Blockchain is a digital ledger in which transactions made in a cryptocurrency are recorded chronologically and publicly. The attractiveness of this new technology is that it allows users complete financial control since there are no banks or other third parties involved in the process. However, there are some risks that come with purchasing cryptocurrenices such as Bitcoin, Ethereum, and Ripple.
Due to the rise of cryptocurrencies, hackers have been discovering new ways to breach data. Since blockchain technology is still in the early stages, it is vulnerable to security issues. The article below discusses how hackers have used an app named Coinhive to mine digital currency. In the past few weeks, numerous US and UK government websites have been compromised. Hacking is enticing since the currency is not on anyone’s phones or computers, instead it is held on companies websites alongside many other user’s transactions. Because of this framework, multiple user’s sensitive data have been breached simultaneously. There is now an increasing market for software, services, and hardware to secure blockchain activity and it was estimated that $259 million was spent in 2017 for businesses looking for a solution.
Do you think investing in cryptocurrency is secure? Does it have a bright future? Would you/have you invested in any?