Crypto Coins and Cyber Security Risks
In this article, I wanted to write a general article about you and cyber security. As you know, crypto coins have entered our lives quickly. However, it also brought some risks for cryptocurrency users. Every user-friendly solution brings risks with it.
But first of all, why would a person use cryptocurrency?
- Fast Send and Low Charge Fees: It is really faster than domestic or international money transfer. Also, shipments are very low in terms of deduction fees compared to banks. You can send and receive your cryptocurrency on the weekend.
- Investment Purpose: Crypto money increases and decreases in the stock market during the year. This can be an opportunity for investors. There are many types of cryptocurrencies.
- Privacy: When it was first used, it was used illegally for privacy reasons. But now even a tech-savvy person can use it. In general, the intended use is of course investment. But we still know that money laundering and smart fraudsters prefer it as a payment option.
The three main reasons above encourage people to use cryptocurrencies. The most important issue we will mention here is privacy because you send the crypto money you buy from the crypto money exchange from X addresses to X addresses. There is no identity check on this issue. It is not clear to whom the cryptocurrency address belongs. The only thing you will know is where the cryptocurrency is sent and there is nothing but the wallet balance. Therefore, it is a good payment option for criminals and fraudsters doing illegal business.
So what is the biggest risk of cryptocurrencies?
Sending Crypto Money: Let’s say you send crypto money to x addresses. And let’s assume that you have approved this transaction. I suggest you drink a cold water. Start drinking your cold water slowly. Because you cannot get the crypto money you sent back. That’s why you should check it and send it carefully.
Investment Sites and Wallet: Unsafe cryptocurrency investment sites, trading sites and wallets. Among the methods generally preferred by fraudsters, most of the services that give you a profit in return for a certain investment are used for fraudulent purposes. You can make a profit in the shooting process for a certain period of time. This makes you more confident. Like in the case of Çiftlik Bank ( a fraud that occurred in Turkey ), those beautiful investment sites fly and go. Drink cold water. Of course, if you haven’t invested all your money on that site.
Hacking Risk: I do not think you will be compensated after possible hacking. It is not a bank that so much risk is insurance budgets. You can browse the related news by clicking.
Unreliable ICOs: ICO stands for Initial Coin Offering. This is a fundraising structure. Cryptocurrency laws are still not regulated. Let’s say you invested in an ICO where your investment will bring profit. There is no other assurance other than the word of the founder of the ICO investment site. Therefore, you should keep in mind that the risk is every moment.
Loss: Another problem is that the wallet is lost or stolen. Most investors store their cryptocurrency wallet files on their computers.
However, if the hard disk of the computer you backup is corrupted, it may be lost. Or harmful to the computer on which you backup
When the software is infected, wallet information you backed up may be stolen. You can use the information you backed up on your own computer or on the internet. There is always a risk and it may not be reversible.
If you want to get discounts on Bitcoin trading, you can register via the Binance exchange reference below.
https://www.binance.com/tr/register?ref=35541057
In my next article, I will talk about cryptocurrency wallet security.
