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How secure is Crypto Currency

  • Thread starter Thread starter Abas10b
  • Start date Start date
Even though Crypto Currencies wallets are hackable, I don't fear anything because I am using popular and reliable exchange platforms.
 
It can be very hard for hackers to penetrate your cryptocurrency wallet except when you share your login details with someone else.
 
Abas10b said:
Cryptocurrency exchanges and third parties offer storage for your coins through hot wallets, which are secure, but still online ( Let's be Honest it's Hackable ). Crypto held on an exchange or in a wallet is not FDIC-insured like money in the bank.
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The best way to store your coins and tokens would be to use a hardware wallet. These are expensive. Someone who has just a few hundred dollars worth of cryptocurrency will not necessarily be able to afford something like that, so it's exchanges and online wallets.
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Reedex said:
The wallet in exchanges or online wallets are not totally resistant to cyber criminals. The hackers develop different malware to capture your wallets keys and in turn steal your funds. It's advisable not to download software from unknown sources.
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A lot of people still fall for such scams. Once an app starts requesting for your private keys or any other sensitive information, it's time to cut it out. Still, the safest bet is a hardware wallet.
 
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Cryptocurrency transactions are very secured and coming down to crypto wallets, I think some are secure to an extent as I have heard rumors of a crypto wallet being hacked in the past. But the truth is, I think it worths the risk.
 
That's why it is better to use a secured and reputable wallet for keeping coins. This will ensure that you don't lose your coins in case anything bad happens.
 
Actually crypto is secured or the exchanges are trying to, no doubt there has been some hacks and thefts of coins but still the security now is not what it usually was in the past
 
Cryptocurrency is save if you have put all conditions into action and has done all what you could do by protecting your pass key if you use online wallet. But thereafter, we have an offline mode of saving which is quite saver than the online and hackers can't really get into it
 
Crypto currency is more secured because you are in total control of your money and unlike the fiat currency which is physical, crypto is digital and so it is not easily stolen unless you don't keep your privacy secured
 
I don't think it is possible to hacked because they protection is hard but if the hacked i think they have insurance and they will recovered
 
Abas10b said:
Cryptocurrency exchanges and third parties offer storage for your coins through hot wallets, which are secure, but still online ( Let's be Honest it's Hackable ). Crypto held on an exchange or in a wallet is not FDIC-insured like money in the bank.
Click to expand...

Crypto trading platforms can be hacked and this is why you must deposit your coins on platforms that are quite well know. I think there are a few crypto platforms that have never been hacked or attacked before. One of them include kraken.
 
Well it is hackable, nearly impossible, but still hackable. To hack a crypto wallet you need a lot of things and at the end of the day you realize that it just isn't worth it.
 
Most of the crypto coins run on blockchain which is constantly being reviewed making it almost impossible to hack
 
You have really brought up a good issue that is worth talking about. The security of our crypto coins cannot be overemphasized because just as you have rightly said, it is possible for exchange platform to be hacked as we have heard such news before. I want to believe too that there is some form of insurance done by these exchange companies to cover any loss. It is just my view.
 
I can't really say if it is supper secured or not but I feel since it is determined by the forces of demand and supply and not by a regulatory body it's somewhat secured
 
I can absolutely comment on how the cryptocurrency or the crypto is secure because I am not too sure about the assurance of that because I have heard several case of an account be hacked and nothing was done about it. the only thing I believe is that when you are not hacked then you are save and secure.
 
Provided that you are not going to release your account passwords or your seed phrase to anybody then cryptocurrency transactions are very well anonymous and safe.
 
I don't think Crypto currency is 100% secured because I have heard different cases whereby accounts are being hacked and impersonated.
 
O the issue of security it is good for an investor to as a matter of security put his coin in an offline hardware wallet,this way he has full control of his investment,because you can never tell the level hackers might go.
 
It's not wise to have a online Wallet for saving your coins. Online wallet's are often hackable but for offline is a little bit save and secured.
 
Sincerely the bank is the most secured place where money can be kept . Cryptocurrency in wallet can be hacked at any time especially where transactions are no more done in the banks frequently unlike before but this days where you can be at anywhere and do your transactions successful without stressed. In my own view I think cryptocurrency is not as save or secure 100%
 
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