As your own bank, you are responsible for your bitcoins. A reddit user came out on the popular social media platform, claiming to have been victimized by the scourge of cybercrime which has plagued the bitcoin economy. According to the bitcoin public ledger, block chain, the victim lost around 40.5 bitcoins, worth roughly $14,860 at the time of the transaction.
The recent incident reflects the recurring nature of the crime afflicting the bitcoin community. Just a few days prior a different exploit was found where a rogue tor node hijacked blockchain.info users’ login credentials through https redirection. However, it wouldn’t be fair to completely blame to technology for the lapse of security. When one wishes to attain the benefits associated with digital currencies, i.e. anonymity, more control over your money, etc. the individual and or organization are ultimately choosing to become their own bank. Henceforth, are responsible to ensure the safety of their holdings.
In this article, we intend to provide information relating to the security measures that should be taken to ensure the safety of your digital currencies.
Examining the Lapse in Security
According to the information provided by the victim, there are a few different theories as to how the theft was committed. We will be examining each and every possibility and provide the best possible measures to prevent any such untoward incidents in the future.
Security Solutions
The technology of bitcoin itself is not prone to theft, but rather the inability of the people to properly secure it. The bitcoin community is developing every single day to provide simpler and safer solutions to bitcoin usage. However, it is the responsibility of the holder to exercise due diligence to ensure the safety of his or her wealth.
Following these few security tips, individuals can ensure the safety of their digitals currencies. Failure to do can and will result in theft.
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