hmmm, i like the way you havereplied.
Some may be from an Insider but it is very possible for a software to also predict seedphrases. Remember the process of getting seedphrases is automatic and generated by a software. (it’s all about coding)
from this I will go for Banks, as you said in crypto you go explain tire
in terms of security i see traditional banks are more secured and flexible as compared to cryptocurrency because there are lot of guidance and support there and things can easily be controlled .But in crypto if u have lost your seed phrase or private key by any mistake you are done . i have seen the swapper bot in my metamask wallet which i even dont know i how it got hacked when i transfer something in my wallet it automatically got transfered to another wallet and their is no way to recover that
This is a really important topic @Prince-Onscolo, you’ve raised a valid concern about the security of cryptocurrency compared to traditional banking, highlighting the increasing threat to security in the crypto space due to hacks and the need for caution when browsing online, mentioning the importance of seedphrases for security in crypto.
Analyzing the situation:
Cryptocurrency security: Cryptocurrency security is heavily reliant on personal responsibility. Users must safeguard their private keys and seedphrases diligently. The decentralized nature of crypto can make it more secure in terms of certain types of attacks, but individual actions are crucial.
Traditional banking security: Traditional banks are subject to stringent regulations and security measures. They provide deposit insurance, fraud protection, and often have multi-layered security systems in place.
My 2 cents:
It’s important to note that security in both cryptocurrency and traditional banking depends on various factors. Cryptocurrency offers the potential for greater security through decentralization but requires users to be vigilant and responsible.
Traditional banking provides a certain level of security through regulatory oversight and insurance, but it may lack the transparency and control that cryptocurrency users have over their assets.
A balanced approach could involve diversifying assets, with some in cryptocurrency for its potential benefits and some in traditional banking for added security.
Ultimately, the level of security in cryptocurrency or traditional banking can vary depending on individual actions, knowledge, and the specific platform or institution being used. It’s essential for users to stay informed, use best practices for security, and consider their risk tolerance when managing their finances.
I think in both banking and crypto environments, lot of hacks are actually social engineering. Your house can be secured with special locks and alarms, if you give the key and the alarm code to a thief those become useless.
Some banks will call you if they see any suspicious activity linked to your account. For crypto a good way is to stake your trx for voting. It gives you a 14 days window to do what you have to do (if hackers don’t think about it first)
Nowhere is safer in this recent times, we have to be security cautious, in traditional banking scammers will get your contact from nowhere, they will tell you your full name, age and everything about you and start telling you that your card got issues that it needs to be fixed then if you are ignorant you fall for for them ,many has been a victim and once these people find your sim card that was used to register an account just forget it You will loose everything within some seconds , you go explain tire
One thing is that we have to be extra careful
This is one of the reasons I stopped doing some kinds of airdrops no matter what am very selective in doing it, not because I don’t need money or more money but because I don’t want to die on the process of making money,… On the process of getting $20 you might lose your 5years sweat in a twinkle of an eye,… when you download a mining apps and think you are mining, they will be busy monitoring your activities
Things are happening both in crypto world and in traditional banking way, we need to watch our backs and minimize our greediness too
I work with banks so I can’t say it is not secured. Before some can hack your bank account, he or she must get certain info from you or be an insider.
Recently the comprised seedphrases, we had a wallet which was installed on a phone with no internet. Which means that victim did not connect his wallet to any phishing site. Most wallets were offline but still got hacked which is somehow difficult to happen unless the board of directors decide to steal from us or scammers call us to get some info from us