Crypto Academy Week 5 Homework Post for [gbenga] Security Problems with Cryptocurrency by @mohammadfaisal


Hello @everyone i have attended the lecture of sir @gbenga about the Ethereum Blockchain. If you have not attended the lecture yet then come and join this class and learn important things about Ethereum Blockchain. As i have learned many new things which i did not know even i did not heard about them. So without wasting your time attend this lecture and learn new things and add it to your knowledge.



Join Class : The Steemit Crypto Academy Week 5: All About Blockchain Security


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Today's Task For Me : Security problems with Cryptocurrency

So Let's Start learning about the security problems with cryptocurrency faced by the holders.
As cryptocurrencies has revolutionized the world economically but there are some problems of cryptocurrency. I am going to discuss those problems according to my research.
According To My Knowledge These are the some important problems faced by the cryptocurrency.

  • Phishing Problem
  • Hacking A Payment Gateway
  • Address Error
  • Loss Of Wallet File
  • Insecure ICOs
  • Eclipse Attack
  • Dusting Attack
  • Withdrawal Fees
  • Prices Ups And Downs
  • Burning Of Crypto Tokens
  • Unregulated
    Now i am going to discuss the above terms about the cryptocurrency problems.
  • Phishing Problem: This is the real problem in the cryptocurrency. In this problem your sensitive information such as username, password and other sensitive information is obtained by the hackers by sending you some messages and emails. Through these messages they collect your sensitive information by using some fake websites which look like the original websites. Wikipedia
    For Example: We often receive such messages which may be text messages or the voice calls from the name of the trusted companies or banks.
  • Hacking A Payment Gateway: This is another real problem which the cryptocurrency is facing in the whole world. As the hackers are targeting to the cryptocurrency all the time. So cryptocurrency has also been hacked by the Hacking A Payment Gateway. In this problem the hackers get access to the site owners and they start stealing your money.kaspersky

    In June 2017, the most popular Web wallet for the Ethereum Classic cryptocurrency, with the original address https://classicetherwallet.com/, suddenly started stealing money from users’ wallets.

  • Address Error: This is another important problem faced by the cryptocurrency You can easily loose your money by the single error of any address. If you input your address and it changed by any reason or by pressing any button on the keyboard then you can loose your money at the instant.
  • Loss Of Wallet File: It is the most common problem that everyone has to face. If you lost your wallet file or other log in keys then you have lost your money. And if you lost them then you can not do anything to get your money. So be careful about your keys and wallet file to save your cryptocurrency.kaspersky
  • Insecure ICOs: This ICO is called an Initial Coin Offering. Some companies launch their projects and urge users to invest in their initial coins. So people invest in them but all of these are not the genuine and original and these ICOs cheat users by burning their coins without any notice. And there is no any guarantee of return of the money of the investors. So this is another major problem faced by the cryptocurrencies.kaspersky
  • Eclipse Attack: This is a type of attack the users assets by attacking any decentralized network. In this way the investors loose their money. They attack only a specific users not the whole community. This is another basic problem which cryptocurrency has to face. The malicious attacker hijack all the outgoing activities of the users and get all their money.radixdlt
  • Dusting Attack: Cryptocurrency can also face this problem of dust attacking. In this problem users can lost his money by becoming greedy. The attackers send a small amounts of the crypto to the users to get all of their information. So they offer them these payments by using some specific websites which they have made to cheat users by collecting their sensitive information.Binance Academy

    Other Cryptocurrency Problems

    • Withdrawal Fees: This is another major problem faced by the cryptocurrency. There are a lot of gas fees to pay which make the users dissappointed. And there money is lost in the withdraw of the cryptocurrency. If someone buy cryptocurrency of $100 and now he want to withdraw his money then he has to pay fee of withdraw=. In this way he loose his money.
    • Prices Ups And Downs: Another major problem faced by the cryptocurrency is that the ups and downs of the prices of the cryptocurrencies. If someone buy crypto and its price go up then he will make mor profit but in most cases the price of the cryptocurrency fall down and the users loose his money. This happens because of the cheating of the cryptocurrency coins owners because wjhen they see the price of the coin is enough they withdraw their investment and the price fall down.
    • Burning Of Crypto Tokens: This is another genuine problem faced by the cryptocurrency tokens. The company can burn all the tokens in the whole ecosystem. Just like the steemhunt which burned all the tokens which the users had. As i also had almost 3500 hunt tokens but they were burnt by the team of the steemhunt. So if you hold any token make sure that is a trusted platform.
    • Unregulated: Cryptocurrency has also this problem that the cryptocurrencies are still unregulated because we can not use it in our daily life to pay the things. In some countries they are accepting bitcoin or any other cryptocurrency payments but in the whole world it is not going on.

    My Experience With Cryptocurrency

    If i tell you about my experience of the cryptocurrency then listen that it is very bad. I lost my cryptocurrency many times. I want to discuss you a recent problem that i face on the TRON(TRX). When i joined the steemit after a long time i saw that there are trx rewards are now live to support users additionally. So i became very excited but when i searched out the key of my wallet i did not find it. I had lost my key similarly i lost my trx which were about 225+. As there is a saying that No your keys No your Money.

    I have tried my best to search and to collect almost all the problems faced by the cryptocurrency. And i have also given the sources from where i got information.

    Special Thanks To

    @steemcurator02
    @steemitblog
    @gbenga


Comments 6


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11.03.2021 11:10
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Congratulations, your post has been upvoted by @Scilwa, which is the curating account for @R2cornell's Discord Community.

Curated by @r2cornell

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11.03.2021 15:10
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Thank you so much means a lot for your kindness towards me. I am really very grateful to you for this.

11.03.2021 16:03
0

A lot of people lost their TRX when steemit integrated TRX into their wallet as a result of not saving their private key.

Rating 6

14.03.2021 23:55
0

Thank you sir for checking my homework. But i am disappointed because of the low rating as there is no anything which i have missed but still Rating 6. It took alot time to complete one homework task . It took almost 4 hours because we have to do research and collect knowledge from different platforms.


Bundle Of Thanks Again

15.03.2021 02:23
0