• Please note to have a link in an article you must first request permission from the administrator and pay a fee. You can read more information here.

There may never be complete security with cryptocurrencies

  • Thread starter Thread starter BrolySSJ
  • Start date Start date
BrolySSJ said:
Some people actually hired in order to try and break a security network in order to try and see if there are any vulnerabilities that should be addressed immediately. I think that if they do this for cryptocurrency it could help increase the security.
Click to expand...
yes that is true they may never be complete security in cryptocurrency because it is an electronic coin and most times people can hack in and also deceive others with fake cryptocurrency account.
 
We have had several cases of exchange platforms been hacked sometimes this gives us all the impression that this things are not really safe, they can be hacked by professional hackers who understands this things eve more than the owners. So there crypto systems is highly pregnable
[automerge]1622279970[/automerge]
We have had several cases of exchange platforms been hacked sometimes this gives us all the impression that this things are not really safe, they can be hacked by professional hackers who understands this things eve more than the owners. So there crypto systems is highly pregnable
 
Well you might be right about that because there would always be discrepancies because it would always be prone cyber attacks by hackers although it could be possible too fingers crossed
 
Kunkun said:
Well you might be right about that because there would always be discrepancies because it would always be prone cyber attacks by hackers although it could be possible too fingers crossed
Click to expand...
The possibility of it is slim considering the fact that any system will have vulnerabilities whether it is ease to get through or not however those that developed it will know the way to work around it and sometimes hacks are inside jobs as well.
 
Hacking is taking a newer kind of dimension every new day that comes by us. Cryptocurrency may not experience that impenetrable security all the time as we may have come to notice after all.
 
Senator said:
Hacking is taking a newer kind of dimension every new day that comes by us. Cryptocurrency may not experience that impenetrable security all the time as we may have come to notice after all.
Click to expand...
There is always a vulnerability in a system. No matter who has developed it there is always a work around or a back door and this is what reduces the security of any system. If you are able to build something there is also a way to take it down and hacking does just that.
 
BrolySSJ said:
One of the things that everyone looks for when it comes to cryptocurrency is the security that it should be able to provide them and that is how they choose the wallet that they are going to use. This is why if you have a lot of cryptocurrency you choose a hardware wallet over a software wallet. However, it is possible that cryptocurrency may never become a completely secure system, and we may always be vulnerable to hacks.

The reason that I am saying this is that at the end of the day cryptocurrency is an online platform and transactions happen online as well. When it comes to any online platform there's always a certain degree of uncertainty that happens, and there's always the likelihood that it could be hacked possibly through a backdoor.

With the way technological advancements are being made especially in hacking, it is possible that this will just continue and people will become more experienced in hacking, and it may endanger funds. The only way to ensure safety is to not be online and that is not an option when it comes to cryptocurrencies. Therefore, do you agree with me in the sense that cryptocurrencies are always going to be vulnerable to hacks as long as it is an online platform?
Click to expand...
The option you have is the right decision even though u don't know it exist because you said it not an option, sitting your asset or crypto into an hardware is an option to me.
 
I think some crypto currencies are more secured than others for example bitcoin and ethereum are very secured crypto currencies. They compromised scalability in order to make these coins secured.
 
BrolySSJ said:
One of the things that everyone looks for when it comes to cryptocurrency is the security that it should be able to provide them and that is how they choose the wallet that they are going to use. This is why if you have a lot of cryptocurrency you choose a hardware wallet over a software wallet. However, it is possible that cryptocurrency may never become a completely secure system, and we may always be vulnerable to hacks.

The reason that I am saying this is that at the end of the day cryptocurrency is an online platform and transactions happen online as well. When it comes to any online platform there's always a certain degree of uncertainty that happens, and there's always the likelihood that it could be hacked possibly through a backdoor.

With the way technological advancements are being made especially in hacking, it is possible that this will just continue and people will become more experienced in hacking, and it may endanger funds. The only way to ensure safety is to not be online and that is not an option when it comes to cryptocurrencies. Therefore, do you agree with me in the sense that cryptocurrencies are always going to be vulnerable to hacks as long as it is an online platform?
Click to expand...
You are definitely correct. I have a recent experience about this. Although my own funds was not hacked, it's so sad that the online cryptocurrency company wallet itself was hacked. It's unbelievable.
 
jeff87 said:
You are definitely correct. I have a recent experience about this. Although my own funds was not hacked, it's so sad that the online cryptocurrency company wallet itself was hacked. It's unbelievable.
Click to expand...
This is why we have to extra vigilant when it comes to online methods and platforms such as cryptocurrency and ensure that we take every precautionary measure possible to ensure the safety of our funds.
 
This is a lot of reason why many big organizations and the countries refuse to back crypto because there is still a long way to go to perfect the project.
 
Sethbala11 said:
This is a lot of reason why many big organizations and the countries refuse to back crypto because there is still a long way to go to perfect the project.
Click to expand...
Considering how early on in its technological development these currencies are it is natural that there will be concerns at this stage. I think that it would more worrying for investor if there was no concerns at all.
 
This may definitely be the truth but you have to know that every currency don't have 100% security including the Fiat currency we all use.
 
BrolySSJ said:
One of the things that everyone looks for when it comes to cryptocurrency is the security that it should be able to provide them and that is how they choose the wallet that they are going to use. This is why if you have a lot of cryptocurrency you choose a hardware wallet over a software wallet. However, it is possible that cryptocurrency may never become a completely secure system, and we may always be vulnerable to hacks.

The reason that I am saying this is that at the end of the day cryptocurrency is an online platform and transactions happen online as well. When it comes to any online platform there's always a certain degree of uncertainty that happens, and there's always the likelihood that it could be hacked possibly through a backdoor.

With the way technological advancements are being made especially in hacking, it is possible that this will just continue and people will become more experienced in hacking, and it may endanger funds. The only way to ensure safety is to not be online and that is not an option when it comes to cryptocurrencies. Therefore, do you agree with me in the sense that cryptocurrencies are always going to be vulnerable to hacks as long as it is an online platform?
Click to expand...
An hacker can still not hack you directly unless he know some details about you but maybe hackers can hack the data base of the app or online site you store your coin
 
There could be somewhat a kind of tad security with these new next generation security taken towards crypto currency like the physical wallet to name just a fee
 
I so much believed with you because nothing is guaranteed 100% more especially when that thing is online, hackers can hacked account, some can even ban some users of their site some some little or no mistake at times. Depending on where you store it be it hard ware or the soft ware.
 
babdud02 said:
An hacker can still not hack you directly unless he know some details about you but maybe hackers can hack the data base of the app or online site you store your coin
Click to expand...
Generally they will hack the online site that you have your cryptocurrency stored on, or alternatively they could be able to hack you through use of your machine via a malware program.
 
If you're saying there might not be a complete security on cryptocurrency because of the suphistication the hackers are adopting now, are you saying the regular banking systems are now more hack proof?
 
Actually there have been improved security with respect to cryptocurrency . Is just that most people do not avail themselves to it .
The cryptocurrency world is advancing in terms of security.
 
Crypto is created by individual of different mind, needs, and intention, it's not controlled by any government agency which gives it freedom of income and I think we should appreciate that because if not for crypto, most people would have killed themselves or giving up with life, crypto give hope, so I know that crypto doesn't have any security yet but it will surely get there with time and I have to commend what crypto wallet owners are doing to protect people assets
 
You must log in or register to reply here.
Back
Top