The crime in the world has been increasing day by day. It has reached too far that it has trapped cryptocurrency as well. There are thief and hackers who are targeting the crypto currencies now. There has been a theft of around few billion dollars of cryptocurrency. Does that mean bitcoin is not safe?
The cryptocurrency needs an internet connection for any kind of connection. Thus the digital currency becomes vulnerable to hacking as well as thief. The two things, storage of keys and the transaction and use of keys are the ones which makes it vulnerable. Else, the block chain technology is safe enough.
The keys related to the cryptocurrency wallets give access to the users’ currency. The recent plunder of $60 million digital coins from Japanese is a proof of that. There has been theft from the cryptocurrency exchange platforms as well.
The owners of cryptocurrency are facing a lot of losses due to all these happenings. The cyber criminals are taking a lot of interest in the cryptocurrency market. This signifies the amount of value attached to them.
Also, the 30 digit number which needs to be typed as the address has a high probability of being mis-typed. If this mistake is made then the whole money is lost in a jiffy. Thus, the movement of money brings a lot of risk with it.
Ways to save your cryptocurrency:
- User security which includes educating users about the two-factor authentication and other security methods needs to be taken up
- Other way is to invest in the physical bitcoin wallets which are similar to a hard disc or a pen drive. They have a very personal key and are also password protected.
- There is one more method and that is the online wallet from a credible and secure source. They also possess a private key.
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