There may never be complete security with cryptocurrencies

[Funky]

It is highly unlikely that a person's funds would be hacked in most wallet providers for crypto currency because there is a lot of security measures being put in place to ensure such doesn't happen.

 

[Setho]

I was just having this conversation with someone and to be honest this is one of the reasons to which people have been reluctant to invest in cryptocrypro.

 

[Jlife]

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

Cryptocurrency is a decentralized currency and I think it is also one of the most secured technology that can never be broken, most people always like to store their cryptocurrency offline to make sure it has the maximum security to prevent others from accessing their cryptocurrency.

 

[eLdavis]

You are very right though, with the nature of crypto Which has no physical form, everything related to transaction has to be done online. And your coins can online be stored on online wallets as well. We cannot completely keep it safe from hacks though we can protect it the little way we can

 

[BrolySSJ]

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?

I would have to say so as well. When there is a security system that is developed there is always a back door and this is what leaves these systems vulnerable.

 

[Ralphjoe]

Cryptocurrency is a decentralized currency and I think it is also one of the most secured technology that can never be broken, most people always like to store their cryptocurrency offline to make sure it has the maximum security to prevent others from accessing their cryptocurrency.

I believe that the cryptocurrency technology it's a very secure technology that will be almost impossible but there is a possibility of someone being able to hack it so I wouldn't advise anyone to live there to the currency investment on their trip to currency wallet for a very long time.

 

[Jlife]

I believe that the cryptocurrency technology it's a very secure technology that will be almost impossible but there is a possibility of someone being able to hack it so I wouldn't advise anyone to live there to the currency investment on their trip to currency wallet for a very long time.

You wouldn't allow someone to leave their cryptocurrency in a cryptocurrency wallet for a long time as in how ? What of people who lock their cryptocurrency in a trusted crypto wallet for a very long time ? There's are some trusted cryptourrency wallets out there.

 

[Ralphjoe]

You wouldn't allow someone to leave their cryptocurrency in a cryptocurrency wallet for a long time as in how ? What of people who lock their cryptocurrency in a trusted crypto wallet for a very long time ? There's are some trusted cryptourrency wallets out there.

When I believe that there are some trusted cryptocurrency wallet out there who what is making me not to be able to put my money in some of this wallet it's the fact that once you put your cryptocurrency for a very long time before possibility of the cryptocurrency reducing in value over time.

 

[FreshKaz11]

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?

One thing I learn in this life recently is that nothing is secure no matter how you try all the security aspect that you know on it,some people are made to open any secure thing tho.

 

[BrolySSJ]

One thing I learn in this life recently is that nothing is secure no matter how you try all the security aspect that you know on it,some people are made to open any secure thing tho.

I do agree with you and therefore it does fall on the user of this currency in order to try and make it as secure as possible for their personal finances. This is why we take so many extra precautions in terms of passwords and verification procedures to ensure that security is as good as it will get for us.

 

[Nurudeen]

I believe with the recent introduction in the kyc system by all crypto currency exchange platform it will at least help them reduce the rate at which people hack into their system and steal people coin

 

[BrolySSJ]

I believe with the recent introduction in the kyc system by all crypto currency exchange platform it will at least help them reduce the rate at which people hack into their system and steal people coin

I don't think that kyc procedures will actually help in terms of the number of hacking attempts however I think that it will help in terms of monitoring the usage of cryptocurrency by the various users within the exchange platform. Hackers generally comes from outside of the exchange platform.

 

[Nomad]

I believe you can never become so sure about the security of crypto currency as we have herd of wallets being hacked. There has been news of hacking of hardware wallet too

 

[BrolySSJ]

I believe you can never become so sure about the security of crypto currency as we have herd of wallets being hacked. There has been news of hacking of hardware wallet too

Yes i have seen this with a hardware wallet and i believe that it was the ledger wallet that faced this hack unfortunately. Hopefully it is able to provide more security now that their weaknesses have been revealed.

 

[Snazzy001]

This opinion of yours may be right in some ways but to some extent it may not be right. I don't think it is easy for someone to break into your phone and break through the securities of your wallets

 

[Dowenship]

Meanwhile at the beginning, what we were told was its the safest and most secure bank you could ever have because you control it meanwhile recently hackers are perpetrating into it.

 

[Hena101]

Of curse there is no complete security with crypto currency and that's why some people are afraid to invest on crypto currency but still i think it's good to invest and keep watch.

 

[tyrim88]

I have actually thought about the possibility of some hackers compromising with the system to get into peoples account,as this is technology age where advancement of knowledge is something else,the save method is offline wallet.

 

[joy101]

That is true because cryptocurrencies mostly are for transaction and it is really good to be secure, because in case if someone have some huge of money to invest so that it can be safe.

 

[Heatman]

The truth of the matter is that there will always be scammers and hackers who are always looking for any loophole and opportunity to be able to bypass the security of cryptocurrency which is why everyone is advised to be very careful the way they use their own and expose their data.