Article posted on : link to source
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. 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. On the other, it raises a security and regulatory issue that until recently, has flown somewhat under the radar.
With so much data stored on the internet, cryptocurrencies are inherently vulnerable to hacker attacks. 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. If you can solve the incredibly complex computational code, you’re rewarded with a cleared transaction equal to its worth. 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.
Yet, a recent incident has shed some light on the vulnerabilities built into the cryptocurrency …
Read More on Datafloq