Safety of your Assets..

in BDCommunity2 months ago
Hello everybody...

Blockchain has been unraveling the way of experiencing the world in a better way. I might be exaggerating about the use-case of the Blockchain but since I have been watching the changes that have been happening to me over a couple of years I had to share some of the experience to let you know what you are a part of and if you have not been a part of this chain then what have you been missing!


Blockchain :

A blockchain, originally blockchain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block a timestamp, and transaction data (generally represented as a Merkle tree) source



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This blockchain has introduced us to the world of cryptocurrency. Which is one of the most extraordinary aspect as of today. Now cryptocurrency has seen many unforeseen circumstances due to several reasons and if you dig through the mainstream media, you will mostly find the ones that are misleading or wrong information. But truth to be told, those who are getting the benefits of it knows what value it holds to themselves as of today.


Security :


Nowadays, this is one of the most controversial topic which is getting countless people to get hyped on. Nevertheless, in order to secure your assets all the precautions from your side needs to taken care of.


If you do not hold the keys of your wallet, you are not safe :

As simple as it sounds, that is the most valid point that can ever be said in front of us. Supposedly, if you hold any crypto coins in an exchange, such as Bittrex/Binance and in other so-called centralized exchanges, there is a high chance your assets might get taken away. As low as the percentages are, the fact stays there. And it also has happened before. The fact that stays are the value that we get on holding our respected assets to these exchanges is the ability to trade them into one form to another, thus making money from them. This has been going on and will go on until DEX's gets more priority over this centralized exchanges. The first tip of security, try not to keep any unused assets to any exchanges.


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Cryptocurrencies hold real-time value for their holders. Every crypto you own, has monetary value on its own (unless you are getting into SCAMS). Since you are the owner of your assets it is your sole responsibility to keep them secure as much as possible.


If you are aware of the recent hacking that went down on different Twitter accounts, then you should understand how dangerous these loopholes can be for a person or an entity. The point of holding your keys can be applied here.


Some wallets, which can secure your crypto assets :

  • Ledger Hardware Wallets
  • Electrum
  • Trezor
    & many more. If you have large assets you are probably using one of those hardware wallets as we speak. And if you do not, then try using wallets which are providing you access, with keys. That will give you security and some assurance as we speak.

Do not fall for baits


Stay away from phishing links and do not click on any of those as well. Once you do, you might lose your assets before you even get to know about it being missed.


Hive


Hive is one of those places where you can secure your assets. Since transparency is one of the key points where you can actually get visibility of others' assets as well. Similarly, every action that you take is recorded within the chain. You hold your keys and you own your account and assets.


Lbry


Another decentralized video sharing platform, which is getting some buzz overall and since the launch, till now it is showing some promising advancement as well. I am still understanding the facts in there but slowly getting to like it there. But still, a long way to go.


This is such an exclusive matter to discuss but a much-needed one. Be sure to protect your assets and avoid getting into such scams and avoid falling for "too good to be real proposals for money scams" as well.


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Best regards
Rehan

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If you do not hold the keys of your wallet, you are not safe

You could have as well ended the post right after you wrote that as that is one of the most important things people have to do to secure your assets.

And like @ph1102 said, blockchain might not be the safest, but it's better than most of the other options out there.

I would probably have ended there but still, the question stays. As long as the these centralized exchanges will have influence over us, it will take much longer time to actually adapt to the Decentralized exchanges. Until then accept it or not, we partially have to rely on some services which they are providing.

And yep, blockchain can remove certain barriers for us as it's probably the best option for us right now.

After this late Twitter hack (and others that have happened), people start to realize the "security" on standard centralize networks... And, not just that...

Do you think that your money is secure in your bank? :) Do you think that you can spend YOUR money where you WANT? Well, I bet that everyone has experience of blocked payments, etc...

Blockchain isn't the IDEAL, non-hackable place to store your data/money, but it is very close to that, and I don't see a better-secured option these days...

Thanks for sharing your thoughts about safety!



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Honestly, nowadays people are actually starting to see what is really happening behind the scenes of these so-called hacks and stuff. Blockchain could really solve some of these aspects, probably not in a full manner but much more securely than the present situations of some centralized platforms.
It will not be long the adoption of blockchain tech will be huge in the next coming years. This is just a matter of perspective. Once it starts to change, people will adopt the best possible option for themselves. And I suppose that number of adoption is slowly increasing as we speak. It is just a matter of time now to see the beginning of sth new.
Thanks for dropping by.

Nicely explained.

tnx

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Thanks for sharing your experience with us!
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