Just recently youtube icons in the crypto realm like Trevon James, DJ Naydee, Crypto Nick, and more had their various crypto storage accounts hacked. Trevon, being the most detrimental, lost a total of 111 bitcoin. He handled it pretty well in my opinion. DJ Naydee, video at the bottom, explains how the hack happened. In his terms he calls it an exploit. Calling the people who found the exploit "hackers" in his view gives them too much credit. My main concern though deals with people who aren't tech savvy. Those who don't understand security and terms like multi-factor authentication. Sure there are resources on the internet that people can view and do research on over a short duration of time that could help inform them on how to lock down their accounts. This is not the place to be lazy. This incident should make people more alert and motivate them to learn better security. There is still more that can be done.
Should we spread our crpyto to multiple wallets? There are different types of wallets and I will cover 5 of them. First off, there is the "desktop" wallet. This includes software, like Electrum, Jaxx, etc. , stored on an operating system . Second, there is the"cloud" wallet. This includes Freewallet, Coinbase, Cryptonator and more. Third, there is the "mobile" wallet which still include Coinbase and Crpytonator applications plus more. Fourth, there is the "hardware" wallet , including Trezor and Ledger Nano, which stores your crypto on an external device. Lastly is the "paper" wallet, including printer and paper(or pencil), which prints out your public and private key on paper. There are a few other wallet types, but I'm not too informed about them. For those who own less popular coins you may run into limitations with some wallets excluding Bitcoin, Ethereum, and Litecoin.
NOTE: DON'T LEAVE YOUR CRYPTO ESPECIALLY IN LARGE AMOUNTS ON EXCHANGES!!!
Desktop Wallet:
Pros:
-It's easy just download
-If Coinbase gets hacked you can sleep at night
Cons:
-If a hacker gets access to your computer you're screwed
-If your hard drive gets fried you're screwed (hopefully you have a backup)
Cloud Wallet:
Pros:
-Convenient because you can access it from anywhere
Cons:
-If hackers get your password you're screwed
-If hackers clone your phone you're screwed
Mobile wallet:
Pros:
-Extremely convenient access
Cons:
-Don't lose your phone if you don't have access via desktop
-If your mobile device is compromised you're screwed
Hardware wallet:
Pros:
-Most secure
Cons:
-Don't lose your storage device
Paper wallet:
Pros:
-Easy to store away in a safe place
-No worries about digital threats
Cons:
-Don't spill the coffee (probably just reprint the paper or rewrite)
Link to different wallets from Mobile, to Desktop, to Cloud, and Hardware
https://bitcoin.org/en/wallets/desktop/windows/
