There may never be complete security with cryptocurrencies

[Akinwale701]

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?

This is one of the shortcomings of Cryptocurrency business. there is no complete security as your funds can be totally wiped out by some phishing apps or website without your knowledge. also, in terms of sending bitcoin, if you make a mistake there is no provision for getting your bitcoin back. more reasoncone has to be very careful.

 

[idhans]

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?

I think blockchain developers should really be bothered about the security challenges in crypto wallet. I lost some cryptocurrencies in my trust wallets some times ago from hackers in telegram. We may not be security free as long as the transaction is online.

 

[GoldenLady]

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?

It's definitely going to happen someday.
Hackers are not going to sit back, so investors and traders will have to step up their game.

Exchanges should also find ways to make their sites more secure.

 

[Kelly5]

I will continue to always disagree with you on this point of view you have taken. The cryptocurrency account that is hacked is not hacked because the cryptocurrency cannot be protected, it was hacked because the owner of the wallet could not simply secure his wallet

 

[Ezzyoj]

Complete security can never be guaranteed in almost issues of life. Where it comes to cryptocurrency, the security is not guaranteed we have heard of some individuals who where able to access block chains wallet. We can only have high security to an extent

 

[Olubayo12]

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?

You actually made a lot of sense in your post up there... One thing we always have to watch out for when trading or dealing with cryptocurrency is the security of funds, if a person mistakenly sends bitcoin to a wallet, it has gone, there is no customer service to call to help rectify such

 

[Victor001]

This is definitely true, if a site like twitter can be hacked, despite the number of engineers and different programming codes. Then, we are at the mercies of technology. Hackers are working everyday to alter the system, so we must always be at alert.

 

[Ehizzy1]

I think there are offline wallet you could still make use of and they still have some form of security actually i think ,and for now the block chain technology have a high form of security that even if this hackers try to do any funny thing there is still back up for such situation

 

[Debola]

SEC Chairman Jay Clayton has clarified that bitcoin is not a security. “Cryptocurrencies are replacements for sovereign currencies… [they] replace the yen, the dollar, the euro with bitcoin. That type of currency is not a security,” he said in an interview with CNBC.

 

[Alexandoy]

To be honest, I do not know what a hardware wallet is. A software wallet is Paypal, is that correct? With crypto currency transactions I am still hesitating because I admit that I lack the knowledge. Another thing with the trading, I have yet to see a proof of gaining substantially from a trading transaction Most of the forum members post about trading but not their actual experience of gaining so I suspect that no one has gained a substantial profit yet.

 

[Eodine]

Yeah, crypto currency may never be stable because I don't think it was built to be stable, it is a digital electronic currency that has market forces responsible for the rise and fall of the particular coin because we have a lot of that coun like Bitcoin, ethereum, xrp etc

 

[Joseph555]

As far as cryptocurrency remain uncontrollable it also will remain in securable how on Earth can you secure what you cannot control it is very unlikely to happen so anybody investing in cryptocurrency should know that it is very very unlikely to be control by anybody not even a government of any state not even a wall power can control cryptocurrency that is the beauty of the coin

 

[Samuel77]

According to my own point of view, I believe cryptocurrency is already well secured. but it all depends on your understanding. before investing in any business you need to learn and know more about the business, if you understand cryptocurrency very well. I see no possibility for anyone to scam or deceive you

 

[springtech]

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?

This is one thing that has always bothered me. The fact that it's even said to be open source is the more reason why it is highly vulnerable. It's vulnerability can be masterly exploited by a highly gifted software programmer or team of programmer.
We have seen exchanges and wallet hacked at several times. This is part of the security issues we are talking about. Hence the advocacy for the use of hardware wallet that can not be hacked. Since the cryptocurrencies are saved offline and thus makes it impossible to be hacked.

 

[Mawome]

Bro there is a high level of security over crypto currency exchange platform and wallet, now talking about the wallet, ones you save your 12 digits code I tell you nothing will happen to your BTC in the wallet unless the owner of the software, closes the wallet and remove it from play store.

 

[KENDRA2020]

one of the major issues I have with cryptocurrency is that of asecurityissecurityisnotguaranteethatatallbecauseattheendofthedayonecanjustgetaccess to a critic wallet and access com

 

[Patrik]

well, that's the biggest issue so far (atleast from what i think), that's why it has been banned in lot of countries and will be probably banned in some other too if people don't say something, let's just hope for the best

 

[Dubai]

Security in all we do is relative even in crypto currency. However, I believe that crypto currencies will keep having one of the strongest security you could think of. For instance, look at how complex a wallet ID is. It would takes series of practice in order to memorize the codes. The technology that would break through and access a wallet without the permission of the owner will be hard to come by.

 

[Mahnoor]

Cryptocurrency is digital money. That means there’s no physical coin or bill — it’s all online. You can transfer cryptocurrency to someone online without a go-between, like a bank. Bitcoin and Ether are well-known cryptocurrencies, but new cryptocurrencies continue to be created.

People might use cryptocurrencies for quick payments and to avoid transaction fees. Some might get cryptocurrencies as an investment, hoping the value goes up.

 

[Arrain1122]

Cryptocurrency is digital money. That means there’s no physical coin or bill — it’s all online. You can transfer cryptocurrency to someone online without a go-between, like a bank. Bitcoin and Ether are well-known cryptocurrencies, but new cryptocurrencies continue to be created.