Security is for most when it comes to making our money safe and I think we should not take it lightly. I believe that losing money is very painful for everyone and no matter what amount you lose so it is very important for all of us to follow the ways that can safeguard are funds in the cryptocurrency market. Crypto is money and we all need to follow the ways that are suggested to add another layer of security. This is also called 2fa but that is not all because nowadays we can see how things are going and even the second layer of authentication can't help us to stay safe.
2FA Authentication
We use exchanges for trading and to take part in some other things. It is highly recommended that everyone add the second layer of authentication on the wallet to avoid any hacking activity. These days it is even more important because there are a lot of hackers around and they try to breach security so that they can still our money. With the second layer of authentication, we can add extra security which is a good idea and with this at least we can expect better security as compared to what is offered by default.
Decentralized wallet
Decent flies wallets are another way that we can use to keep our friends safe. The good thing is that we can own our key to the wallet but these are connected to the internet so security is always at risk if we happen to lose our key over the internet. There have been many scenarios where people lost money through these wallets because their key was compromised. This is a good option but not so secure because it is connected to the internet and anything can happen. I have seen so many incidents and news on the internet so it is a good option but not highly recommended.
Hardware wallet
So far this is the best and safest way we have seen where crypto can be kept safely. I have never come across any scenario where someone lost the crypto because of the hardware but it also has a flip side. Although no hacker can steal the funds from the hardware wallet because it is not connected to the internet and the physical custody remains with the owner. We own the key as well as the hardware device so it is not possible for anyone to steal the funds. But there have been a few scenarios where people lost the key and because of this they are unable to unlock the wallet or they lost the hardware device which also causes them monetary loss. We need to have the combination all the time that is the hardware device along with the key to access crypto. If we use either of them then we also lose ownership because it will not be possible for us to recover our money.
Exchanges are not reliable these days because ftx situation has done a lot of damage to the crypto community worldwide. I am thinking to buy one hardware device for me so that I can keep my cryptocurrency safe there and will try all the possible ways to add another level of security to whatever I own in this market. I am not worried about Hive because it's locked for 13 weeks and now I realize how helpful this rule on the blockchain is. We should not trust the CEX and try all possible solutions to make it more safe and more secure.
Thank you so much
Stay Safe