Bitcoin has gained significant attention for a couple of years. The benefits of this digital medium encouraged firms and investors to invest and earn high gains. However, cyberattacks are also growing with the popularity of Bitcoin.
The demand for Bitcoin and Other Cryptocurrencies is high, and this leads to large fluctuations in the price of Bitcoin. At the same time, hackers are extremely qualified in hacking.
The process of money laundering was made very easy and convenient after the introduction of Bitcoin. This digital currency is anonymous in nature, and cybercriminals enjoy this anonymity.
Security is a significant concern for most Bitcoin users. The attackers target the Cryptocurrency users via mail or message and send them some harmful links that can hack their digital wallet where all the Bitcoins are stored. This leads to a huge loss as the value of this digital asset is truly high.
Security Concerns Of Bitcoin And Risks Related To It
To become a successful Crypto user is not easy. You may have to face various cyber threats during your journey. On the other slide, the US government has recognized Bitcoin as property and is trying to set it as a ‘property vulnerable to exploitation.’
Cyber attacks mostly occur on the trading and exchange platforms. This is the reason why you need to choose a trustable platform to trade your digital currencies in the most secure way.
So, now let’s consider some of the major security concerns related to Bitcoin and other Cryptocurrencies.
i). 51 Percent Attacks
‘51 Percent Attacks’ is a major security concern for all Bitcoin users and investors, which is not easy to carry out. The difficulty regarding the Bitcoin mining process has maximized the challenge for miners to get into the pool to set the computational capability.
Hence, if the pool becomes strong, then it can command over fifty percent of the mining control. This can act as a warning to the network of Bitcoin.
ii). Double Spending
The features of Bitcoin and other digital currencies are constantly improving so that this can minimize cyber threats. Bitcoin users have stated that their fear increases…