Is bitcoin exchange safe? Do you get hacked while trading bitcoin?

Wondering if bitcoin exchanges are safe or not? If your answer is then read on. If you read crypto news often, you will find that often cryptocurrency exchanges are getting hacked. And this is a pretty good reason to be careful with bitcoin exchanges.

As all your bitcoins can get vanished once it is hacked. And your exchange will not be responsible for this. A pretty scary thing, right?

Well, in this article, I will talk about why bitcoin exchanges get hacked. And how can you protect yourself from being affected by it?

So here we go:

Is bitcoin exchange safe? Do you get hacked while trading bitcoin?

There are two main types of crypto exchanges that are available out there. These ones are the centralized and decentralized exchanges. And most of the exchanges that get hacked are the centralized ones. And let me tell you the reasons behind this.

These exchanges have their own funds, and users fund under their control only. And most of them have even the private key of the users. So in case if you are using them, then you do not have full control over your funds. And whenever a hacker attacks the platform, they get easy access to your funds. And as a result, you end up losing all your cryptocurrency.

Also, when they design the system, they use a combination of hot and cold wallets to keep the funds safe. Hot wallets are the ones that are connected to the internet, so if a hacker finds access to the wallet. It could simply end all the available funds immediately from the hot wallet to an address.

For example, one of the famous exchange, Bithumb, was hacked. Because they have kept $30 M in hot wallets, and now they have to refund their users.

However, dealing with hackers is not that hard part. The bitcoin exchanges should apply proper security measures. This would keep more than 90% of the user’s funds in cold wallets. These wallets are disconnected from the internet. So the hackers will not have access to the funds.

How can you protect your funds from hackers?

If you are a crypto trader who has a long term plan, then it is advisable not to use exchange wallets. As they are not so reliable. And you will have to face a lot of trauma if the exchange gets hacked.

For your own safety, it is recommended that you send all your funds to a wallet. It could be anything online wallet or offline wallet like Ledger. This way, you will be able to protect your bitcoins from the hackers. Also, when you would like to sell your coins, you can simply transfer it back to the exchange and sell it off.

So that was the answer to your “is bitcoin exchange safe? Do you get hacked while trading bitcoin question?” I hope this has cleared all your doubts.

What does ripple exchange rate mean?

Wondering what does ripple exchange rate mean? If yes, then you have come to the right place. There is no doubt that Ripple is one of the top cryptocurrencies available out there. The crypto coin came into the limelight back in 2017, and since then to now its been quite popular.

However, if you are someone who has no idea about Ripple and the exchange rate. Then I am here to help you out. In this article, I am going to give you a complete idea about Ripple. So let’s just head into the topic without wasting much of the time:

What is Ripple?

Before I tell you what is Ripple, the first thing that you should know is that Ripple is both a platform and a cryptocurrency. The ripple platform is an open source protocol that is designed to allow fast and cheap transactions.

And XRP is token used for representing the transfer of value across the ripple network. The main purpose of XRP is to be the mediator for other cryptocurrencies and flat exchanges. Also, Ripple can be useful in many ways.

For example, if you wish to exchange dollars to the euro, it can be dollar with dollars and euro with Euros. This helps in minimizing the commission. As highlighted above, the transaction cost on Ripple is $0.00001.

Also, the interesting fact about Ripple, after the transaction amount of $0.00001 ‘disappears’ from the platform and can’t be replenished. So, with every transaction, the world becomes $0.00001 poorer. It is designed that way to prevent spammer attacks.

Ripple was first created back in 2004 as a working prototype. However, the real story starts in 2013 when Jed McCaleb, the creator of EDonkey network, invited a bunch of world rank investors to invest in Ripple Labs.

Also, Just like Bitcoin, Ripple was never intended to be a simple payment option. And it is believed that Ripple is going to rule all the international transactions worldwide. The Ripple platform also has its own currency, which is known as the XRP. However, the platform also allows others to use their platform to create their own currency via the RippleNet.

And talking about RippleNet, well, it is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally.

What does ripple exchange rate mean?

In simple words, the Ripple exchange rate means that the value of each XRP or the Ripple currency. If you want to buy or sell the currency, you would need to pay a certain amount of money to own it. And this is what referred to as the Ripple exchange rate.

Final Words:

 So that was all for your question that says what does Ripple exchange rate mean. I hope this has cleared all your doubts. Also, if there is anything you would like to ask me, then do feel free to comment below, and I will surely help you out with your query.

Does ethereum has great potential in future?

There is no doubt that Ethereum is one of the leading cryptocurrencies available out there. It is the second only coin after bitcoin, which has a huge market cap and popularity. The crypto coin went live back in July 2015, and till now, the cryptocurrency is continuing to grow in multiple ways. And according to traders, the coin is going to break out sooner than ever.

The unique selling point of Ethereum is that it was the first and only general-purpose blockchain on the planet. And that has remained the case until recently, but now it faces stiff competition, resulting in those in the crypto scene questioning where Ethereum’s future lies, and what’s to come in the next five years. And whether this crypto coin will keep being as popular as it is today.

There have always been high hopes about cryptocurrency, which is reflected in what everyone sees as achievable goals and real potential.  As well as the good part is that the community is backed by a huge number of developers and grow the platform further. So more and more users can start using it. And all the scaling up part is going to take place in the next few years. And it is believed that the Ethereum 2.0 will allow the currency to flourish more than ever while also embracing a more significant user base.

However, as you already know, like money or currency, there is quite a lot of work required to fulfill its true potential. And this is the reason why it will be a pretty challenging task to get everything out of Ethereum.

Also, it will be a crucial area to focus on Ethereum over the next few years. And the goal would be to make it as a digital currency and not run it as the mill utility coin. And through all these processes, we can defiantly get to see a less difference between Bitcoin and Ethereum.

However, for many, it is the progress in the last couple of years, which has the most significant impact that made Ethereum one of the top leaders in the crypto world. Even the investors believe that Ethereum has come a long way recently, with improvements made to aide developers to build. However, the coin is mostly recognized as a work in progress coin. But experts believe that the improvements are sooner to come on this platform.

Final Words:

Maybe ETH needs a lot of development. However, if you currently look at the usages of ETH, well, it is growing rapidly. And there is no doubt about it. There are quite a lot of crypto startups using ETH. And the numbers are going to grow more in the future. So yes, Ethereum does have a huge potential in the future.

So I hope this has answered your Does ethereum has great potential in future question. Also, if you have any more questions to ask. Then do feel free to comment below.

Which is the best cryptocurrency exchange to invest your money?

Wondering which is the best cryptocurrency exchange to invest your money? If your answer is yes, then I am here to help you out. There is no doubt that it is extremely important that you use a reliable cryptocurrency exchange platform.

But as the market has a lot of options to offer. Hence, choosing the best one among them can be a really difficult task. However, not to worry as in this article, I am going to answer your which is the best cryptocurrency exchange to invest your money question. So let’s just head into the topic without wasting much of the time:

Which is the best cryptocurrency exchange to invest your money?

Coinbase

First of all, I have the Coinbase, and it is one of the best exchange websites that you can use. The website is based out of San Francisco, California.

And Coinbase is considered by many to be the most beginner-friendly exchange. Thanks to their simple yet beautiful user interface. So you can easily get started with the website. Coinbase basically works as a brokerage. It means that instead of buying bitcoin or other cryptocurrencies from others, you directly buy it from Coinbase.

Also, coinbase charges 1.49% fees on bank purchases and 3.99% fees on credit and debit card purchases. And let me tell you the fact that they have the lower fees out of all the crypto exchange platforms.

So overall, if you are a beginner to cryptocurrency and you like low fees. Then you should definitely consider using Coinbase. Also, the Coinbase is only available in selected countries like United States, Europe, Singapore, Australia, and a few others. 

Bitpanda

Next, I have Bitpanda. There are quite a lot of people out there who call it the Europe version of Coinbase. And this one also works as a brokerage that sells you Bitcoin, trading Ethereum future, Ripple, and many other cryptocurrencies for US Dollars, Euros, Brtish Pounds, and so on.

Just like the Coinbase, Bitpanda also has a very simple user interface. Hence, it becomes an easy task for us to purchase cryptocurrency. Also, the website has several payment methods such as bank transfers, credit cards, debit cards, skrill, and so on. Plus, each of the options comes with a different deposit charge.

Overall, Bitpanda supports a variety of payment methods. Also, the platform lets you purchase a wide range of altcoins. And most importantly, if your country is not supported by Coinbase. Then you can try this one out.

Kraken

Next, you can check out Kraken. This one is also one of the popular United States based exchange which is in operation since 2011. In terms of trading fees, Karken is very fair and scale based on your 30-day trading volume. If you’re a maker, they range from .16% all the way t0 0%. Taker fees on Kraken range from .26%-.1%.

Also, for depositing your money, Kraken allows you to deposit in USD, EUR and CAD. Also, if you already own cryptocurrency, then you can transfer it on the website. One of the unqiue features that Karken has is that it allows for margin trading with up to 5x leverage. When margin trading on Kraken, eligible accounts can borrow up to $500,000 to go long or short on a cryptocurrency.

Overall, it is a pretty great option if you want to trade cryptocurrent on fiat and crypto pairs. Along with that you will be able to enjoy low fees. As well as it allows you to trade it a wide range of cryptocurrencies. Plus it supports a huge number of countries too.

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