Hi hivers, this is Faiz, and if you are looking for the information regarding "Crypto Exchange Hacks vs Bank Data Breaches," then you have landed on the right place. This is the digital age, and money moves between the applications, networks, and different platforms. Here I am talking about two threats that are bank data breaches that we often see, and cryptocurrency exchanges' hacks, and FTX was an unforgettable disaster for the crypto users because that was the worst ever crypto crash. Here, I am not comparing crypto vs traditional finance, but they all come in finance, which is why I am talking about them together. There are weaknesses in centralized crypto exchanges and digital banking.
As I said, with the bank, you may have the benefit of direct theft, but there is one thing, and that is data breaches. Hacker targets the personal and sensitive information like social security details, passwords, account numbers, and names. The customer can recover the money because of the protection provided by the bank, but this is not going to happen always. And also, that trauma will be with you in your life. So in the bank, we can have this benefit because banks are centralized.
Due to the traditional finance nature, users are now accustomed to making mistakes, while crypto does not accept that and forces people to take their responsibility because of that decentralized nature, and I don't think it is wrong, and it takes time to fully get used to it. Otehr hand, banks provide security, but at what cost? They have your personal info, and there's no transparency no control.
So, in this debate of crypto exchange hacks vs bank data breaches. Obviously, we have to choose crypto even with the crypto exchanges' hacks because decentralization is made for the well-being of humanity. I am a crypto user and I know what crypto really is with the technology that it has, but other people are not aware of that. Good to see that awareness is spreading in the world and adoption is going on. Share your important opinion below in the comment and do not forget to show your support by sharing and following me because your support is most important for me. Enjoy the weekend and now I am signing off.
Crypto exchanges and especially centralized crypto exchanges are risky, and all crypto exchanges work like a bank in the cryptocurrency economy. There is one thing that we always talk about: once you lose your asset while doing wrong transactions, you will not get it back because cryptotransactions are irreversible, and it is like an arrow being released from a quiver. That's the reason, whenever you make a transaction in crypto, always double-check. Decentralization is most beneficial, but this outcome is also because of the decentralization, and we have to learn to live with it. In traditional finance, funds can be recovered, and even insurance is available there. But crypto has a decentralized nature, and now you can understand my point. Now i i am signing off. enjoy.
MESSAGE ME ON telegram(@faiz19711)
Posted Using INLEO
As much as I hate banks on terms of security they are sure better than exchanges, most of them it's about security, exchanges just take it easier
Yes, especially the centralized exchanges.
Let's say that in this comparison they still have to improve, as hackers look for alternatives to commit their scams both in cryptocurrencies and in traditional banking, they must be well prepared to protect their clients
yes you are right and i am agree with you