Save Cryptocurrency From Tricky Thefts

Save Cryptocurrency From Tricky Thefts

Cryptocurrencies are the digital currencies that facilitatepeer to peer transaction without the intervention of third party financial systems. This itself a safe method forthe  transaction. However, certain hacking systems intrude the digital wallet system and exploit it completely.

The Need For Safety

The incident happened in February 2013 showed that Mt.Gox,the largest cryptocurrency exchange platform has lost about $450 million dollars(bitcoin).It was considered as a trusted platform to exchange bitcoins at that time. Bitcoin Superstar is a group of peopleclaiming to release software that trades in the market to gain more profit.However, the recent reviews showed that it is a scam website and involves in a money-losing trading system.Though the technology behind cryptocurrency is strong, The intervention of hackers caused to work on the safety measures to save the cryptocurrency in future.

Some Tricks to Kick Away Thefts

Before getting into the safety measures, one has to know how the cryptocurrency exchange platform or digital wallet works. The usual form of cryptocurrencies is bitcoins. The transactions are saved in the form of blocks.Blocks contain metadata and header representing the transaction and the entities involved in transaction respectively. The latest block is saved and has links to previously updated blocks causing blockchains. One cannot easily find the transaction details, yet the hackers exploit the blockchains if there is an act of carelessness by either one of the entities involved in a transaction.

Some of the measures to save the cryptocurrency are-

One has to beware of the scamemails and messages and one should not share their details with anyone. It is also necessary to have a good firewall system or updated antivirus system for safety. One should not download the software if it is found suspicious. One should not store the cryptocurrencies in the exchange platform. Most of the digital wallets offertwo-factor authentication where knowing the password alone cannot unlock the account, the security extends to another layer which is completely harder for the hackers to crack the two factors

Back To Top