Re: How to keep the BitCoins Safe?

Quote from: H1N1 on February 16, 2019, 04:06:05 PM

Quote from: iam_aayushiJ on February 05, 2019, 10:04:50 AM

Hack and Hacks, every day I am waking up to the news of crypto exchanges getting hacked, recently a crypto exchanges founder died and he seem to have a hold of $190 million worth of BitCoins with him.
I have taken a pledge of never using a custodial exchanges, even if it is Binance, and not matter how much CZ says that he will keep the cryptos SAFU, I am not doing the mistake of keeping my money at stake.

I did a detailed study of what exchanges to use and what wallets to use -

Exchanges - Instant exchanges only, Changelly, ChangeNow, CoinSwitch etc.
Wallets - Divided into two parts - Ledger NANO S for long term investment, and keeping the funds safe, MultiCurrency wallet for trading, ex - Gaurda Wallet, Exodus Wallet

Let me know what you guys think.

I am one of the victim of the cryptopia exchange hack that occurred in the last month.
Using exchange wallet is riskier than using your own wallet, so better not using exchange wallet to store much coins.

After all, an exchange is not recommended to be used as a long term storage and with these incident, hopefully you will not repeat the same mistakes for the future. Saving for the long term would be better to use a wallet where you can have full control with private key which even if there is a problem with the device you are using, you can still restore it in the future.