EXCHANGE SECURITY REGARDING DIGITAL ASSET

Hello to everyone in this wonderful community today and on this great platform at large today. I greet you all in good spirit and I want to believe that we all are doing just great today and if so we give God the praise for the sustenance of life and good health.

Here we are again, I want to believe that you all are having a stress-free day at work or wherever you all may be. I want to also believe that everyone of you here is doing well and is without any issue.

Today, I am here among you all once again to discuss about an important topic that is related to the digital currency. Today, I have titled this discussion to be EXCHANGE SECURITY REGARDING DIGITAL ASSET.

This is quite an insightful topic in which I believe will be of benefit to you all especially those who are new to the cryptocurrency world and the blockchain technology at large. In regards to that, I urge you all to sit tight and relax while I begin the discussion for today. I wish you all a happy reading as I begin.

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The cryptocurrency world is so wide that phenomenon it is connected to has a great impact on it. The digital currency definitely has a market place where it is being traded by investors, individuals, traders, as well as cryptocurrency whales.

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The cryptocurrency market in question is not just some physical place where people(traders) meet to buy and sell, but it is a software built application that allows for the exchange of digital currencies from one trader to another, and this phenomenon that we are talking about is known as the Exchange platform.

We recently talked about what EXCHANGES are, so for the purpose of understanding today's teaching, I will have to do a recap regarding that. Exchanges are platforms in which we store, trade, swap our digital assets and we have centralized exchanges and decentralized exchanges.

They are responsible for our digital assets once we have signed up and start using them to do certain cryptocurrency transactions with them. They are responsible for keeping our digital assets safe and intact should anything happens to our assets, the exchanges, especially the centralized exchanges that we make use of will be held responsible.

EXCHANGE SECURITY

Now we are back to the discussion of the day. Just as we all know, exchanges are platforms in which traders launches for the purpose of purchasing and selling off the digital currency. The exchange allows for trading and storing of the digital assets.

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It is expedient that we go for exchanges that is well known to have good service and maximum security. This is what traders and cryptocurrency enthusiasts go for especially when choosing an exchange platform for themselves. The reason why we go for good exchanges is to be sure that our digital asset is safe and secured.

There are exchanges that are out there but without good credit and security, and such exchanges can not assure users that their assets are safe. Those are the kind of exchanges that users are expected to run away from due to lack of security regarding the exchanges. When an exchange is faulty or is without good security system, there is every tendency that one's funds or assets are not secured.

Now for you to know if an exchange possesses a goos security system, there are things you need to check out for and some of these things are, 2FA. An exchange with a two way verification factor is great as they do not only ask for your password but also they send codes to your email so as to verify the authenticity of the person who is trying to access the account.

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You also need to check out for exchanges that has cold storage of funds, and this is the ability for user to store his or her funds to a medium that is not connected to the internet. Another great feature to look out for when choosing a good exchange platform is the encryption protocols. The encryption protocol is concerned with the performance of a security function that aids the application of cryptography approach.

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CONCLUSION

The above listed are few features that are expected to look out for when choosing an exchange platform. It is very important to know the capabilities and capacity of an exchange platform before you start to make use of it.

Be sure that everything you need to know about the exchange you want to make use of, is well intact and make sure that the exchange platform is such that enables the inclusion of a two way verification factor, especially when funds are to be transferred out from the exchange.

Thank you all for having me today. I look forward to seeing you all in good spirit when next I am here. Have a blessed day ahead.