On January 26, hackers infiltrated a Japan-based cryptocurrency exchange company known as Coincheck, stealing around 58 billion yen, which equates to around $532.60 million. Yet, a recent incident has shed some light on the vulnerabilities built into the cryptocurrency system. Though there has been some pushback and controversy surrounding this approach, with some critics claiming that the rich are the only ones who can afford the highly technical computer systems required for code-breaking, it remains the primary means of bitcoin wealth building outside of private buying, trading, and selling. If you can solve the incredibly complex computational code, you’re rewarded with a cleared transaction equal to its worth. At their core, they’re designed to be accessed by those with the computer knowledge to professionally and ethically crack the code protecting the assets, gaining access to the units. With so much data stored on the internet, cryptocurrencies are inherently vulnerable to hacker attacks. On the other, it raises a security and regulatory issue that until recently, has flown somewhat under the radar. On the one hand, that makes it highly attractive, as it’s less affected by the ebb and flow of the economy and transactions can be made quicker. Whether it’s Bitcoin, Ethereum, or a slew of industry peer competitors in between, the main appeal of cryptocurrency is that it’s unregulated by the government or central banking system.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |