- Keeping Crypto on exchanges is risky due to hacks and platform collapses like FTX.
- CoinBureau recommends self-custody for full control of your private keys and assets.
- Trust Wallet offers secure self-custody for over 9 million digital assets, including Bitcoin.
- Hardware wallets like Engrave Zero provide maximum security by storing private keys offline.
When it comes to managing your Crypto, there is always a big, are they really safe? If you’re keeping it on an exchange, this might be a serious risk.
According to CoinBureau, many people treat crypto like regular money in a bank. However, this approach could lead to trouble.
Why Leaving Bitcoin or Other Crypto on Exchanges is Risky
Leaving your Bitcoin or any other crypto on an exchange might seem convenient, but CoinBureau stresses that it’s like gambling. Exchanges such as Binance, Coinbase, and Kraken offer an easy entry point into crypto, but once your funds are there, you’re trusting these platforms with your money. And as 2022 showed us, even the biggest names in the industry can collapse without warning. “Celsius, BlockFi, and FTX all went down,” taking millions of dollars of client funds with them.
Even when exchanges don’t fold, they still face huge risks. CoinBureau points out that exchanges are prime targets for hackers, which makes storing large amounts of Bitcoin on them a dangerous game. These platforms hold billions of dollars in crypto, which makes them attractive to criminals. So, the question becomes: why take the risk?
Self-Custody: The Safer Option for Your Digital Assets
According to CoinBureau, the key solution is “self-custody.” By storing your crypto in a self-custodial wallet, you alone hold the keys to your assets. This eliminates the need to trust third parties like exchanges. “Self-custody is crucial,” says “CoinBureau,” because it allows you full control over your private keys.
There are several wallet options available for self-custody. One of the best according to CoinBureau is Trust Wallet, for example, is a decentralized non-custodial wallet that gives users total control of their private keys. CoinBureau also emphasizes Trust Wallet’s strong security record, noting that it has “an immaculate track record with no known hacks.”
Trust Wallet supports over 9 million digital assets, including Bitcoin and Ethereum, across 80 blockchains. So, for beginners and experienced, Trust Wallet is easy to use and offers both a mobile app and browser extensions.
Hardware Wallets: Maximum Security for Crypto Holders
If security is your top priority, CoinBureau suggests considering hardware wallets. These devices store private keys offline, which reduces the chances of hacking. “Hardware wallets are the gold standard when it comes to security,” says “CoinBureau.” So, these wallets are intentionally designed to be simple to avoid vulnerabilities from malware and hacking attempts.
According to CoinBureau, one strong option in the hardware wallet category is Engrave Zero, which is “E7 certified,” the highest security certification in the world. It uses advanced fingerprint technology and a secure seed-generation process to ensure the highest level of randomness for protecting your private keys.
Although hardware wallets may be a bit less convenient than software wallets like Trust Wallet, the added layer of protection they provide makes them worth considering for those holding large amounts of Bitcoin.
Conclusion: Take Control of Your Crypto Security
At the end of the day, storing Bitcoin on an exchange might seem like the easiest route, but it comes with huge risks. As CoinBureau puts it, “leaving your assets on an exchange is a gamble.” Hacks and exchange collapses are real threats that could result in losing all your crypto. So, that’s why taking control of your private keys through self-custody or hardware wallets is essential.
If you’re serious about securing your Bitcoin, explore wallets like Trust Wallet or hardware options such as Engrave Zero. Crypto security isn’t something to leave to chance; it’s a critical part of owning digital assets.
CoinBureau status; Image source
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
