Bitcoin Is Becoming Too Stronger

955 WordsMar 31, 20174 Pages
Due to the rapid development of a cryptocurrency environment, the value of Bitcoin is becoming even stronger. Unlike other digital currency, Bitcoin is constantly showing its positive dynamics in terms of price and public acceptance. It becomes obvious after recent exchange rate increase, which is 1113.5$ now according to However, the ever-widening popularity of Bitcoin has resulted in more frequent hacking attempts towards cryptocurrency-related service providers. Cryptocurrency exchanges are no stranger to various hacker attacks aimed at activity disruption and virtual money theft. Being a major bitcoin pool, they are always subject to cybersecurity risk and threat. Breaking news from cyber security world Hardly had the…show more content…
CryptoCurrency Security Standard can make a real breakthrough in the world of digital money if approved by the public. While this one-for-all security approach is under consideration, bitcoin exchanges are working their way forward. They are getting to grips with the hackers by all appropriate means. Caution is the parent of safety Following the lead of the most trusted and reliable platforms, one may define essential security aspects, which are obligatory for implementation. Multi-factor authentication Most Bitcoin exchanges employ this strategy to add another level of security to their systems and thus set additional barriers for intruders. To access the wallet a user needs to go through several phases of the verification process to be approved by the system. Authentication credentials include information about something a user knows, possesses and is identified by. Generally, the user identity is validated after providing a proof in the form of a secret token or one-time code together with his username and a password. Multisignature To make Bitcoin transactions safe and hard to intercept, it is essential to apply multi-signature approach. This technology requires the participation of several users while transferring bitcoins from one account to another. The transaction is finalized only when all involved users confirm it with a unique

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