With the rising popularity of cryptocurrency, bitcoin has been taking the toll for a while now. Hundreds and thousands of new investors are lining up every day to put their money on the best solid form of currency that there is.
However, despite the uproar of Bitcoin investments, is it the best form of stable currency after all? Several investors have been found rather in suspicion.
How secure bitcoin even is?
About a decade ago, Bitcoin was introduced as a digital currency that was independent of any governmental or bank restrains. Although blockchain technology is used to verify and keep track of the transactions made, ever since the outburst, multiple loopholes have been detected.
Hackers can make their way into these loopholes and rob you empty. Thus to assume bitcoins to be the utmost safe option for investment would not be your most reliable move.
Wallets are what hold your bitcoin currency, which is then used in transactions through currency exchange software. But having your transactions from wallet connected to your personal information such as e-mail and phone numbers makes it prone to hacking.
However, just as developers are burning the midnight oil into securing their systems, efficient cybercriminals are spending their hours on the divergent side.
Common Threats from hackers
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The term refers to when the hacker hoaxes the wallet holders into providing them with their login information through imitated versions of legalized websites. It may even result in software attacks.
Malware attacks used by hackers are made in amalgamation with bitcoin phishing. The technique includes deceiving users into downloading maleficent software that allows hackers to obtain confidential details. These details can then be made use of into stealing bitcoins from wallets.
Sim Hijacking is one of the oldest forms of hacking into a system and is still used quite frequently. Now that SIMs are interlinked with bitcoin wallets, it comes as no surprise that a few malicious cyber minds are exploiting this facility.
There is a system that ensures a core infrastructure for each user, which is necessary for the user to obtain access to several different internet applications. Network attacks are used by hackers to target this very infrastructure and manipulate it in their benefit.
Platform or Hosting Attacks
The web today is basically a massive bubble of data collected into the cloud. The hackers see this centralized data in the cloud as a jackpot they want to get their hands on. Because once they have access to it, half of their work is already done.
Although our bitcoin wallets are susceptible to theft, some safety precautions should be considered to help prevent this. Choosing strong passwords and avoiding to access your Bitcoin wallets from public computers can prove to be advantageous as well.