Crypto investors and enthusiasts might feel a little insecure about the security of cryptocurrencies before investing in them. If you are an investor or are about to make your first investment, you must wonder what might happen if the cryptocurrencies that you invest in undergo a shutdown or suffer an attack from hackers around the world. know more about bitiq by clicking here: https://bitiq.org/
Previously, some governments have also banned the use of cryptocurrencies under their jurisdictions. This came as a shock and a fear to crypto investors as other countries and governments might follow suit.
While individual governments and jurisdictions have the right to ban the use of cryptocurrencies in their countries, there is no single authority that holds the reigns and that can shut down the complete cryptocurrency market throughout the world.
Benefits Of The Blockchain Technology
Most cryptocurrencies get their high security from the blockchain servers that they are made on. The blockchain system is decentralized and is not owned by a single entity. Blockchains usually have a decentralized structure which means that the blockchain network is cannot be controlled by a single entity. Instead, it is a digital spreadsheet that is shared by multiple owners and miners who are present around the world. Therefore, multiple miners and users at different nodes ensure the network’s security and continuity.
What Threats Does The Crypto Market Face?
Without a single entity controlling blockchain technology, it is very difficult and nearly impossible for a foreign entity to hack into the system. Unlike traditional centralized currency systems that are controlled by a particular government and certain ruling bodies that decide the fate of a currency, decentralized currencies are very difficult to hack into or interfere with.
Therefore, most cryptocurrency investors invest in a secure wallet of the interface that helps them securely manage and keep a track of their investments like the Bitcoin Trading Software. Due to decentralization, these wallets are much more secure and can be accessed from anywhere in the world. However, you might want to check the transaction and service fees that certain wallets charge to determine what is best for you and your strategy to invest and earn profits from Bitcoin and other cryptocurrencies.
What Happens If A Hacking Attempt Is Made On The Cryptocurrency Network?
If in case there is a hacker who tries to infiltrate the system, they will have to hack into at least 51% of the computers that are connected to the network at different nodes that are scattered all around the planet.
This is almost near to impossible as each hacking attempt into each computer will alert the miners and network authorities to look into the threat and secure their systems.
What Does A 51% Attack Entail?
If a hacker obtains access to a majority of the computers that make up the entire cryptocurrency network, there is a chance for that hacker to interfere with transactions and change and rewrite the transaction log leading to a loss of control over the entire bitcoin network. Realistically, this is impossible due to the wide range of scattered computer nodes and systems present all around the world.
Can The Crypto Network Be Turned Off?
Being a digital asset, the existence of cryptocurrencies relies largely on electricity and the internet. Therefore, if there was a significant breakdown in either the electricity supply or the internet supply throughout the world, the cryptocurrency market and services might shut down for a short time till it is restored. Because this has never happened before, there are high chances that either of these might never happen.
Can Cryptocurrencies Get Stolen?
Cryptocurrencies are at risk of getting stolen if they are in a place that is not secure. Most spaces and websites do not take strict precautionary measures and therefore end up losing someone’s assets. Secondly, storage spaces such as ‘hot wallets’ that are connected to the internet are one of the easier ways for hackers to access and steal digital assets that are not fully secure. While a hot wallet might be vulnerable to hacking, it is also important for the investor to check a wallet’s credibility and security to make sure that it is fully secure and safe from hacking.
In conclusion, while shutting down crypto is highly improbable, there are miraculous ways in which it can be done therefore, you must always be vigilant and strategize and investigate for the most secure and reliable sources of transaction and storage to keep your assets secure!