Many investors are wary regarding the safety of cryptocurrency such as bitcoin, as it has shown volatility and proneness to hacking during exchanges.
– Right now, many are debating whether bitcoin is actually a currency or an investment
– Bitcoin has reached a high of $20,000 and less than $7,000 last April.
– Cybersecurity criminals are targeting bitcoin and cryptocurrencies.
Since there are no centralized regulations, and criminals can hide their tracks online, cryptocurrencies have been the victims of hacking.
Cryptocurrencies cannot rely on criminal or legal actions as well, since there is no physical commodity, like gold, backing them up.
Hackers will continue to target bitcoin so long as it becomes popular and more people use it to buy, sell and trade.
Having said that, the technology that was used to create cryptocurrency is still solid and have not yet given in, according to chief security strategist Nathan Wenzler.
One example of a failure story is that of Youbit, a cryptocurrency based in South Korea, which filed for bankruptcy last December.
Read more about the article written by Ellen Chang at – https://money.usnews.com