The Steemit Crypto Academy Week 5: All About Blockchain Security. @gbenga @gaby7491


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

Security problem with Cryptocurrency


Cryptocurrencies are electronic currencies with value in the virtual blockchain market, today there are a large number of them that vary in value but the most predominant is bitcoint and Ethereum, although there are many others whose value is very close to these. Due to this, there are many people worldwide trying to invest in cryptocurrencies because of their great value in the market, so more and more inexperienced people are entering the world of cryptocurrencies and their market is more volatile than ever, but unfortunately like is an electronic currency, hackers every day look for a way to scam people who want to invest in said currency, when you do not have experience in the cryptocurrency market, it is easy to fall for one of these online scams, since that there are offers without number on the web, offering many benefits in exchange for investing in a wallet, criminals take your money simply disappear, others do not work in the same way but infect the computers of the victims, trying to obtain more benefits . For this reason, you always have to be researching the cryptocurrency investment market.

There are several recommendations to do a good job, which are the following:

Avoid public Wi-Fi

Avoid working with public wifi when accessing your wallet, since hacks can easily see your data such as the access key etc.

User shipping address error

Always be very careful when copying and pasting the sending address of your wallet, since there are countless malware that if they enter your computer, they can change that address when making a transfer in your wallet.

ICO Coins

They are new virtual currencies, recently launched on the market in search of increasing their value through the features it offers, these coins have not yet been integrated into the blockchain, that is why their ico name, there are long-term safe projects, but there are also hackers that They use this to deceive the user by creating endless ico coins, seeking to attract the user's attention and when he invests in it, it disappears.

Phishing scams

This is due to the popularity of the cryptocurrencies they have today, some hackers falsify pages of official sites with tentative offers, making the experienced user believe that their money will be well protected and in good hands, once the user invest in this site, it disappears.

Personal Experience


I have no personal experience so far, because previously I had no knowledge on the subject, but I will give my personal opinion so that another person is not affected in a scam, I recommend saving your cryptocurrencies in encrypted hardware wallets since they are safe methods to Protect your assets, it is not advisable to keep a large amount of cryptocurrencies in wallets since they do the job nothing more than exchange, but it has a low risk that hackers will do their thing on the platform and you will be affected. Get good advice before investing in an ico or a cryptocurrency, look for a lot of information about it so as not to be affected by any scam, do not stay with what people tell you. Above all, keep total silence when managing your assets in your wallet.

Thanks a lot


Comments 1

It is good to have you participate in this week's assignment.

First, it is good you proofread your post twice so you can correct errors and omissions. Here is an example of such an error.


Security is next after decentralization with cryptocurrency.

Rating 4

15.03.2021 17:22