I have been following Bitcoin from 2012 and I love the Blockchain technology. Having said that i have many security concerns about Bitcoins and how a major Hack can literally tip down the price of Bitcoins back to 2012.
If you just Google "Bitcoin hacked" you will see every day there is some exchange getting hacked or people have found some security holes.
In Cryptocurrency Security is very central aspect of Blockchain. If you are a hacker, you steel information and then sell that information on the Darkweb or you need to find a third party to sell that information. There is lot of risk involved even if the hacker has very critical information like Personal identity, Credit card info, Intellectual property, Or Military Information. Its hard for the hackers to find a buyer who can accept the risk and pay him with legitimate money.
But what about the cryptocurrencies and bitcoin..? Bitcoin is the value on to itself. Like the verses of any HolyBook the value is embedded in the information. This is good news for the Hackers they need not spend any time in selling the data that they have stolen.
Hackers are good in scanning your network and find all the loopholes in your system and once they are in your network,
they start to study you and analyze your behavior and after which they strike with full power. The recent ransomeware attack is one good example. They encrypted your data and demanded Ransom in Bitcoins.
(
Majority of the time I have noticed my friends keeping their Bitcoins on their phone. Our phone are defiantly not the safe place to keep digital asserts. first its always connected to the internet, 2. It knows where you are at all times and many popup ads and porn sites can install spy wares and keyword recorder which transmit your person date to a remote location.
This video shows and explains how easy it is to hack a phone and get all your personal information.
Its always too late when you find out about a hack. So what i feel is when there is compromise on any of the major exchanges and if 2% of the people loose their coins this will create a immediate ripple effect over the entire Blockchain community and since its really easy to sell Cryptocurrency we can see a big drop in price.
Please let me know your Thoughts :)