The main problem in the world of cryptocurrency — what is it? The answer of the representative of the largest

Philip Martin of the American crypto currency exchange Coinbase seriously set a goal to distribute knowledge within kryptonese. According to him, users of cryptocurrencies should be fully aware of the need to use a complex password and with full responsibility to treat the safety of their bitcoins. To educate — a task extremely difficult. Especially if you need to explain to the clients whose money ultimately depend on how complex the password they use and how well they remembered it. And this is not to mention the safety of private keys.

About the problems in the industry, Martin said on a personal example.

We are overdue a serious problem. We have an international cryptocurrency company that is trying to figure out how to talk about security so that this is understood and accepted people of all ages from San Francisco, Japan or Europe. To attract attention so that people really think how important it is.

According to Martin, financial companies need to learn how to work with encryption on a daily basis. The average Bank cyber defence is often limited to only two points: masking of personal information such as social security numbers and protection of the web site.

Source: CNBC

In turn, cryptocurrency wallets and services in this respect are very different, since encryption plays a fundamental role. And according to Martin, who previously headed the Department of information security at Palantir Technologies and counterintelligence, U.S. army, for many people it is a wonder, especially for complete newcomers to the cryptocurrency topic.

Here the possession of a private key means the possession of money. These keys have no expiration date — as long as it exists and belongs to you, you have control over your money. If this is not possible, the key is to re-create, or ask someone to give you a new one. If you lost it or someone stole it, the money you will not return.

All this increases the risks associated with theft of sensitive data. It is much more serious than if someone learns your social security number. The consequences will be much, much worse. Accordingly, as noted by Martin, this provokes or attacks on more aggressive methods. We already wrote how people drown each other in the bathroomto get the key to the crypt.

Source: 2Биткоина

See also: How to store bitcoins and other cryptocurrencies?

Given such serious implications, Coinbase decided to work on a new security system, which primarily means thought out educational process for clients. It is important the most accessible and understandable language to explain to them how to store the keys, what to do with passwords and other important information to their account remained out of reach for hackers and thieves.

It is important to explain to every newcomer how to interact with this ecosystem. How is the protection of sensitive data in the cryptocurrency industry from password protection to, say, social networking? The traditional banking system in this respect has the advantage of reversible transactions. The blockchain is impossible to reverse the transaction or request a chargeback or chargeback.

Bank customers are more likely at risk to be deceived by the banks themselves or become victims of unfair business. In Scripturally in turn, you can always call the scammers submitted to the employee, for example, Coinbase, and report any problem that can be solved only if you provide your confidential data.

In the end, the biggest problem of the crypto industry can be considered a security issue and the attitude of the holders of coins. I hope that over time the percentage of educated fans of the crypts in this issue will increase significantly.

Coinbase is one of the largest cryptocurrency platforms for trading and payments. At the moment its market capitalization is estimated at $ 8 billion and accounts for about 250 thousand bitcoin transactions per day.

In our cryptodata you will find lots of other useful information.

Subscribe to our channel in the Telegram. And keep your cryptocurrency safe!

Leave a Reply

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