Types of online and offline cryptocurrency wallets

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Types of cryptocurrency wallets and ways to protect them 18 Jan. 2018 11:22 , advantages of remote storage, ways to protect cryptocurrency wallets Cryptocurrency exchanges are vulnerable to frequent cyberattacks and DDOS attacks and cannot provide a 100% guarantee that funds will be safe. An alternative to exchange houses are wallets, even if they make the execution of more complicated transactions, they ensure higher protection than exchange houses can provide. Our overview will introduce you to the advantages and disadvantages of online wallets, types of offline wallets, and their simplest examples. Additionally, you'll learn a couple of ways to protect your private wallet keys from a potential cyberattack.

LiteFinance: Types of cryptocurrency wallets and ways to protect them |  Litefinance How to choose and protect a cryptocurrency wallet In July 2017, one of the world's largest cryptocurrency exchanges BTC-e suddenly became  Peru Mobile Number List inaccessible. Trading volumes at the exchange on the last day before the outage were around US$56.7 million. The official reason for the suspension of the house's work was the accusation by the FBI against Alexander Vinnik for money laundering, using cryptocurrencies. The house accounts were arrested and the servers confiscated. Approximately 1 million customer accounts were compromised and it was very difficult to recover money from those accounts. The management of the house had been examining refunds of the money for more than a month and a half.



Just after BTC-e, another large exchange, Poloniex, amended its agreement by adding a separate provision that said the exchange could not be held responsible for money lost by a trader (stolen or otherwise lost). ) and did not guarantee security on the platform. In other words, the representatives of the house preferred to avoid responsibility and did not exclude problems with theft (cyber attacks). This new point of the agreement gave investors a reason to assume that the house itself could take the opportunity to use prohibited methods and obtain accounts under the guise of the fact of a robbery. It is not surprising that investor confidence towards uncontrolled and unregulated exchanges was undermined. Electronic wallets are an alternative cryptocurrency storage for accounts.