"Crypto: worried about hacks?"
Hacks don’t happen every day, but they do happen. I’ve heard many say that cryptocurrency is unhackable, but there have been hacks associated with crypto. One of them is a 51% Attack; this refers to an attack on a blockchain, another vulnerability may be losing your crypto because the exchange where you stored them was hacked.
Even though on the web the crypto community advises not to keep your cryptocurrency stored on exchanges because an event like this may happen and it can cause a significant loss for its users.
Why do people leave their crypto stored in different exchanges?
I believe the main reason is the fact that crypto traders must have their crypto on an exchange to place a buy or sell order. This makes it extremely difficult for traders to constantly move all their crypto from an exchange to their digital wallet; especially if you are dedicated to trading and holding many altcoins in different exchanges.
Throughout these past years, there have been significant hacks done to crypto exchanges. This week a New Zeland exchange Cryptopia was hacked; with 1.4 million registered users and considered the largest crypto exchange in the country.
"the world's largest range of cryptocurrencies." Indeed, the exchange has more than 830 cryptocurrencies listed, according to CoinMarketCap, which makes it one of the chief platforms for altcoin trading. The hack is being investigated by authorities in New Zeland. Meanwhile, Cryptopia has there website under maintenance.
Davinci Jeremie better known for his youtube channel Davincij15, as an experienced trader and working with many altcoins he has seen throughout years many hacks and even warned people about Mt. Gox crypto exchange; that eventually was hacked.
Seeing the difficulties within the crypto trading system, Davinci decided to create a digital wallet that would protect his crypto and make the trading process easier. Eventually, it became much more than a personal project and soon realized that many might be in need of a wallet like this;
Pandora´s Wallet is a multi-cryptocurrency wallet, which provides a new form of managing cryptocurrencies. Pandora´s Wallet gives users the possibility to manage various currencies. The software allows users to buy and sell cryptocurrency; all in the same platform. It will no longer be necessary to leave your coins on an exchange or have to store them in different wallet software.
I hope you enjoyed it, feel free to comment.