You can purchase Bitcoin at the crypto asset exchange MEXC, but it is an exchange that takes security very seriously. This exchange has an anti-phishing code, two-factor authentication system, and even cold wallets to manage your assets, making it one of the safest exchanges. I am writing an article about safety in conjunction with past virtual currency hacking incidents.
Difference between hot wallet and cold wallet
Do you know the difference between hot wallet and cold wallet services? Virtual currency is stored in software as data, and security measures are taken by setting two-factor authentication and passwords to ensure safe storage. The virtual currency wallet you use at that time is like a wallet. There are hot wallets and cold wallets as ways to manage this. Simply put, a wallet that is connected to the internet is a hot wallet, and one that is not connected is a cold wallet. Introducing the difference in information.
What is a hot wallet?
A hot wallet is a wallet that manages virtual currency on the internet. Because it is always connected to the Internet, you can easily trade virtual currencies at any time, and many people who want to use and manage important virtual currencies in real time, such as through exchanges, payment, and remittance apps, I choose and use a hot wallet with support.
merit
As mentioned above, hot wallets are wallets that are managed online, so the bonus is that they are likely to be very fast. This management method is suitable for people who frequently access the market for purchases, sales, and remittances. You can start right away without any problems, and the changes are reflected quickly so you can check them.
Demerit
As mentioned earlier, hot wallets are wallets that are managed directly online, so the disadvantage is that there is always a risk of unauthorized access such as hacking or virus infection. In the long run, you may not be able to protect your assets and may lose them. Consider whether to use it carefully.
What is Cold Wallet?
A cold wallet is a wallet that stores virtual currency offline, in an environment that is generally not connected to the internet. Because it is not connected to the Internet, the risk of hacking is low, and it is said to be the most secure environment among virtual currency storage methods, allowing you to store your assets with peace of mind. However, depending on the situation, you may be able to respond and operate relatively quickly. I can’t.
merit
It has the advantage of protecting you from the disadvantages of hot wallets. It can be protected as it is not easily hacked. It is said to be the most secure environment among these storage methods for virtual currency and is suitable. The latest information shows that it is a trend in the industry, and a wide range of exchanges have chosen and implemented it.
Demerit
Since cold wallet systems are basically not connected to the internet, the risk is that procedures and transaction speeds are clearly slower than with hot wallets. There are many users who are completely stressed out about trading, so please consider this when choosing.
Virtual currency hacking incident
There have been many major hacking incidents in cryptocurrencies in the past. What can be said in common is that hot wallets are easy to target.
Coincheck
Coincheck lost almost all of its NEM in 2018. NEM was exploited because it was managed by a hot wallet and its security system was lax. After the incident, Coincheck compensated all holders in Japanese Yen.
Zaif
In 2018, BTC, MONA, and BCH were hacked, and the total damage amounted to 6.7 billion yen. All of them were managed by hot wallets, and the cause was unauthorized access from outside. The damaged virtual currency was compensated in Japanese yen and virtual currency.
Liquid
In 2021, the hot wallet used to manage the entry and exit of Liquid was hacked. BTC, XRP, ETH and more were leaked. The total damage amounted to about 6.9 billion yen, making it a major incident.
MEXC money management
MEXC manages customer assets in a cold wallet that is isolated from the network. Multisig is introduced, requiring signatures from multiple staff members when transferring funds. Since it is a cold wallet, it cannot be said to be absolutely safe, but it can be said that it is an exchange where things like the above hacking incident do not occur easily. In addition, since MEXC has an anti-phishing code and two-step authentication function, it is essential for users to take solid security measures.
MEXC features and recommended functions
MEXC has the following functions: It has the same features as bybit and binance. It is very popular among overseas exchanges and has thorough security settings, so you can trade with confidence once you log in. There are many listed projects, and airdrop events such as futures, liquidity mining, and launch pool campaigns are also popular, making it easy to earn profits and rewards if you participate.
commission
The maker commission rate for perpetual futures trading is 0.000%, and the taker commission rate is 0.010%. The spot transaction fees are 0.2% for Maker fees and 0.2% for Taker fees.
order
Crypto asset orders include limit orders, market orders, and trigger orders. It supports staking, spot trading, and futures trading, and there are various types of currencies that can be invested in, such as BTC, XRP, and USDT. You can easily place your order with just a few clicks.
deposit withdraw
Deposits can also be made by credit card, P2P, virtual currency remittance, or bank transfer. Withdrawals are easy and there are no restrictions as long as KYC is completed.
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