If you are abreast of breaking crypto news, then you must be knowing about Binance, a worldwide decentralized cryptocurrency exchange setting up blockchain technology fund for India about $50 million. This development came after the ban had been pulled off from the cryptocurrency trading by the Supreme Court of India. But apart from this achievement, today we want you to learn safety tips from Binance incidence. Now you will wonder about what kind of tragedy has this crypto exchange has faced, and why there is a need to learn safety tips? But it is true and is being known globally. Well, in short, we would like to tell you that the Binance tragedy which we are going to discuss is about the theft that takes place a week ago.
So after getting a hint about the Binance tragedy, does it raises a question mark on the existence of Binance and digital currencies, or is there any lesson which is provoking us to learn from it? Well, it will be too early to estimate the end of cryptocurrency and exchanges like Binance, but what we can do is to learn some safety measures. So let us proceed.
All About Binance Incidence
If you have skipped knowing about the famous Binance incidence, then let us refresh your memory with a brief summary of the incidence that happened. After knowing this, you will learn safety tips. This will keep you away from any further risks related to investments and cryptocurrencies.
The incidence dates back to the previous year i.e. 2019 when the world’s most renowned crypto exchange Binance faced a security breach that resulted in the theft of bitcoins which were worth $40 million. This hacking activity brought a bigger shock to the crypto industry. It is because Binance has been popularly known to be the reliable and safest crypto exchanges. After hacking the CEO of the Binance came up with a decision to sneak into the matter and know the exact cause of the incident. For that, all trading including deposits and withdrawals were halted. When the investigation had been done, gates of the trading were reopened and the CEO of Binance focused more on repaying of the funds that were lost during hacking, and also to bring necessary changes in safety measures by upgrading it.
In What Way You Can Learn Safety Tips From Binance Incidence
Now let us bring our focus on how to learn safety tips from Binance incidence. Let us take note of it:
It is all known that cryptocurrencies now are considered as a new form of monetary technology. Many crypto lovers believe that cryptocurrencies have a great advantage in terms of safety, investment, and trading. If you too believe like other crypto lovers, then you must also know that all these qualities or features work only if it is followed by specific rules along with caution. As for an example, if you prefer storing your funds then it increases the possibility of safety.
Before you flock on to learn safety tips, it is very important for you to understand that the issue is not from the side of cryptocurrencies, but the crypto platforms that we prefer to store our digital assets. If you compare cryptocurrencies with other markets, then you will know that trading in cryptocurrencies is a new concept where there is an absence of regulations and no safety guidelines for exchanges. This breeds the risk of hacking attacks and data breaching putting a question mark upon the matter of safety for your funds.
So to counter such situations, it is really important to learn safety tips, especially from the Binance hacking incidence. So if you are concerned about your saving your investments and crypto assets, then you will have to be cautious. To begin with the first safety measure, you must avoid having a blind faith upon crypto exchanges. Yes, we are saying this because they really don’t provide that much safety as you expect so. The practice of storing all the funds on trading accounts must be avoided. Rather, there is a better alternative to store cryptocurrencies which is cold storage.
Another way to learn safety tips is the availability of other platforms that provides better safety in contrary to crypto exchanges, which you rely on. We can prove this with an example of Industry forex brokers that offer cryptocurrency imitative. All thanks to harsh industrial regulations, where there is no chance of breaching and hacking. And one final way to learn safety tips is to prefer other markets like bonds, stocks, and forex for trading. Traders must consider them as the best safe options in comparison to cryptocurrencies.
So these are some brief ways to learn safety tips from the hacking incidence of Binance. If you regularly follow crypto news, then you will certainly acknowledge about how even the well-known crypto exchanges like Binance can also become prone to hacking. There is no need to fix your attention on the experience of hacking faced by Binance. This will certainly make people feel insecure about cryptocurrency trading. But you can avoid such a problem if you adhere to the safety points that have been mentioned above. Be responsible enough for the safety of your investments. Be smart in selecting a reliable broker or exchange. If you follow this, then you are safe.