Utilizing HiveEngine Wallet To Store Other Altcoins Outside The Hive Blockchain

Another reminder to have your crypto assets outside a centralised exchange. 2022 is an unforgettable year where CeFi finally proved the “Not Your Keys, Not Your Coins” concept. This year, we saw a lot of big companies crumble, either because of a hack or the bear market. Then the Luna crash saga also exposed some of these crypto companies as they couldn’t help but tell the truth after their investments had gone downhill due to Luna crash.

Thanks to Sam Bankman-Fried who publicly said that a lot of crypto exchanges are secretly insolvent, indirectly exposing these companies, of course it wouldn’t be right to out them publicly, but if anyone is to truly know which companies are insolvent, I believe he is in the best position to know. As we have seen him bail out couple of crypto companies which I have lost count keeping up with. This year has taught me that it’s possible to lose it all in crypto especially when you have your assets in a centralised exchanges.

Binance and FTX seem to be the safest centralised crypto exchange currently but still, don’t forget “Not Your Keys, Not Your Coins”. The Hive platform and Hive wallets can be used as a safe space to store your assets because its decentralised. Aside Hive, HBD and Hiveengine tokens, you can store your assets but you will need to protect your keys. This is because, while the Hive wallet is decentralised and can not be accessed by any third party, don’t forget it’s a hot wallet and can be hacked. But still, storing it there gives you more control of your assets compared to other centralised exchanges.

A lot of Hive users don’t know this, but you can store your altcoins in your Hive engine wallet. It’s pretty easy, you can do this by going to the HiveEngine platform and log in. Here you can deposit or withdraw your altcoins outside the Hive blockchain. Go to tokens, and you will see all the available tokens you can store in your wallet. But when you want to deposit a token outside the Hive blockchain, click on deposit, just like the image below.

Here you can find all the possible coins and tokens outside the hive blockchain that you can deposit.

click on any one of the tokens you will like to deposit on, then follow the instructions.

After depositing you can now store and protect your keys. happy storing.

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