There may never be complete security with cryptocurrencies

[abubakar3141]

Bitcoin exchanges are digital and therefore vulnerable to hackers, operational glitches and malware. By targeting and hacking a cryptocurrency exchange, hackers can gain access to thousands of accounts and digital wallets where cryptocurrencies are stored.

 

[Jumoke12]

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?

thank you very much for this post. I must confess that going through everything you have written up there, I am indeed blessed to have learned such thing from you. Thank you so much for taking your time to compile all the above just for the purpose of enlightening us. Thank you

 

[Bagg victor]

there is no platform that is 100% secured that can't be broken or that is impregnable. Crypto currencies which mostly do use of blockchain technology, I don't think there is any other thing that is as safe and secured as crypto currencies.

 

[ahmedo24]

No Currency nor assets are 100% secure and all of them come with one or two challenges, personally I believe Crypto currencies wi continue to receive crictisms while it continues to grow stronger like the security aspect of it.

 

[tuna89]

This is one of the major reasons why the cryptocurrency have to be integrated into the Central Banks and exchange commissions, also every crypto holder's details have to be incorporated to their bank details, by these cryptocurrency transactions can always be watched or tracked or reversed so as to reduce the risks of hacking and to also enable financial transparency and security for everyone.

 

[Segat]

Well there may and there may not because no system or machine is actually 100% efficient but there is always room for development and new strategy application. Companies managing cryptocurrency can send their staff for more training.

 

[Muhammadawais]

Although the blockchains used to keep records of cryptocurrencies provide real security benefits, many assume that these payments are more secure than they actually are. Cryptocurrency exchanges have also been shown to be open to hackers, meaning that cryptography does not provide protection assurances.

 

[Afrinish]

Cryptocurrencies are a disruptive financial technology that present governments with new national security challenges and terrorist groups, criminals, and rogue states with opportunitie.
So called for their use of cryptography principles to imbue virtual coins with value, cryptocurrencies present unique challenges for governments. For others, including terrorist organizations, sanctioned states, and transnational criminal groups, these technologies represent a source of opportunit

 

[Pear]

I believe thatbcrypto have enough security for each wallet through their series identification processes

 

[BrolySSJ]

I believe thatbcrypto have enough security for each wallet through their series identification processes

Whilst there may be identity checks there are still instances where hackers are able to access funds even in a hardware wallet and sometimes get access to your personal information as well.

 

[Sincerem]

As long as cryoto remains anonymous. Malicious phishing attempts will always surface. With securities embedded by some exchange sites or individual wallet accounts it can be reduced.

 

[Damscooguns73]

Concerning there may never be a complete security with crypto currencies. Well, I totally agree that it cannot totally be eradicated because it is always prone to hack or cyber attacks by hackers, that is why some people prefer using hardware crypto currency wallet

 

[Chibson]

I will not see the blockchain aspect is 100% secure but of course it is very safe. Even banks are not 100% safe, we all just have to be very careful when we want to make transactions especially in cryptocurrency.

 

[Mostee501]

The word complete is a difficult word to achieve in terms of finances and security, i think the more advanced security creation the more scammers devise new means.

 

[Sincerem]

Concerning there may never be a complete security with crypto currencies. Well, I totally agree that it cannot totally be eradicated because it is always prone to hack or cyber attacks by hackers, that is why some people prefer using hardware crypto currency wallet

Hardware crypto wallet is safer than using a software wallet like the one we do with exchange platforms. But due to the benefits that comes from internet wallets, we decided to hang on to it.

 

[Dowenship]

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?

Yes.... actually i know today that that are people or we call then hackers that are working on how to jack into all this decentralised exchanges to get people coins, that is when we will know that even blockchains and other chains can be breached

 

[Trexxxy]

I know everything is safe, these wallets are cyber secured enough. However, I know there is nothing online that can't be hacked.

 

[Good-Person]

Hardware wallets are not entirely secure and software wallets are even more susceptible to attacks by hackers. This is why it is wise to chose a wallet that offer multi layers of verification processes in order to make sure the right person is trying to access the wallet. When it comes to online wallets, Coinbase is one of the best, as it has great layers of verification processes.

 

[Richard92]

I agree with the statement that they will never be complete security in cryptocurrency because the matter how they will still be fake cryptocurrency seller and scammers.

 

[BrolySSJ]

Yes.... actually i know today that that are people or we call then hackers that are working on how to jack into all this decentralised exchanges to get people coins, that is when we will know that even blockchains and other chains can be breached

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.