, 2020, 02:27:29 PM

Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

Just get used to it since this isnt the only thing that would happen in the market in future years to come and if you've been here on this place for a quite while now then you wont really have that kind of insecurity yet this is just like a typical stuff that can happen anytime where hacks, scams/frauds is the part of the ecosystem. Hackers are always there no matter what market you get involved into
as long it do involves money then expect that these kind of certain of events will happen.Dont worry about losing popularity because it is still far from reality.

Ryker1

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Well, can you please name that exchange platform that you have said that hacked. There are certain exchanges that have been hacked but everyone has been considered as totally lose and moving on. Perhaps you are choosing the wrong exchange, --just like what happened to finance exchange they hacked last year but they are able to return the traders fund that has been hacked through their SAPU wallet.
Well, just forget and move on if you have been scammed, but it sure that it won't happen by next time.

SARA ISLAM

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Over the past few years, I have been horrified by the way accounts of various exchanges and crypto-related websites and individuals have been hacked by hackers. Is there any way to out of this insecurity? I think cryptocurrency will lose popularity if it continues like this, share your ideas on what can be done to overcome this situation.

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