Blockchain security is largely user-friendly

On November 8, the second debate on blockchain technology took place and the main topic was security assurance. There are few cases where people have lost considerable amounts in the crypto area, the causes being multiple. However, these incidents can be reduced to a single main cause: lack of information.

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1 How does a crypto exchange protect my coins?

1.1 Related posts:

Blockchain technology creates new goods and services on the market, using technology that works according to new rules. It is important to know these rules to safely benefit from the benefits of this innovation.

Currently, most of the crypto transactions are done on centralized exchange platforms. In other words, until the time that the crypto coins reach your digital wallet over which you have full control, they go through a centralized solution. These solutions must also have high security solutions for you and your end user to use with confidence.

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How does a crypto exchange protect my coins?

Although the base and trading platforms have the digital wallets we all know in the crypto world, their security policies are much better developed than those of a regular user.

For example, there is a balance between hot and cold funds so that they can provide high security and fast withdrawals.

Passwords are always complex, and multiple authentication methods are used as often as possible.

Moreover, exchanges must ensure the confidentiality of user data. Beyond the GDRP regulations, incidents like the one at BitMEX dramatically lower users’ confidence in that platform.

vTrader and LDV Bank are two Romanian exchange platforms providing fiat-to-crypto and crypto-to-crypto services. Their founders explained to us in detail what solutions they use to ensure high quality of the services offered in terms of security. I invite you to follow the materials below to see in detail these security solutions.

Part I