Security is a major concern in each and every transaction which includes cryptocurrencies. There are several reports on the losses of cryptocurrencies due to security reasons. It is much required to have complete knowledge regarding Bitcoin before investing and using it for transactions. In this article we will discuss that, is Bitcoin safe or it can get stolen.
Security of Bitcoin:
If you consider Bitcoin as the most secure currency which is immune to hack or fraud, then you are completely wrong about it. Due to various scams, cryptocurrency exchanges have faced permanent loss for their customers. It is rather shocking because the account is protected by cryptography. Cryptography is basically unbreakable, and even if the devices are lost it will still not lose the complete ledger.
Cryptocurrencies basically identify their owners using a string of numbers and letters, and that is not used as a particular name for identification. In order to make any changes in the account, access to private keys is required. A private key is basically a long number which is a part of the cryptography scheme, it is literally unbreakable. Private Key is not something compared to a password, as it will be unique and impossible to remember.
So, it basically confirms that no one can get access to the account apart from its owner. Now it is much confusion that even after these layers of security, how can Bitcoin get stolen or even the account gets hacked. It is confirmed that cryptography is encrypted and it cannot be broken. So, none of the hackers try to break the cryptography, they will try to get access to that particular private key which is long enough and impossible to remember.
The biggest part of the cryptocurrency account is a wallet because it is just a software that runs on your device or even if you are online. You will find multiple wallets available online who will store your Bitcoin securely. The major flaw is that the user interface is much user-friendly which can be handled by a normal person. You need to keep in mind that not each and every cryptocurrency user are tech-savvy who can take complicated routes for transactions. The private key is stored in the wallets along with various other components.
So, the hackers will try to get access to your device which you are using for cryptocurrency transactions. It is a much easier process, and they can instantly transfer your Bitcoin from your account to theirs without your knowledge. You will get to find several reports of cryptocurrency theft just by hacking the user devices. It is very difficult to trace and capture the hacker, which is one of the big flaws in the security of the cryptocurrency.
You might have seen various reports of the cryptocurrency is secure compared to cashless transactions. We have gathered complete information regarding Bitcoin and its chance of getting stolen from different sources and experienced users and posted them in this article for you. Share this useful article with others, so that de get to know about the security of cryptocurrency transactions.