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Why storing your crypto in a distributed wallet is safer than an exchange

Why storing your crypto in a distributed wallet is safer than an exchange

17 Mar 2022Charlie Stringer

If you're like most people, you probably store your crypto on an exchange. This is convenient, but it's also very risky. Crypto exchanges are a favorite target of hackers. If your crypto is stored on an exchange, you may lose everything. Distributed wallets are much more secure than exchanges and they provide peace of mind knowing that your crypto is safe from an exchange hack.

“Don't put all of your eggs in one basket”. That's the saying, right? 

The same applies to your crypto. You shouldn't store all of your crypto on an exchange. It's too risky. If there is an exchange hack, you could lose everything. And exchanges are hacked all the time. In fact, it seems like there's a new hack every week.

Even Coinbase, the world's largest crypto exchange, has been hacked. In May 2021, hackers stole cryptocurrency from at least 6000 Coinbase customers. The exchange hack occurred because of a flaw in Coinbase's two-factor authentication system.

Coinbase CEO, Brian Armstrong, is open about his support for wallets with high security, saying that these and Coinbase should live harmoniously. No matter how well an exchange manages the security of its users' wallets, hackers always find a way to break through. 

If you're serious about crypto, you need to store your coins in a safe and secure place. An exchange is not a safe place. 

This is because crypto exchanges are high risk! Exchanges should be used for convenience and trading, but a crypto wallet ensures your crypto never gets stolen in an exchange hack. So, next time you're considering storing your crypto on an exchange, think again. It's not worth the risk. Do yourself a favor and do not rely on them.

When it comes to crypto, there's no such thing as being too careful. So make sure you keep your coins in a safe and secure place!

So what's the alternative? A distributed wallet. 

Distributed wallets are much more secure than exchanges because they're not centralized. Without a central authority, the security falls onto you, but this doesn't have to be complicated. A distributed wallet like Gridlock is designed to be easy, but extremely secure. There's no single point of failure for hackers to target because the crypto in your wallet is held in multiple places.

With Gridlock, your crypto is yours. You're in control. 

No one can hack your wallet and steal your crypto because there's no central authority for hackers to target. So if you're looking for a secure way to store your crypto, look no further than a distributed wallet like Gridlock. Your crypto will thank you.

Gridlock is a distributed wallet that makes it easy to store and manage your crypto. With Gridlock, you can sleep soundly knowing that your crypto is safe from exchange hacks. So, don't wait until it's too late. Get a Gridlock wallet today!

Download Gridlock here and join our community on Discord