FCoin Exchange is down! ? How to ensure the security of digital assets? - DotWallet

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FCoin Exchange is down! ? How to ensure the security of digital assets?
2020.02.14

 

 

The beginning of 2020 is really bad. The epidemic situation of the new coronavirus is refreshing the previous day's record. Turkey's magnitude 6.8 earthquake. Afghanistan's flight crashes...

 

 

If the previous two days were still fortunate that this wave of chaos did not reach the currency circle, then this damn "black swan" went around and landed on the coin circle.

 

 

 

 

FCoin is down! Is mail withdrawal reliable?

 

 

On the evening of February 12, the digital currency exchange FCoin issued an announcement on the latest progress of system maintenance and the opening of withdrawal applications.

 

 

The announcement rejected the hacked Fcoin previously reported online, saying that due to the loss of key personnel and severe damage to some systems and data, it could not be restored in a timely manner as planned. FCoin stated that in order to meet the needs of some users who urgently need to withdraw, in the case that the system cannot be restored temporarily, it will open the operation of applying for withdrawal by mail.

 

 

 

 

Whether it is hacking or deleting the library, this is the same for ordinary users. The user is most concerned about how to ensure the security of their assets? In this regard, FCoin proposed to apply for withdrawal by mail, but is it feasible to withdraw coins by mail? Is it safe?

 

 

We usually set up KYC, secondary verification and other mechanisms to ensure account security, but now you can withdraw money only through the mailbox, which means that these mechanisms are all useless. If the mailbox is hacked, can others easily withdraw my coins?

 

 

In addition to being concerned about security issues, when is the audit time for withdrawals? How long does it take to arrive? FCoin has not given a clear answer to these questions.

 

 

 

 

How can I fully control my digital assets?

 

 

We have repeatedly emphasized that digital assets should not be stored in centralized exchanges, but must be kept in unmanaged wallets!

 

In centralized exchanges and escrow-type wallets, the user's assets are actually controlled by the platform, not their own. The platform can freeze the user's assets for various reasons. But unmanaged wallets are completely different. It gives users 100% control over their assets and provides almost no server-side solutions. The private key is stored encrypted on the user's device and is not transmitted out of the device.

 

 

It is strongly recommended that when you want to store digital assets, you can choose an unmanaged wallet and remember the private keys firmly, write them carefully on paper, and store them in a safe place. The private key is more important than the wallet password, because the private key is equivalent to the highest authority. Having a private key is equivalent to owning all assets in the corresponding address of the private key.

 

 

 

 

DotWallet

 

 

A lightweight unmanaged wallet developed based on BSV, users can log in directly through WeChat and Facebook accounts, and use the functions of storing, sending and receiving digital currencies. Adopt BSV's Tokenized technology to support BTC / BSV; Featured red envelopes and transfers can be used in any application that can open the website; it has small flash payment and automatic debit functions, and supports one-key export of private keys. It is a secure, Stable and convenient blockchain wallet.

 

 

In addition, we also launched the RBI wallet open platform service to provide developers with seamless RBI wallet technology services, such as three-party account one-click login, simple KYC verification, so that digital assets such as BSV can be quickly sent and received in a timely manner. Payment capabilities such as account receipt are a shortcut for developers to improve service efficiency and reduce operating costs.

 

 


 

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