Cryptocurrency theft has flourished over the past few years and this is not fake. Over USD 1.40 billion was stolen in the first five months of 2020. If robberies continue to rise at this rate, 2020 may well become the second most expensive year in crypto history – behind schedule just behind last year’s record of USD 4.5 billion.
Hackers remain space protectors
According to CipherTrace, while developers of cryptocurrency, wallets, and exchanges are working hard on strengthening their defenses, hackers continue to outweigh them with their innovative tricks and tactics.
Take what happened with Binance, the world’s largest exchange, back in May 2018. Hackers who used a fatal cocktail of phishing, viruses and other attack vectors were sold over 40 million crypto assets. The hackers managed to get in and out with the digital assets in just minutes before anyone could put a finger on what was happening. And this is usually the case!
These transactions are happening so fast that the assets are long gone even before anyone speculates that they may no longer sit on the handsome pile they had just minutes ago.
While this is how the general trend has been in the past, one cryptocurrency, BTCV (Bitcoin Vault), has been able to produce a security solution that not only slows down transactions but also allows users to reverse them.
A New Concept
So far, the one problem that many crypto users faced was that they didn’t have the time or tools to rip off the attack in the buds. Because decentralized blockchains are irreversible, which means the recorded data cannot be deleted or reversed. Any transaction made on the blockchain is permanent and visible to anyone.
After studying this system gap and the nature of the attacks, BTCV developers began working on ways to improve the penny’s security features. And, after a whole year of research and development, BTCV was able to launch its 3-Key Security Solution.
Powered by three private keys, this security solution gives users time to react to an attack. It also gives them the tool and authority to cancel any unauthorized transaction within the 24-hour window, which was previously impossible to do.
A Promising Future
Using the three-key technology promises mass adoption, as it solves the problem of losses to theft. In recent years, individuals have lost a great deal of wealth because their devices have been lost or stolen and transactions have been carried out. In other cases, plain carelessness has resulted in a loss of money where the sender carries out a transaction that contains an incorrect address.
Many people have been hesitant to join the cryptocurrency world because they fear the fact that there is no possibility of reversing or canceling initiated transactions. This is a luxury they enjoy only with the traditional banking system.
Bitcoin Vault is the coin of choice for people with doubts stemming from the irreversibility of cryptocurrency transactions. The sender and receiver are at ease when they know that fund transfers can be canceled.
This is a sponsored post. Learn how to reach our audience here. Read the disclaimer below.
Image Credits: Shutterstock, Pixabay, Wiki Commons