The biggest theft in the history of cryptocurrencies

Everyone is familiar with the new concept of the digital economy that is carried out through cryptocurrencies. The information that comes from the most diverse media is presented, at times, as the currency of the future and, at other times, as an asset about to collapse. The question is, is it safe to invest in digital money?

For those who still do not know what cryptocurrencies are, suffice it to say that it is a type of exclusively digital currency, which only has exchange value within the internet. Cryptocurrencies are digital assets that use cryptographic encryption to ensure the ownership of their owners, the integrity of any transaction, as well as prevent anyone from copying these digital files.

The main risks of investing in cryptocurrencies

How to avoid losing money buying Bitcoin, Ethereum, Litecoin, Dogecoin, or some of the more than 10,000 virtual currencies that exist in the market should be the main question that anyone who is interested in investing in these digital assets knows how to answer. To be sure, in this sense, the following recommendations must be followed.

Not make mistakes

The director of the cybersecurity company Kraken, Nick Percoco, cautions that the main factor to consider when deciding to take this step is individual responsibility.

This responsibility, considered a fundamental characteristic in the movement of this type of currency, comes to warn that sending assets to a certain address is an exclusively personal action that will have no solution if it is carried out in the wrong way. There is no one else, no association or entity to claim the error or ask for damages.

Therefore, training should be one of the first and inevitable steps before starting to invest in cryptocurrencies. A reality that is not carried out effectively anywhere. The investor himself will have to find and hire an academy or course that offers him an appropriate training quality.

Cyberattacks

This is another of the alleged risks involved in working with virtual money. However, the security of cryptocurrencies is enormous, so much so that it would take more energy to try to steal bitcoins than to produce them. While it is true that the weakest part, the electronic wallets that each user owns, is the target of the attacks. This theft is carried out using identity theft techniques, which are easier for hackers and other thieves. There are specialists who can figure out passwords for online exchanges and wallets with some ease.

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An attack on the blockchain

It is a rare feat, since for the blockchain to be compromised, it must be carried out with a consensus attack , that is, 51% or more. In this type of aggression, an individual with bad intentions must take control of half of the cryptocurrencies in order to handle it. A rather unlikely situation, but if it were to be fulfilled, its effect would be useless. And it is that users seeing this danger nearby would sell their coins to go to another chain of blocks, so the thief, even having all the coins in his possession, would not know what to do with them, since he would have no demand.

What is the blockchain?

Blockchains eliminate the action of banking intermediaries, since they decentralize all exchange management. With this system, digital money, which are cryptocurrencies, is left in absolute control in the hands of the users, not the banks. The owners of the cryptocurrencies become a node in a system with billions of other nodes that make up, broadly speaking, a huge bank. Each one of them is the absolute protagonist of their money in the manager of the account books of that great bank.

In short, it is a huge logbook in which each record counts as a block, linked together and securely encrypted to maintain privacy in all transactions. To understand it more easily, it could be said that it is a distributed and very secure database due to its encryption, which is applicable to any type of transaction, beyond the purely economic ones.

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