Hello Steemians, I'm happy to participate in this new week in the crypto academy. Today's lesson was given by professor @gbenga on Blockchain security. After taking the lessons and making further research on Blockchain security, I present to you my task for the lesson.

Introduction

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Every system is vulnerable to security attacks and bridges. Blockchain and cryptocurrency no exemption to this. Cryptocurrency has posed to be a secure means of a transaction using cryptography to secure, control and verify transactions. Cryptocurrency is a digital currency used for carrying our transactions in blockchain technology. Cryptocurrencies have become a faster, easier, and secure way of carrying out transactions in a decentralised manner. This means that users can perform and control their transactions directly without any third-party like the government or the central body in the traditional banking system. Blockchain technology is the basis of Cryptocurrency and its underlying technology. Decentralized economy, data security, transparency in transaction have been the objectives of blockchain technology. Cryptocurrency is by definition a virtual currency which makes it vulnerable to hackers and cybercrimes. Similarly, Cryptocurrency is not regulated by any agency because of its decentralised nature. This means that users are responsible for the protection of their assets.

Security problem in Cryptocurrency

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The dependent of Cryptocurrency on cryptograph doesn't mean it's not vulnerable to security attacks. We know the underlying nature of cryptograph to provide data security and trustees system. Nevertheless, the vulnerability in Cryptocurrency can be a result of human error and being careless with security keys. Similarly, the type of exchange and wallet plays an important role in the security of your assets.
Hackers take advantage of users carelessness through email compromise to access their wallet and steal their funds. Also, hackers can take advantage of users funds by sending spamming link and ads to them.
Another security in Cryptocurrency is caused by users own mistake where users store their private keys in their email or the Internet. This careless act makes your private key vulnerable for hackers to take advantage of and steal your funds. It's advisable to store private keys outside the internet. The best way for storing a private key is to put it in a vault, a safe or write it down on paper.

Tips for security measures in Cryptocurrency

• Always verify your account using KYC. Popular exchanges like Binance and Poloniex have adopted this feature to protect users funds from hackers who have compromised their emails.
• Use a hardware wallet like a USB to store your funds. This keeps your funds away from the internet thereby making it difficult for hackers to compromise.
• Using stronger password combinations of Uppercase letter, numbers and special keys can help make your password less vulnerable to hackers.
• Protect your private keys/ Mnemonic phrase by writing it down on paper. Similarly, anyone can have access to your wallet when they in touch with your private key, therefore it or should be kept secured and away from any third party.

Personal experience with Cryptocurrency

I have experienced a security compromise in my Binance account two years ago. This made me lose access to my funds because I can't log in to my account again. I received an email from Binance about login in an attempt to my account from an unknown device. I was given an option to suspend my account from the email if I'm not aware of the login. The account was suspended and I tried to log in again with my password but to no avail. I contacted Binance customer support which took days for them to reply. They requested I carry out a KYC verification with a national ID card or an international passport. To cut the whole story short, I followed all the protocols to retrieve my Binance account but to no avail. And at that time, Binance customer support was very bad and not friendly. This is how I lost my funds due to a possible login attempt from a hacker. On the other hand, I couldn't have lost my funds because Binance is centralized and I don't have access to my private key and fund. After this incident, 80% of my funds are now stored in a decentralised wallet where i have full control of my funds and 20% on centralised exchanges for intraday trading.

Conclusion

The majority of the security problems in Cryptocurrency is due to human error in protecting their accounts and private keys. When users take adequate measures in securing their funds, hackers won't be able to compromise and get access to funds. Furthermore, Cryptocurrency is a risky investment, there are a lot of scam projects out there that run away with projects funds after ICO. Therefore, it is required that you make an extensive research about a project, wallet and exchange before you invest.

Thank you professor @gbenga for this amazing lesson.

Special thanks to:
Cc:@steemcurator01
CC:@steemcurator02
Cc:@trafalgar
Cc:@gbenga