Only 1/3 of PancakeSwap Users Admit to Using Hard Wallet

By
Dardania Havolli
on
October 12, 2021
Category:
BSC News

Safekeeping Crypto Assets

We should consider whether this is an overall crypto trend or whether PancakeSwap users simply are less inclined to comprehensively safe store assets. 

In what appears to indicate how tightly PancakeSwap users are holding onto the coins, 31.4% of users are using a hard wallet, according to a sizeable poll carried out on Twitter. If you use the largest decentralized exchange (DEX) on Binance Smart Chain, we could probably bet that you probably aren’t using a hard wallet.

“Looks like only about 1/3 of you guys are using hardware wallets.” The team confirmed in a follow-up tweet, “Follow up question: why? If you’ve got any significant amount of crypto, consider moving some or all to cold storage (hardware) for your own safety.” 

In what appears to be a worrying stat, it seems as though many crypto users are not too concerned about the security of their assets. 

Source

Some will argue that a soft wallet is more than capable of doing the necessary task, while others go one step further in keeping their assets on an exchange. 

It is difficult to side with anything other than the utmost stringent safety measures when you consider the alternative is losing your entire investment. 

With exploits having become fairly common and mishaps relating to misplaced passwords also a fairly frequent occurrence, PancakeSwap may have a very good point in reminding their 1 million Twitter followers to exercise all necessary safety measures. 

For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

About PancakeSwap 

PancakeSwap is a DEX built on BSC. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others. 

In addition, the protocol helps users make the most out of their crypto assets by trading, earning through yield farming, and winning via lottery, prediction, and NFT collectibles. With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BSC. 

Where to find PancakeSwap:

Website | Twitter | Medium | GitHub

Tags:
Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives. He holds bags mostly in BNB, SOL and IOTX.

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.