How Safe Is Your Transactions with Cryptocurrency

Last Updated on August 5, 2020 by

What comes to your mind at the mention of cryptocurrency?

Let me brief you, Long ago cryptography was used to send and receive confidential messages and till date we still does. The next question that will pop through your mind now is, how do we still use cryptography. Do you have a bitcoin wallet? you have one of Altcoin wallet? if your answer is yes then you still make use of cryptography but only difference is we use cryptography in the form of currencies for online transactions. Cryptocurrencies in a short definition can be said to be the network that helps one to make a safe online transaction.


How Cryptocurrency works

There are lots of people (peer) using cryptocurrency around the world, once we make a transaction using one peer, the data will then be recorded in all other peers for making a safe transaction in the future.

One big question almost everyone using Cryptocurrency is curious to know is “Is Cryptocurrency Safe for Online Transaction?” the answer is yes and no, so why no?

I said yes and no because there are chances that black hats may hack the cryptocurrencies and create a confusion. Think of it this way, why do we fence our compound? good reason for it is we need a strong shield to protect us from damages and theft.

The same applies to our data, we have to be very careful because information is the greatest of all wealth. When exchanging cryptocurrencies online, you need to make sure that you are transacting only through secure, reputable and trusted platforms

Though cryptocurrencies seems very safe, there are many chances that they may get hacked. This is why you need extra step to protect your cryptocurrencies, the investors and the party must take steps to guard them individually.

Because being cautious is not fear

Blockchain and VPN

What is a Blockchain

Bitcoin and altcoin use blockchain from their end to protect your data. A blockchain can be described as a network where your transactions will be stored in a box and once the box is filled up, your data will be stored in the next available box, the step continues hence a block chain is formed. Your data will be stored in different boxes making it very difficult for hackers to attack your data

What is a VPN

A lot of cooperate and private organization and even the governments are using VPN to secure their data. VPN is widely available for commercial use. It can secure your data from getting leaked.

You should be on the know that hackers always try to monitor traffic to hack data. Prior to this, VPN acts as a shield to protect your information from unknown sources other than the sources you need access to.

Cryptocurrencies remains the safest ways to do online transactions and investments. You just need to be careful, try to make a backup on your device after every transaction.