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Bitcoin: Binance or a cold wallet? Comparison of risk and safety
As a cryptocurrency enthusiast, you are not alone for the safety and safety of trade in online platforms, such as binance. Because thousands of users and millions of transactions take place daily on these exchanges, the potential of hacking or other risks is significant. In this article, we will immerse ourselves in the advantages and disadvantages of using binance for trading and storage of cryptocurrencies, as well as studying alternative options that can be safer.
risk of using binance
Binance is one of the largest and most popular cryptocurrency exchanges in the world. Although it is a reputable platform with a strong security team and solid risk management systems, there is still a potential risk to consider:
- In 2017, the stock exchange suffered a phishing attack, which led to theft of over $ 40 million in cryptocurrencies.
- Susceptibility to the portfolio : If your binance account is exposed, your bitcoins and other resources may be threatened if the portfolio information is leakage or stolen.
- Hanging third parties : Some users have reported problems with applications and services of other companies and services providing their keys of API Binance, which can lead to unauthorized access to their accounts.
Benefits of using the cold
When using cryptocurrencies such as Binance, it offers many benefits, such as low fees and fast trade times, this is not the safest option to store cryptocurrencies. Here are some reasons:
- Risk of exposure : Exchange and wallets provide an easy access to their funds in the case of an emergency incident or hacking.
- No control : You have limited control over assets when using cryptocurrency exchange, as they may be subject to market fluctuations and replacement rules.
- Safety risk : Exchange often store user data and cryptocurrencies on cold servers, increasing the risk of unauthorized access.
Alternative options: cold wallets
If you are worried about the risk of trading with binance or storage of assets via exchange, consider using a cold portfolio:
- Physical storage : Store coins in a safe, physical place, such as a home safe or fireproof container.
- hardware portfolio
: Use a hardware portfolio such as Ledger or Trezor to store and manage offline cryptocurrencies.
- Paper wallet : Create a paper wallet with each coin held, storing it safely in a safe place.
The best practices for storing cryptocurrencies
Regardless of whether you decide to use a replacement or a refrigeration solution, here are some of the best practices to ensure the security of assets:
1.
- Maintain software software : Regionally update the operating portfolio software, browser and cryptocurrencies to secure patting of patches.
3.
Application
While Binance is a reputable platform with solid security measures, it is necessary to consider the risk of benefits. If you are worried about trading and storing cryptocurrencies via exchange, consider using a cold wallet. By following the best practices and taking steps to secure assets, you can minimize the risk of exposure and protect cryptocurrencies.
Reservation
This article serves only information purposes and should not be considered as investment advice. Cryptocurrency markets are very unstable, and investing in cryptocurrencies carries an inseparable risk.
