Security and transparency have always been a couple of strong aspects of cryptocurrencies, even though, for the uneducated eye; these could represent just the opposite.
Over the past few years, many conflicting opinions have been developed regarding cryptocurrencies, especially Bitcoin, and whether it would really be safe to invest and preserve this currency as a viable option for obtaining goods and services.
While - like every aspect of technology - Bitcoin is subject to potential errors that could lead to the eventual loss or theft of them, there are many ways to avoid losing our savings in this cryptocurrency. From coincrispy, we will let you know the most common ways to lose your Bitcoin and more importantly, how to prevent this from happening.
Phone Hacking
In this mode, scammers manage to obtain the telephone numbers and other data of the Bitcoin carriers, then call the technical service of the respective operator and "steal" their identity. Then, they simply link a new device to that number and as a result, they gain access to users' cryptocurrency accounts. In this sense, it is necessary to support sensitive information offline in trusted places within our homes.
51% attack
While this has not yet happened, it has always been one of the latent dangers that have most unveiled the crypto community. The attack of 51% dictates that if any user were made with more than half of the computing power of the Bitcoin network, it could permanently alter the process of verification of transactions, which would allow him to spend the same money in more of a transaction. This, for the moment, seems unlikely, but in turn, it would be inevitable.
Device hijacking
This happens when the computers of the users are attacked by a cybernetic virus that can encrypt the files, with the hackers charging in cryptocurrencies the "reward" to decipher them. The way to avoid this would be to periodically back up all the information on the computers and save it offline, in addition to avoiding the payment of kidnappings. Recently, a South Korean web provider paid up to $ 1 million in Bitcoin to reverse a device hijacking.
Attacks on Exchanges
Recently several cryptocurrency exchanges have been affected by hackers, stealing users' funds and sometimes even manipulating the prices of a specific cryptocurrency. Also, investors could also lose their money stored in an exchange due to the freezing of bank accounts. To avoid this, it is important to carefully review the exchange in which the funds will be deposited, since several are currently developing customer protection policies.