This news created massive aggression in the minds of cryptocurrency users. One user woke up to the horrific message that $2 million worth cryptocurrencies were stolen from his wallet. Individuals have questioned themselves a million times before making investments. It’s a known phenomenon that the volatility of cryptocurrencies is a significant drawback while making decisions. If you don’t know what you’re doing, the chances are that you can lose all your money. Some make the terrible choice of taking loans to buy cryptocurrencies. Individuals believe it’s a quick way to become wealthy. This attitude has prevailed amongst the investors for a long time. Let’s take a look at the security issues pertaining to cryptocurrencies.
Vulnerable Wallets:
A report by researchers stated that weak spots were found in Bitcoin wallets which could be exploited.
It was also found that strongly encrypted wallets were vulnerable to hacking. Such malicious activities can divert funds from one account to another.
Cyber-Attacks:
Bitcoin exchanges have been hacked in the past. Hackers were trying to get into the network for almost a year. They were able to make off with 850,000 bitcoins, approximately valuing $7.2 billion.
Double - Spending:
Sometimes users benefit from the double spending. Double spending is the process of profiting when the same coin is used twice in the same transaction.
These are some of the threats faced by cryptocurrency industry. With the increasing number of exchanges, what’s the best way to find security in this system? Tradebull intervenes to provide answers.
How does Tradebull help:
Tradebull a pioneer in hybrid decentralized exchange provides utmost security for traders and investors. Security is the priority. The blockchain protects transactions between buyers and sellers.
This is done by:
Recording digital signatures of traders and investors
Using Two-Factor authentication methods
The implementation of these features reduce the financial risks for traders all around the world.
Tradebull also supports every transaction method by providing escrow or transaction services.
Security has never been a concern with this platform. Since it possesses features of centralized and decentralized systems, it makes Tradebull the most secure platform to trade.