KuCoin is a prominent cryptocurrency exchange that allows users to buy, sell, and trade digital assets. The platform also enables margin, futures, and peer-to-peer (P2P) trading in addition to conventional trading choices. Users can also earn incentives by staking or lending their cryptocurrency market. KuCoin has cheap trading fees compared to some of its competitors, making it an appealing alternative.
Following a price peak in late 2017 and a subsequent decline in popularity, cryptocurrencies such as Bitcoin have seen another big climb in 2019 and 2020, surpassing previous all-time highs. As a result, the number of publicized hacking instances has also increased. Because many investors are new to the system and may not know how to keep their investments safe, hackers are devising new ways to steal money. Some of the most visible thefts have occurred in plain sight: some hacks have even publicly redirected tokens headed from one wallet to another. The victims watch helplessly as their tickets are taken from them with no recourse.
“Hot” wallets are another term for online wallets. Hot wallets are digital wallets that operate on internet-connected devices like computers, smartphones, and tablets. Because these wallets generate the private keys to your money on these internet-connected devices, this can pose a risk. While a hot wallet can be highly convenient in terms of allowing you to instantly access and deal with your funds, it also lacks security.
This may seem unlikely, but users who do not use adequate security when using these hot wallets risk having their assets stolen. This is a common phenomenon that can occur in a variety of ways.
Cold wallets are the following type of wallet and the safest storage choice. A cold wallet is just a wallet that is not linked to the internet and hence has a much lower risk of getting hacked. Offline wallets and hardware wallets are terms used to describe these wallets.
These wallets hold a user’s address and private key on a device that isn’t connected to the internet. They usually come with software running in the background so the user can see their portfolio without risking their private key.
Other Security Measures
Early and often, back up your entire bitcoin wallet. A history of regular backups may be the sole option to restore the currency in the digital wallet in the event of a computer failure. Ensure that all wallet.dat files are backed up and that the backup is stored in various secure locations (like on a USB, on the hard drive, and CDs). Set a strong password on the backup as well.
Updates to Software
Maintain the most recent version of your program. Hackers may target a wallet that isn’t running the latest bitcoin software. The most current version of wallet software will have a superior security system, ensuring that your bitcoins are safe.
KuCoin is a cryptocurrency exchange based in Seychelles founded in 2017. It has evolved into one of the largest global exchanges by crypto trading volume, with over 10 million members and a presence in more than 200 countries since its inception.