Cybersecurity in Cryptocurrency – Risks To Be Considered

Cybersecurity in Cryptocurrency – Risks To Be Considered


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Blockchain has grown rapidly in recent years, but it is not immune to security attacks. There are still cybersecurity risks to be aware of.

Some cryptocurrencies have already been the victim of ransomware attacks and other security breaches by hackers. ZenCash and Ethereum Classic have both lost millions of dollars due to blockchain security issues.

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Because of the way blockchain works, the data on the chain is potentially viewable by all users. This can lead to both security and privacy issues.

 

Why cryptocurrency is considered a safe haven for hackers

Bitcoin is big business. Although in theory, blockchain technology is very secure, it is estimated that 33% of Bitcoin trading platforms have been hacked.

The problem of security comes from the use of keys and the transactions on the blockchain. A key is a set of letters and numbers that is the unique correspondence for your Bitcoin. It’s safe and secure, but

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