The purpose of this blog is to share my investment journey in cryptocurrency and track those investments. One key area within cryptocurrency is the identifying the safest exchange to change currencies. For this blog, I will continue to focus my interest on Flypme as I perceive this as the safest exchange. I will also summarise my portfolio.
It has been clear over the years that when a cryptocurrency has been stolen, there is a steep decline in bitcoin and subsequently all other altcoins price. The most notable example was Mt. Gox $350 million loss in 2014, highlighting the need for the safest exchange.
There are four key relevant areas below about being the safest exchange and associated hacks;
Compromised employee login credentials (NiceHash hack 2017 ~ $60m)
Well straight away, Flypme does not require a login or registration, so that is the first bit that reassures me with its safety.
Employee phishing scams (BItstamp 2015 ~ $5m)
Similarly, Flypme doesn’t request email addresses for registration or provide login options, making it the safest exchange.
Cryptocurrency code Vulnerabilities (DAO hack 2016 ~$50m)
In this area, it is almost impossible to say one company over another is definitely secure. The only aspect here that I can highlight is that past performance is a good indicator of future success. Making Flypme the safest exchange in this domain is due to being developed by the HolyTransaction (HT) Team. HT which being founded in Febraury 2014 and is one of the oldest online storage solutions for cryptocurrency.
Sharing private keys (Too many times ~$Too much)
If someone can access your private key, you may as well be metaphorically throwing cryptocurrency off the top of a building. With Flypme as the safest exchange, it doesn’t use private keys, so never share them. EVER!
As you may have gathered already, that’s a lot of money to go missing, so the safest exchange is key to reassuring me with my investment. A final note on security it’s always reassuring when you see this through https://www.ssllabs.com.
This brings me back to a summary of the purpose of the blog (as a HODLer). I have decided to purchase Ethereum using the Safest Exchange (Flypme). Below is the summary of my portfolio started on the 1st of May 2018 with an example if this was followed with $1000. The main reason for focusing on Ethereum is simple, the market cap is low relative to the growth of token ICO’s.
Portfolio Summary on the 4th of June 2018:
FlypeMe +18.75% change since 1st of May
Ethereum
If $1000 was invested on the 1st of May 2018, it would now be worth $1187.50
(note, without using a safe exchange, it would be worth £0)
Note:
I am not a professional trader, the information above is not trading advice, and please do further research if you are considering investing. I like to be upfront and honest about what I’m doing. This article is intended to earn tokens part of Flypme writer program.
References:
https://blog.crossmatch.com/authentication/5-reasons-cryptocurrency-exchanges-hacked-how-to-prevent/
