How Hackers Steal Cryptocurrency

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cryptocurrency cybercrime hack

Recently, one bitcoin mining service was notably taken by hackers for the amount of $64 million. This hacking continues to show the high amount of volatility and danger that cryptocurrency has in the world economy.


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These stories are helping to scare potential investors into not investing in the currencies as they feel like their money could be stolen at any time. This is not fully fair to the world of cryptocurrency as this does not happen on a normal basis. If a few headlines come out stating that this is occurring, people will see that and use it as a basis not to invest. The reality in the crypto world is that bitcoin and most other cryptocurrencies are actually quite secure. People can usually protect their money with little to no effort using the systems that are already in place.

The technology that goes behind bitcoin is one of the best security aspects of cryptocurrency. The money is essentially wrapped in a sort of safety deposit box, that is guarded by either a third party or the individual themselves.


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There are several options when it comes to securing your bitcoin. With most cases, the trading platform usually has ab built in wallet service that is safer than most other options. However, when it comes to large amounts of currency, one of the best ways to guard it is to take it off the internet entirely. People can choose to take their money into a cold storage which essentially is a piece of paper with a written code on it that gives the user access to their money.

Securing bitcoin and other cryptocurrencies seems to be a large issue in the world of crypto. With many choosing to invest, the issue of security will continue to be one that scares investors and exchanges alike.


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