Why storing bitcoins on exchanges is a bad idea!

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Bitcoin

Let’s be honest Buying bitcoins is not easy. And it should be like this. The strictest KYC procedures are specifically cured in order to prevent anonymity from accepting the legitimacy of Bitcoin transactions. Therefore, after all these tedious and often slow steps that lead to the creation of an account on the stock exchange, people desperately want to buy bitcoins.

And as soon as people really see how the numbers change in their count, they feel like a soldier who has just won the war. They are too relaxed and do not pay attention to where their bitcoins are stored. Changing the numbers in their exchange account gives them a false sense of satisfaction, thinking that they own their precious bitcoins.

The exchanges are NOT SAFE

Whether you have bitcoins or not depends on one question: do you know what your private key is?

If you do not, you will expose your bitcoins to desperate hackers who are constantly evolving and finding new ways to steal your bitcoins. Although hackers are indeed very difficult to access individual wallet accounts, it is relatively easier to get into the exchange of bitcoins, which already have a lot of bitcoins.

Bitcoin

These exchanges act like a goldmine for hackers who not only get access to their bitcoins, but also their personal data, such as their credit / debit card details, bank details, social security number, national identification card number, etc. Bonus bets on the black market, as they are used to impersonate and identity theft.

A more recent example is piracy at Coincheck, one of the main Bitcoin exchanges in Japan. The stolen amount is considered the highest in the entire history of hacking cryptocurrency, which is 530 million dollars. Although it can be said that the hack was in a less popular cryptocurrency: NEM; Do not forget that both were exchanged on the same platform. These pirouettes have now become an international phenomenon, as hackers from other countries did not begin to attack bitcoin exchanges in enemy states.