Good day #tronics, recent happenings in crypto have left me with this question. It seems the internet as a whole is a big threat to security.
Day in and day out, we here Company A has been hacked and their main targets are the companies.
As a crypto holder especially if you hold your crypto in self custody wallets, you can’t browse the internet freely. You have to make sure the site you are visiting is genuine.
Recently, we have seen a lot of cases about people seedphrases been compromised and others. And we all know, complexity of seedphrases are our only hopes in terms of security in crypto.
Now my question is, cryptocurrency and traditional banking; which one is more secured
(in terms of getting hacked).
Very good, just like official security press release from our Chief security officer Tron Dao forum.
You recalled the post I made on: security, Scalability and decentralization, it went into debate but security Won.
Minutes in and out if it not news about hacks, scams, rugpull, it will be now COMPROMISED SEEDPHARSES HOW?
This get me to question could some of these hacks comes from INSIDER?.
Me as fellow crypto holder, it now a big worry for me, if most of the hacks are in millions dollars, then how well is my peanut saved??
To your questions, which is safer crypto Vs traditional bank. Maybe a balance of 50:50.
Banks:- if compromised you can have aleast hope of who and where to complain to.
Crypto:- if compromised you will explain tired, to who and whom? None, the project will go missing and you will left with no balance and pains of agony.
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
If so, my Brother and a friend, then we are not safe at all.
I have a little gist.
This software has been in existence for working scamers
Especially TRUST wallet.
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
oh oh this is becoming too much, I know you are a dev. And nothing showed that your swap was compromised so we the normal holders can’t complain of hacks…
This is may be one of the reasons, adoption will take longer
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
Topic like this has a way to get us security conscious.
Thanks to @Prince-Onscolo
Banks will show you shege, with your money in it, you can be place on withdraw limit,
Elon musk working boys can on the hand be playing with your peace of mind at bank card and details
On crypto side,. Me and AIRDROP we are not mate,. I have some of my friends that spend hours following AIRDROP, till the point of telling me I’M MISSING OUT,
In my mind then… I knew nothing.
At the end on the day, while claiming AIRDROP, Their wallet got COMPROMISED.
So since then, I select AIRDROP to deal with,. I better work for the funds than other way round.
Free Mining apps and site has been deathly attack to most in this crypto space.
So in my candid conclusion,
Both crypto and bank are not safe, deal with caution,
Reduce your exposure risk,.
Separate your Testing, airdrop wallet from your life saving wallet,.
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
apps and think you are mining, they will be busy monitoring your activities