How Encryption Helps Make Cryptocurrencies More Secure?

[Good-Person]

Encryption is a very important thing when it comes to cryptocurrencies. I do not know much about encryption because i am not a programmer. However, I think that encryption makes blockchains more secure. This is why hackers have not been able to hack the bitcoin network till now albeit certain exchanges have been hacked. So, do you think that encryption could play a huge role to secure bitcoin?

 

[Heatman]

It is very important for you to make use of any kind of encryption and security measures to protect your cryptocurrency assets because once you lose them there is no way for you to recover whatever you have lost. I make use of Two Factor Authentication in all my cryptocurrency wallet. It's a good security guard.

 

[Riberet19]

I am not an expert in encryption by any means, but the encryption algorithms used by cryptocurrencies make them quite secure, for example, sha-256 used by currencies such as Bitcoin and Litecoin, among others, produce hashes that, as far as I understand, while more hashes. the safer the network is to not receive attacks, sha-512 is even more secure and I don't know if any blockchain uses said encryption algorithm.

 

[Heatman]

I am not an expert in encryption by any means, but the encryption algorithms used by cryptocurrencies make them quite secure, for example, sha-256 used by currencies such as Bitcoin and Litecoin, among others, produce hashes that, as far as I understand, while more hashes. the safer the network is to not receive attacks, sha-512 is even more secure and I don't know if any blockchain uses said encryption algorithm.

High encryption is very important because I can remember some time ago when the cryptocurrency network of crypto.com was actually attacked and I believe that it was as a result of their encryption not being too strong to allow those who attacked the platform to be able to make a way with their investors assets.

 

[Riberet19]

High encryption is very important because I can remember some time ago when the cryptocurrency network of crypto.com was actually attacked and I believe that it was as a result of their encryption not being too strong to allow those who attacked the platform to be able to make a way with their investors assets.

You are absolutely right, and not only exchanges like Crypto.com but also coinbase was hacked, MT.gox too, and blockchains like Ethereum were also hacked and then a new blockchain was created for the new ethereum and the original ethereum was renamed as Ethereum classic, hacks are common in the crypto world, that's why full security and strong encryption are necessary.

 

[Ja Sa Bong]

You are absolutely right, and not only exchanges like Crypto.com but also coinbase was hacked, MT.gox too, and blockchains like Ethereum were also hacked and then a new blockchain was created for the new ethereum and the original ethereum was renamed as Ethereum classic, hacks are common in the crypto world, that's why full security and strong encryption are necessary.

There are some people who are discouraged from investing in cryptocurrency because of these cases of hack which can be frightening because when you lose your cryptocurrency to hackers, it's gone without any trace. It's good those who lost their assets when Crypto.com was hacked were all reimbursed by the company.