Hello, I am a COSMOS investor. Since I rarely participate in on-chain transactions and have no time to research, it is very complicated. I put about 100,000 ATOMs on the Binance exchange! Recently I heard that ATOM may be forked. I don’t know much about this. Will my ATOM be affected? ? ? I don’t seem to be very willing to operate a large amount of ATOM on the chain, because I can’t ensure whether my operation is safe!
Question: If there is a fork, what impact will it have on me?
You’re fine. You will probably just miss out on any of the forked chains token if it even happens. Business as usual. You should also consider doing some research and moving on chain maybe split the stake into a few hardware wallets. You would be making considerably more in staking rewards and can help decentralize the network further by staking to a few validators outside the top 10.
Navigating the Cosmos Ecosystem indeed involves certain complexities, and we understand that some investors may find it a bit overwhelming. While the real experience occurs on-chain, making a smooth transition might seem challenging, especially with limited time for learning.
To better facilitate this transition, it is recommended to carefully choose a staking service provider. In Cosmos, this involves selecting a Validator, which is an intermediary providing staking services. Most Validators perform relatively similarly in their validation role, but some may offer additional advanced services.
At PRO Delegators, we specialize in providing the type of services that could meet your needs. Our team consists not only of technical operators but also includes a professional financial manager with 13 years of experience in trading and expertise in Cosmos investment strategies. We offer advisory and technical support for our delegators (individuals who choose us as staking operators).
If you decide to explore staking directly in the Cosmos network without relying on a centralized exchange, we would be more than happy to assist you in entering the Cosmos ecosystem the right way. Feel free to reach out to us directly at firstname.lastname@example.org.
Govmos (the governance arm of the PRO Delegators Validator)
If you stake on Binance it is very likely you will not get the forked coins. Also centralized exchanges offer really bad conditions, so you get less APY than if you just do it yourself. It is easy to stake safely if you buy like 3 Ledgers and put them in different locations, so even in case of fire, your wallet does not burn down
Staking with the Ledger is not hard and with your amount of wealth, I’d absolutely recommend it. I have a friend and he kept saying “Why wouldn’t I have all my bitcoin on Mt.Gox? It is the biggest exchange in the world, what can go wrong? Rather I mess up my keys, than Mt.Gox goes bust!”. Well in 2014 it happened and Mt.Gox was gone and so his Bitcoin. Well not really, now almost 10 years later, we get a fraction of our Bitcoin back
So in essence centralized exchanges are not necessarily safer than doing it yourself (See FTX also for a more recent event). The important thing with doing it yourself is that you have the security in your control. It is as safe as you make it. To quote Warren Buffett: “Diversification is protection against ignorance ,” Buffett said. “It makes little sense if you know what you are doing.” He also said: “A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don’t need to own very many of them.”