The crypto market has experienced rapid growth in recent years. However, behind this tremendous potential lie serious challenges related to security and privacy.
What many people are asking is what are the main challenges faced in protecting the security and privacy of users in the crypto market? How can the crypto industry overcome these challenges?
The privacy is only leaked when data breach happens in exchanges. These exchanges ask for our identity verification and ask for our details, they further stores it and when these data breaches happens, our identity gets leaked and privacy is hampered. Regarding the security, if we store the coins in online exchanges or wallets, then definitely our coins will get hacked, so yes store the coins in offline wallet only. Moreover regarding the privacy, try to avoid exchanges and do P2P deals as much as you can.
We don't know what if the exchange secretly sells our data like what other websites are doing. Someone exposes their modus before. Maybe it was one of their team who lately build a hate to their company. This is the reason why many people are not doing a KYC when it's being asked but they leave the platform immediately and look for other alternative who does not mandate a KYC.
In regards to security, maybe a well-known exchange has a robust security and in case a hack happens some of them have insurance and we can be refunded. Despite of this, I still prefer to hold my coins on my own because I believe on the saying that "not your keys not your coins"