Bitcoin hacking is a problem. A huge problem in fact. The world woke up to how widespread Bitcoin hacking was when the Mt. Gox bitcoin exchange based in Tokyo, was hacked in 2014 and 850,000 bitcoins stolen.
The Mt. Gox hack was the biggest in history… so far, but there have been countless other high profile crypto hacks happening on an all too regular basis. By the end of 2017, some $400 million worth of funds were stolen from $3.7 billion raised in ICOs between 2015 and 2017. Bitfloor had 24000 bitcoins stolen from a hack. Bitstamp had 19,000 BTC stolen from a hack and in August 2016, Bitfinex was hacked and 120,000 bitcoins stolen.
The difficulty with blockchain technology is that it is still very much an unknown quantity. If it’s possible to hack big exchanges, then it is possible to hack anyone and steal their Bitcoins. Well, one guy is trying to change all that.
CoinSafety is the brainchild of George Schiro, a software engineer working in the field of digital identity management. A holder of Bitcoin himself since January 2014, George worked on solutions to the increasing number of hacks of digital currencies.
The release of his MakeCoinSafe guide provides the broadest guide yet to preventing hacks. The easy to follow steps ensure the safety of digital wallets and prevent hacking of any kind. Designed for those already holding a cryptocurrency, George Schiro’s guide provides a way to have your own bank, where the money is secure and in your possession 100% of the time.
Although designed more for holders rather day traders of Bitcoin and other cryptocurrencies, and for those that already know what is Bitcoin, the guide offers a lot of use to the majority of Bitcoin owners.
Hacking is seen as one of the biggest obstacles to cryptocurrencies like Bitcoin, being taken seriously by the public at large as an alternative to fiat money. Security in the blockchain world is yet to be fully developed. As more advancements in blockchain occur and the world is still very much in its infantile stage as far as blockchain and cryptocurrency world are concerned, security measures being implemented are not catching up quick enough with the blockchain developers.
With the number of ICOs increasing and the amount raised by ICOs so far this year ($6.3 billion) already surpassing last years $5.6 billion total, the public appetite for all things crypto is certainly not waning. Security is increasing and that is helping with crypto take up in general. It’s good that George Schiro provided his guide to prevent hacking as it can be prevented and should be prevented.
Author: Jacob Maslow