According to a survey held on Twitter, the cryptocurrency exchange, which the cryptocurrency community trusts most, was announced.
According to a Twitter poll, most of the cryptocurrency community said they trust Kraken the most to keep their cryptocurrencies safe. A survey conducted by a Twitter user included Kraken, Binance, Coinbase and other exchanges. In the survey, respondents were asked to choose the exchange they consider the safest to keep their cryptocurrencies safe.
Of the 3,576 participants, 31.1% preferred Kraken, 29.6% preferred Binance, and 25.2% preferred Coinbase. The rate that they would choose “Other” was 14.1%.
Stock markets are the focus of attacks
Cryptocurrency exchanges have been subjected to many attacks by hackers since the past, and they still remain. As it is known, the latest Kucoin hacking incident occurred. These have resulted in the loss of millions of dollars of user funds, often unrecoverable. While Coinbase managed to stop the $ 280,000 Bitcoin theft attempt in July this year, Binance suffered a hack in May 2019 in which more than 7000 Bitcoins were lost.
Because of these events, prominent names in the cryptocurrency community have encouraged users to keep their money in their wallets because the moment someone else has your key, your cryptocurrencies are not safe. The words “Not your keys, not your Bitcoin” come from here. Cold wallets, which are mainly offline hardware wallets, have recently become available to help reduce loss of funds and are increasingly recognized as a more popular option, especially for securely storing large amounts of cryptocurrencies.
Why Do Users Prefer Kraken?
The result of this survey is hardly surprising because, although Coinbase is considered one of the safest exchanges in the industry, Kraken is one of the few exchanges that has never been hacked since its inception. This is partly the stock market; It may be because its users store most of their funds offline in cold wallets; this should be an important strategy that other exchanges should adopt to avoid the threat of hackers stealing users’ funds.
Another option is decentralized exchanges (DEX) with no central control. Since there is no surveillance in these exchanges, there is no need to send money to the exchange. As a result, hackers cannot hack such exchanges to steal money, which makes them relatively safe. As CoinGecko’s 3rd quarter report shows, this may be one of the major reasons the DeFi market is growing and becoming more popular.