Digital currencies such as Bitcoin and Ethereum have wide use and application. The fact that many people have started adopting them has attracted malicious players such as fraudsters. These cybercriminals have caused the industry a lot in terms of lost funds. That's not all. The negative publicity attributable to cryptocurrency scams is responsible for the loss of interest by many investors. It is also responsible for the reluctance by some institutional investors to support the cryptocurrency ecosystem or invest in the coin market.
According to a report by the Bitcoin Magazine website, $3.25 billion was lost to fraudsters in 2018. It is not certain how these figures were calculated but what is obvious is that billions are lost annually to scams since Bitcoin and other cryptocurrencies were made popular by ICOs and other fundraising schemes for startups.
What is Phishing Attack?
In this article, we shall look at some of the hazards associated wit...
Since its launch, bitcoin and other cryptos have accumulated a 5% user adoption. The same source shows that crypto expects a 20-50% user adoption by 2030. However, this may be far out of reach for the crypto world if the underlying privacy issues will not be fast addressed. Privacy problems have cost the crypto world fortunes, and it will continue to do so until the issues are resolved.
Although the crypto world has for long proven to be the most private of the financial systems, its permanent databases and transparency are a threat to individuals and companies. This has hindered the adoption increase of crypto since companies and individuals want the privacy of their data and payment information. So, what role does privacy play in crypto adoption? Keep reading to find out more.
Problems Facing Crypto Privacy Today
Bitcoin transactions are recorded on a public ledger. They can, therefore, be linked to show the transaction information. Users on the blockch...
The popularity of Bitcoin soars with price, naturally. In fact, the digital currency owes the attention and adoption to the 2017 bull market when the coin ended the year at nearly $20,000. It has since experienced a bear market, especially in 2018 when the price dropped to nearly $3000 and in 2023 when the price dropped to nearly $3500.
However, 2023 may yet prove another attractive year for Bitcoin as January has already proven to be the first month for the premier currency in 7 years.
Bitcoin as a Hedge
Cathie W., the ARK founder stated recently in an interview that she has great confidence in Bitcoin as the digital gold among cryptocurrencies. She maintained that the fact that Bitcoin rose in dominance from less than 30 percent during the bear market to more than 70 percent at the moment is an indication that it is the reserve currency of the coin market.
Cathie is someone that you should listen to as far as investment advisory is concer...