How secure is Cryptocurrency

[Phronesis]

Cryptocurrencies are usually built using blockchain technology. Blockchain describes the way transactions are recorded into "blocks" and time stamped. It's a fairly complex, technical process, but the result is a digital ledger of cryptocurrency transactions that's hard for hackers to tamper with.

In addition, transactions require a two-factor authentication process. For instance, you might be asked to enter a username and password to start a transaction. Then, you might have to enter an authentication code that's sent via text to your personal cell phone.

While securities are in place, that doesn't mean cryptocurrencies are un-hackable. In fact, several high-dollar hacks have cost cryptocurrency startups heavily. Hackers hit Coincheck to the tune of $534 million and BitGrail for $195 million in 2018. That made them two of the biggest cryptocurrency hacks of 2018, according to Investopedia.

Tips to Invest in Cryptocurrency Safely
Investments are always risky, but some experts say cryptocurrency is one of the riskier investment choices out there, according to Consumer Reports. However, digital currencies are also some of the hottest commodities. Earlier this year, CNBC forecasted that the cryptocurrency market is expected to reach a value of $1 trillion by the end of 2018. If you're planning to invest in cryptocurrencies, these tips can help you make educated choices.

 

[BrandonHarris]

Why do you repeat yourself?

 

[Phronesis]

I don't repeat myself. I share my ideas that pops up in my head In tow places, as you can see I don't use the same words. I can see you're new, that's why you give replies like this, Go and read the rules and know these your replies won't give you anything.
Make meaningful replies that are worth thinking about, except you're not here to earn

 

[sincerem]

I don't repeat myself. I share my ideas that pops up in my head In tow places, as you can see I don't use the same words. I can see you're new, that's why you give replies like this, Go and read the rules and know these your replies won't give you anything.
Make meaningful replies that are worth thinking about, except you're not here to earn

Lol, I didn't see any repetition in your threads posted here. You're trying to be positive with your posts here. By the way, just as you mentioned, Cryptocurrency is secured with the way it was built around blockchain. But no matter how it was created to be decentralized, hot of cyber criminals still bypass this security processes and still peoples hard earned coins. All you got to ask yourself, how did that happened, and how can such fraudulent activities be stopped?? Same questions were raised when titanic ship crashed on the ice berg. Their is nothing impossible to break in, no matter the security input. Not that I'm supporting such attacks cyber criminals do, that's ridiculous, I must say. But they got insiders who leaked such information to them, as long as this insiders exist, fraudulent activities will still exist in the world of Cryptocurrency.

 

[Phronesis]

Thanks so much, I guess he just saw the topics and felt it was same. Most people don't take their time to read through, that's why they hardly comment. But I wish they can just go through it, even without commenting, so that they can have an idea of what it's about and not be misled my the wrong folks.
Back to your conversation, in every cyber crime, I agree with you that there must have been an insider to leak information that are meant for the company alone. Due to all the American movies I've been opportune to watch, I've not seen any that just happened on its own accord.
As long as fraudulent activities and corruption exist, it would still be shown in every part of life.

 

[Josemendez]

Your question is quite a good one ,and you have indeed pointed out important facts here.

With regards to safety of cryptocurrency , I have these to say ;

Many cryptocurrency companies especially the exchange sites are the ones responsible for being hacked. This is because ,their failure towards updating their security system gives hackers who always update their hacking system opportunity to hack the wallet.

Individuals on their own fail in their role towards securing their wallet by exposing their private keys to a third party, downloading wallet updates which is not from the wallet developers.

Outside these mentioned situations , cryptocurrency is very safe and secure