Being a distributed ledger, blockchain can be used to secure monetary transactions as well as track and verify digital assets. However, even though cryptocurrency transactions are based on the blockchain technology, their security is still a questionable matter.
With over one billion dollars worth of cryptocurrencies stolen in the first quarter of 2019, we have the right to question the overall security of crypto transactions. Even though the blockchain technology already allows faster and cheaper transactions, the demand for additional security in this space has started to grow.
Are Cryptocurrency Transactions Really That Secure?
Since investing in cryptocurrencies requires using online platforms for the transactions and storage of tokens, there is always a certain amount of risk involved. For instance, irreversible transactions, errors in the process, or bugs in the system could lead to immediate loss of valuable tokens.
Theft and unauthorized payments are another risk that crypto users need to be aware of. Many cryptocurrency platforms rely on mobile applications, thus exposing the users to another potential vulnerability.
“We've seen some thefts around digital assets that make you scratch your head. We care that the assets underlying that ETF has good custody and that they're not going to disappear.” — says the SEC Chairman Jay Clayton.
Poorly secured smartphones can serve as a back door for hackers to access users’ credit card information and cryptocurrency wallet data. Even though blockchain as a distributed ledger and its altcoins are considered relatively safe, there are still certain parts of the transaction process that are vulnerable enough to cause a security incident.
For instance, even if trading cryptocurrency is as safe as it can get, users still have to connect their bank accounts to buy the cryptocurrency in the first place. It is this connection that is most targeted by hackers who are trying to get their hands on people’s sensitive financial data.
Secure Your Day to Day Monetary Transactions
The best way to secure your daily online monetary transactions is to start implementing safety measures against cybersecurity threats. From better password management to the use of advanced security programs, cybersecurity measures can help prevent incidents in time.
One of the most recommended safety measures is to use a VPN or virtual private network, especially when connecting to open and public WiFi networks. A VPN will encrypt your data and keep it hidden from hackers and third parties, whether you’re making online transactions, watching movies, or simply browsing the web.
Another way to secure your day to day monetary transactions is to leverage Kuverit, a modern P2P blockchain project that aims to provide optimal security for users’ funds. Namely, Kuverit provides a Guarantee Platform to individuals and corporations who need additional trading security.
With a target audience of over 780 million people, Kuverit aims to help as many blockchain users secure their two-way transactions in the most efficient way possible. The company is planning to negotiate with giants such as Amazon, eBay, and AirBnB with the goal to provide their audiences an additional layer of protection.