A few surefire ways to lose your cryptocurrency (Topic)

World Of Topics » Science » A few surefire ways to lose your cryptocurrency

A few surefire ways to lose your cryptocurrency


According to the majority of ordinary users, blockchain technology is highly reliable. Using hash functions with digital signatures, unpredictable transaction IDs, and the ability to trace the transfer of funds seem reliable at first glance.

This was the case, while bitcoin was worth several tens of dollars, was little-known and did not attract unhealthy interest from hackers. Over time, vulnerabilities have been discovered in storage technologies, and additional security measures have played the opposite role: coins sent by mistake or lost passwords do not allow you to return funds to your accounts.

Why Lose Cryptocurrency

In fact, there are many reasons why digital asset owners lose their funds. All these reasons can be roughly divided into three large groups:

  • Fraudulent actions by intruders.
  • Carelessness and carelessness of the owner.
  • Hacking and hacker attacks on cryptocurrency storage locations.

As is the case with fiat currencies, you can significantly reduce the risk of losing your funds by following some simple rules. You can do the opposite, and with a high degree of probability, you will lose digital money.

Fraudulent schemes

Phishing emails or websites are a fairly common way to trick data to access a wallet or account on a cryptocurrency exchange. For example, attackers fake the domain name of popular exchanges by changing only one letter in the address. Users are sent letters with forms for entering passwords to log into their account and promises of bonuses or offers to take a paid survey. All entered data becomes the prey of scammers who immediately withdraw funds from users' wallets.

User's fault

Fraudsters do not always cause the loss of cryptocurrency. Users often lose their savings on their own due to their carelessness. The loss of a password from a wallet almost always deprives its owner of access to money. You can restore a wallet using a seed phrase, but they also successfully lose it. An incorrectly specified transfer address also deprives the sender of his coins. An incorrectly specified commission amount can empty a wallet just as reliably as hackers.

Technical vulnerabilities and attacks

If banks with their multi-level security systems are hacked, then God himself ordered the hacker to hack the cryptocurrency exchange or the site of the mining pool. Nobody is safe from hacking, so it is better not to keep all your funds in one wallet or one exchange. Some of them can be transferred to a desktop wallet, using two-factor authentication and passwords resistant to cracking.

We should also take care of high-quality antivirus protection for your computer, since many spyware viruses remember keyboard sequences when entering passwords and send them to the author of the malicious program.

There are viruses that change the wallet address for another. As a result, the money goes to the developer of the virus, not the intended recipient. It is advisable to use a less "leaky" operating system than Windows to work with cryptocurrency. For example, Linux or macOS.

The Topic of Article: A few surefire ways to lose your cryptocurrency.
Author: Jake Pinkman