Since the inception of Bitcoin and the cryptocurrency industry, there have been approximately 47 exchanges hacked, with approximately $2.1 billion in stolen money from exchange users.
Unfortunately, since Bitcoin and most cryptocurrencies are pseudonymous, hackers can potentially get away with hacking these exchanges, running away with huge amounts of money from the exchanges’ users with them.
The only way to combat this issue is to use reputable non-custodial wallets and to learn how to protect yourself from hackers and scammers.
Non-custodial wallets are wallets whereas your wallet’s recovery seed isn’t stored on any company’s servers. Instead, the recovery seed is only stored safely and encrypted locally on your device.
Hence, with a non-custodial wallet:
If you’re totally new to Bitcoin, here’s a guide using BlueWallet: Creating Your First Bitcoin Wallet
Out of the bunch, hardware wallets provide the best security.
Though the security of your phone compared to your computer completely depends on their operating systems and how you use them, smartphones tend to mostly be more secure than computers.
When having a wallet on your phone or computer, make sure to prevent from downloading unnecessary files, and installing unnecessary programs.
“There are only two types of companies: those that have been hacked, and those that will be.” – Robert Mueller, Former FBI Director