The crypto market
If you have decided to buy Bitcoin (BTC) or other Altcoins, but are unable to decide which exchange or stock exchange to choose, you are in the right place. Each crypto exchange allows you to buy and sell digital currencies. These transactions can be performed among crypto currencies or between fiat money (regular money) and crypto. Users are generally looking for platforms that offer extraordinary security measures and excellent functionality. Security sometimes takes a back seat in users’ minds, but it is obviously very important.
Market attacks
In the past, many crypto exchanges have faced attacks from hackers who have stolen digital assets from their users’ accounts. Therefore, you need to carefully choose which providers will handle your financial assets. If you are a complete beginner, a basic and well established exchange might be better for you. One example is COINBASE, which is very popular and has a very simple user experience. From our personal experience, we recommend KRAKEN. Registration there is rather simple and money transfers are very easy. Although in the past Kraken.com has faced system outages, it seems to be currently a very stable and safe option. To improve the safety of users, some governments have decided to regulate businesses dealing with cryptocurrencies. The registration process and all operating aspects of these exchanges now have strict rules in order to operate in these countries.
When is an attack more probable?
If we look at the number of attacks to crypto markets through time, we can see that most occurred in 2014 (nine attacks) and 2018 (eight attacks). In addition to the increased activity of hackers, these two periods have an important common characteristic. At the turn of 2013/2014, the price of the BTC rose from approximately $100 to more than $1,000. At the end of 2017, it went from $4,000 (end of September) to its all-time-high attacking limit of $20,000. It is, therefore, more than evident that the increased interest in attacking stock exchanges occurs especially at times when the price of BTC is showing the largest growths.
What can you do to avoid being a victim?
The most important thing to consider in order to protect your crypto assets is safe storage. There are two main types of wallet where you can store your currencies: hot and cold wallets. Their main difference is the fact that cold wallets store your keys offline while hot wallets do it online. If you keep your assets in a cold wallet for as long as you can, the security of your money will greatly increase. Only transfer funds to hot wallets when you are ready to make a transaction with them.
Learn more about the cryptocurrency markets here.
