Australia's largest stock trading and investment forum Australia's #1 stock forum

Excellent post @Gibbaz as crypto wallet security is paramount.

First 1672 Last

Share
Profile

Follow
telamelo

12,652 Posts.

348

22/11/21

07:25

Post #: 57740570
Share

Originally posted by Gibbaz: ↑

The phrase "not your keys not your crypto" being parroted around to those without technical skills is to blame for many thefts imo.

Why has leaving coins on an exchange been villified? Perhaps it was Mt Gox type events.

In general however, coins on an exchange are protected by their server security, your 2FA (Binance is like 5FA these days), and importantly their insurance if anything was lost. KuCoin tested this when they lost coins and reimbursed all.

Storing coins on dodgy phone software wallets that have code bugs, are always connected to the internet, can easily be trojaned with a keylogger and other malware (in addition to the "normal" amount of spyware every phone has) that gives a lot of surface area for an attack on your keys is far less wise than leaving on the exchange imo.

Do it properly - hardware wallet kept in a hidden fireproof safe that not even your best mate knows about or keep it where it's insured...

Expand

Excellent post @Gibbaz as crypto wallet security is paramount.
1 Upvote

Reply

Top Stories

Listen: HotCopper Wire Podcast 013 - They changed the IPO rules (and that's a good thing)

Almonty Industries – Now it is getting critical!

MTM

MTM Crit Metals hits +1,870% returns YoY – but fundamental questions remain

MEM

Many are concerned about global falling birthrates. This diverse stock has solutions

ASX Market Close: IT surges as Miners dumped | June 18, 2025

First 1672 Last

SPONSORED BY