Press "Enter" to skip to content

Why Crypto hackers shoot themselves in the foot.

So one of the dangers of storing your crypto in an online exchange is the exchange may be vulnerable to hacking, as we’ve found by a South Korean exchange getting hacked, this resulted in a drop in the price of Bitcoin. Obviously those that hacked the exchange did not realise that the gold they were stealing from the bank (so to speak) would drop in value when they had cracked it.

They don’t realise that if they continue to carry out these attacks that they could eventually kill of cryptocurrency as a lot of the price of it is based on confidence, something that the currency itself actually has, but will diminish as many people don’t understand that you don’t need to be registered with an exchange to hold crypto and you can in fact hold it on your phone, in a wallet, or on your pc/mac.

So great care must be taken if you are keeping your crypto in an exchange, if you can find something regulated like Coinbase, you are much less likely to lose your money.

Be First to Comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    (C)2015-18 UK Bitcoinblog.com/Paul Clevett all rights reserved.