The Power of Decentralization
Decentralization is the only way to give protection to you asset and holdings. All centralized exchanges and market places are always at risk of loosing your assets. No any centralized exchanges are safe for holding your expensive coin there rather there is always risk of loss and fraud. As we saw before the situation of FTX exchange where people loss Millions of dollars. In this post I will discuss on "HIVE" wallet which is decentralized and better then cold wallets.
We all know that hive.blog is the blogging website which supports authors who writes different contents. The payouts are paid in Hive coin which is collected in your hive wallet. There are three types of coins where you can hold in hive wallet such as Liquid Hive, Hive Power and Hive backed dollar (HBD).
These are all linked with each other and they are convertible and transferable with each other. You can buy and sell hive coin from the supported exchanges and the same with HBD. HIVE wallet is totally decentralized where your assets are always protected. In only case if you loose your password or you share in social media then there is risk of loss your account and assets. Otherwise, your holdings are quite protected and even better then other cold wallets.
This is really a plus point for the hive people where they can invest in hive and give their asset protection by keeping in wallet. This wallet is protected until you are careful. There is no such this feature with other crypto coins which offers you decentralized platform where you can give protection to your asset. If you are lovers of other coin then you must use any type of cold wallet which gives protection to your asset.
In Hive, users have full control over their keys. We have 5 keys mentioned as Master, Private, Active, Posting and Memo key which all have different workings. But the main password is Master key which has the power to change the other keys.
These are the reasons of your hive wallet to be protected. until these keys are protected your wallet is considered as strong cold wallet but as soon you loss your keys this wallet remains not cold wallet any more. This wallet is the best for all of us to hold hive coin for the long term which is more protected and secure.
Its an advise to all #CRYPTO investors that never ever rely on centralized exchanges to hold large amount of crypto coins. This is is because exchanges are controlled by group of people which can take your money any time. That is why use cold wallet or hive wallet for the protection of your coins.
THANK YOU!