Steemit Crypto Academy | Homework 5 @gbenga|Cryptocurrency and Security issue|
One of the biggest problems of cryptocurrency users is security concerns. Since crypto coins are in a decentralized structure, it is not easy to reach the person or people who are attacking the hack. Because they leave no traces or evidence. This way, they avoid getting caught.
No matter how careful you are about the security of cryptocurrencies, sometimes it may not be in your hands. You are likely to experience security problems caused by environmental conditions.
We can address security problems in cryptocurrencies in two ways. As environmental reasons and personal reasons.
For Environmental Causes
There is not much one can do in the face of this environmental safety problem. There is not much one can do in the face of this environmental safety problem. Hacking of an exchange, theft of funds from user accounts due to a coding error on a blockchain network.
In the past, many exchanges have been attacked due to vulnerabilities. As a result of the attack, many cryptocurrencies belonging to both the exchange and users were stolen. The most famous stock market hacking is the Mt.Gox exchange hacking in the past. There is no user-oriented problem with the Mt.Gox exchange hacking. It was one of the most popular and most reliable exchanges of the time.
The mistake of the user here was not to keep his coins in the stock market. There are hardware wallets designed for coin storage.
The mistake of the user here was not to keep his coins in the stock market. There are hardware wallets designed for coin storage. The user had to store their coins in the hardware wallet. But if the user keeps their coins in the exchange for daily trading, it is a bit unlucky for the user to hack the exchange.
Sometimes crypto coins are stolen due to errors in blockchain codes. Thousands of Ether originating from Maker.DAO have been stolen in the past years. After the Ethereum was stolen, the Ethereum blockchain suffered a huge shock and the Ethereum network split into two. Thus, Ethereum Classic was formed.
User-Originated Security Issues
User should be very careful about this issue in user-induced security problems. He should not use the exchange to store his crypto money. You may lose all your funds as a result of the stock market hacking. We should prefer reliable or decentralized exchanges when trading daily.
You should not store your cryptocurrency information, passwords, accounts in stock exchanges and information online. You can lose all your funds in a hacking attack if you store them online.
You have to be very careful while downloading something to your computer or mobile device. A virus infecting your computer can change all the processes you will do. For example, you want to send crypto money to a friend. A virus can change your friend's cryptocurrency address. In this case, you will not send the crypto money to your friend, but to the cryptocurrency address the virus changed.
Therefore, when sending crypto money to a friend or someone else, if you check the address you send during the verification process a few times, you will protect your security. Also, you have detected a virus on your computer.
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