Why Bitcoin and Blockchain Are ‘Relatively Safe’
In a report by Swiss multinational financial institution Credit Suisse, bitcoin and blockchain are deemed to be ‘relatively safe’. Bitcoin has some unique risks, the report noted. The value of the cryptocurrency has been three times more volatile than the price of oil and 11 times more than the post-Brexit exchange rate between the British pound and the U.S. dollar, according to the bank’s markets research department. Bitcoin transfers are also irreversible, so someone making a mistake entering an account number when making a payment will be out of luck. In addition, if a bitcoin user....
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Tim Cook, the CEO of Apple, has publicly endorsed encryption, saying that it’s good for public safety. During a yearly meeting for the Utah Technology Council in Salt Lake City, Cook said that “Encryption is one of the things that makes the public safe,” and reaffirmed his company’s unequivocal commitment to privacy and device integrity: “We feel we have a responsibility to protect our customers. We believe the only way to protect both your privacy and safety from a cyberattack is to encrypt. We throw all of ourselves into this and are very much standing on principle in this.” Apple has....
Only two decentralized exchanges on the list received high cybersecurity scores. 14 out of 25 decentralized exchanges, or DEXs, scored poorly in terms of cybersecurity according to a recent report. Source: CER.CER’s criteria included several factors such as whether a DEX underwent security audit, availability of bug bounties, and proper SSL/TLS certificates. CER deemed any score below 6 as “low” and thus “not safe”. Only two of the DEXs received a “high” score — Uniswap and Syntetyx.“It is important to note that 6 exchanges (24%) failed to pass a security audit or did not publicly announce....
Recently, business strategy and recruitment specialist Tal Newhart, spoke to PRNewswire about a case involving the physical theft of bitcoins perpetrated by a car breaker. In connection to this, CoinTelegraph has conducted a survey of experts to find out what the best ways to protect Bitcoin wallets are. There are different means of digital protection of Bitcoin wallets, such as multi signature, deep cold storage, hardware wallets or the BIP38 protocol. It’s up to to the user, which of these secure measures they choose. For example, security researcher and crypto enthusiast, Ryan....
It’s crucial to remember your seed phrase, which is a string of random words produced by your cryptocurrency wallet when you initially set it up. How to keep your seed phrase safeA crypto seed phrase in the wrong hands can do damage, so it is advisable to always ensure it is safe. The following are some tips for ensuring your seed phrase is secure.Never share your seed with anyone else: It’s extremely important that you never reveal your recovery phrase to anyone. Why? Because if someone else finds out your recovery phrase, they will be able to access — and therefore control — your crypto....