Crypto Academy Week 5 Homework Post For @gbenga | All About Blockchain Security

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Hello Everyone, This is my 5th week post on Professor @gbenga's task. In this post I will discuss the issue of cryptocurrency security.

We know that cryptocurrency was created for a specific purpose. Its purpose was to make global financial transactions easier, faster and more secure. Assets control reaches only certain parties. It can be transacted worldwide without banking or any third party service facility. As simple as it is to transact, there are some risks involved in protecting and maintaining digital assets.

One of the most important things is to protect and maintain the cryptocurrency properly. So we need to learn about blockchain and digital resources. The professors of Steem Crypto Academy are teaching us through tasks every week.

Security problem with Cryptocurrency :

The main problem with cryptocurrency is those who do not fully understand cryptocurrency and blockchain. There are many people around the world who do not yet fully understand, They are the ones who face all these problems of cryptocurrency most of the time.

Organizations around the world are aware of cryptocurrency, they study it to gain knowledge about the use of cryptocurrency.

We sometimes hear news where a centralized exchange has been hacked, and millions of funds have been swindled by hackers.

Below are some of the problems that can lead cryptocurrency users to harmful attacks and threats.

  1. Selfies Mining: This is a sufficiently sized pool of selfish miners capable of earning more than the proportion of Mining energy. Which forces honest miners to spend their cycles in blocks that are not count in the blockchain. So be honest if you do mining.
  2. Wallet Software/ Distributed Denials of Service Attack(DDoS): It is a distribution Denial-of-Service that targets the flood of Internet traffic or cuts off the infrastructure around it. Wallets are application on behalf of the client, which is used to manage bitcoins. And those bitcoins are transacted from the client, or it can be access via downloaded or Online wallets are more vulnerable to DDoS attacks since they need encryption.

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  1. Those who are new to the cryptocurrency world are not able to store their privacy properly. That's why they lost access to all the funds in their wallet.
  2. You can lose your funds by investing in an exchange site or a project without knowing. Because there are many scam projects out there

Personal experience on Cryptocurrency Problem:

I still remember when I was new to the crypto world. Then I faced some problems and lost my hard earned money. The first reason I lost my assets was because I lost access to my Coinbase account. Before going to sleep last night I was checking my token by logging in to Coinbase, in meantime a message comes in the telegram with a link there saying earn the token through a few easy steps. I click and go to sleep after completing the steps. I woke up in the morning and got a message in my mail, my wallet has access to a new location. I logged in to Coinbase and saw that all the funds in my wallet had been taken. Since then I have never clicked on any unknown link. I first check and sure legitimate about the link and then I click on the link.

Thanks to Professor @gbenga

Cc: @steemcurator01 @steemcurator02

Comments 1


I completely disagree with this point, anyone can be a victim of cryptocurrency security problems There are a lot of exchanges that have been hacked, well-experienced enthusiasts who have fallen preys to phishing links don't mean they do not know much about cryptocurrency. Anyone can be a victim.

Rating 4

13.03.2021 02:45