In the past years, people have heard a lot about theft with cryptocurrency. No doubt, it is not just a rumour as it is true. In 2020, above 1.40 billion USD will be stolen. With an increasing theft rate like this, it might become the costliest time in crypto history. The 2020 year might receive a title of costliest time after the past year. With the coming of a new year, people would like to hear some good news ahead.
Are hackers outpacing all the defences?
A lot of attention is on whether the hackers are becoming more talented to outpace the defences by crypto producers! No doubt, crypto exchanges and producers are doing ample efforts in developing strong and tough defences. But the hackers are still not taking their actions back. Hackers are gaining more tricks and tactics. As a result, it is making hackers much more powerful to outpace the crypto defences.
You might have heard about Binance exchange’s story! That’s one of the well-sorted crypto exchanges. In 2018, it was a sad time when hackers got a chance to steal way above 40 million US Dollars. Hackers were in an ongoing practice for viruses, phishing, and other hacking methods. In just a couple of moments, hackers were sharp enough to grab out the digitally stored assed and get out of it soon.
The transaction speed is also very high, and it can occur even before you think about it. The assets are transferred so quickly that no one could get the time to estimate the issue. It sounds such a disappointment as no one gets enough time to cover up anything.
It is something that was going on in the cryptocurrency world. It states about cryptocurrency history and its trends. With the advancement and innovation in the crypto world, a lot of changes have made it better. One such innovation is present in the form of Bitcoin vault for all the crypto users. BTCV (Bitcoin vault) creates a secure and safe explanation that minimizes the transactions and enables crypto users to reverse transactions.
What can be a better solution?
A major problem that all the cryptocurrency users fear is less experience or familiarity with the tools to defeat any crime as crypto involves decentralized and perpetual blockchains. With this, one can understand that all the data and information that gets registered is not erasable. Once a transaction occurs and stores on the blockchain, it is visible to everyone and not eradicable.
It is a loophole within the cryptosystem that enables hackers to use it as a weapon. After learning about it, developers working upon Bitcoin vault started looking for deeper coin safety characteristics. After passing one year over the security feature development and analysis, developers came up with a solution involving 3-key security for the Bitcoin vault.
With the security of 3-keys on the Bitcoin vault, a user gets a safer solution that provides time to do something for an unknown intervention. The security solution is limited to providing response time and enables a user to use the authorization and machine for cancelling any transaction that is not approved within about 24-hours. It was something that didn’t happen when there were no security keys available. But the time has changed, and developers found a way to handle such a security issue.
Is there any change in the adoption of crypto?
With the theft problems, many might have thought about leaving the bitcoins world. But the 3-key security technology has to lead to a wider adoption among people as it is beneficial in overcoming theft issues. Within the past few years, individuals lost their money due to theft or lost machine cases. In another case, it might be carelessness that had led to losing funds. Such cases include the sender using a wrong address and executing the transaction.
Apart from these cases, many were not satisfied that there is no way to cancel or perform a reversed transaction once done. This fact also made several individuals keep a distance with the cryptocurrency world. In such a time, people relied upon using the conventional payments systems linked with banks.
Bitcoin Vault is a great option for all such people who either stepped out of the bitcoin world or never entered it. It creates much more security when the transactions are reversible.