Steem crypto academy:- week 5:- home work post for prof. @gbenga

Hey there everyone. This is @prakhar9675 here. And this post is against the homework given by prof. @gbenga.

Make a Post about a Security problem with Cryptocurrency and Share a personal experience if possible.

So in this post we will discuss about some possible security problems with a crypto currency.

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So let's get started.

Security problems with crypto currency

As we all of know, in today's world crypto currency is becoming very popular and for some people it is very crucial because they use crypto currency to earn some extra income and use for many transactions.
Many people use crypto currency for trading.

With the importance of crypto currency, it's price is also increasing by leaps and bounds. So many security problems are also associated. And we will discuss about it.

There are many security problems regarding crypto currency some of them are given below

1. Distributed Denial of Service attack (DDoS attack)
2. 51% attack
3. Threat of being hacked
4. Problems regarding Master key
5. Crypto-jacking

Crypto-jacking

In this, many hackers using many viruses enters into your computer and mines crypto currency without letting you know. And the biggest problem is that in many cases your computer antivirus may not be able to detect it as it does not harm your computer. It just uses your computer system.

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And as we have discussed the crypto currency mining requires a very heavy system, so RAM, storage and many other components of your computer is also used by this. And performance of your system decrease rapidly.

Distributed Denial of Service attack or Dados attack

DDoS attack stands for Distributed Denial of Service attack. In this type of attack, a perpetrator generates so much traffic over a site, machine that those given sites and Machines can not process. And as a result, that machine and that site become unavailable or offline.

As the perpetrator attack from various sources, the location from which the attach is going on, can't be detected. This makes it highly dangerous

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Security regarding Master key

Not far from today, we heard a case in which a person from San Francisco ( native place Germany) forgot his bitcoin wallet password (these are very hard to reset due to security reasons) and lost over 1800 crores INR

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So this is not actually a problem with that platform but still this is a security problem.
As we all know that the password or master key of any wallet of any plateform is a very complex number which is made using all the possible numbers and alphabet.
And also these password in many cases are very hard to reset. This is done due to some security reasons. So that none except you can log into that account.
But in many cases this becomes a problem for many cases. Because this is human tendency to forget. In that case, this become a very huge problem.

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Security threat of being hacked

Now a days, hacker are very active in this region. As now a days a number of people uses crypto currency to invest it's saving and uses that to earn profit.
So hacker uses many ransomware and various malware to hack into your account and uses your wallet and account value to steal your crypto currency.

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Where can this type of threats come from?

This is very hard to say from where this type of threats come from. And neither we can say that this type of threats can come from this source only.
Now a days, the number of malware is so much high, you can't anticipate it's source.

We all have heard about many malware and viruses and ransomware. Some of them enters into your system if you click any insecure link.

Valentine day malware, women's day malware, that spread recently through whatsapp are the example of this type of threats.

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Malware can enter into your system by inserting insecure pendrive or CD drive. And when you use open source free wifi this risk is very high

What can one do to tackle these risks

These are many ways to reduce these threats

1. You should use latest and updated antivirus in your system. It helps you preventing many threats and it also scans many websites and pendrive before you use those.

2. You should not connect to a open and free Wi-Fi. It may contain many contaminated virus and malwares

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1. You should not insert and insecure pendrive and CD drive. But it is very hard to know which one is secure. So you should scan it before use. It may take time but you should not skip this process.

2. You should not visit unauthorised website. It may contain viruses

3. You should observe your computer after a regular intervals so thatb if any crypto jacking is going on on your system and it's untraceable. You may come to know about it.

Personal experience

I never experienced such security problems.

Cc
@gbenga
@steemcurator01
@steemcurator02