Many have crowned the blockchain as a miracle of cyber security. Data storage and safe transaction space are the key elements that make this technology one of the greatest feats of innovation since the internet itself. However, just as when the internet first became mainstream, people saw the grandeur of it, but neglected to think that even the latest and greatest developments all have inherent weaknesses. This article aims to help you understand how to stay safe while on using the blockchain.
In the earlier years of blockchain technology, when the only cryptocurrency was Bitcoin, the threat of hacking virtual wallets and exchanges was rampant. This was to be expected as, at that time, hacking technology far out-ranked the technology that had been developed for the blockchain. Since then, the technology we all know and love has truly become one of the safest and most secure forms of interaction on the web. Nowadays, there are far more ways of keeping yourself safe while using a blockchain than before.
The number one method to keeping yourself safe is choosing the right blockchain to work on. Think of it like buying a house. The neighbourhood you base yourself in will very much reflect the life you will live in that house. We all remember Dogecoin; the crypto created entirely as a joke that took off like a rocket in 2014. Investing in cryptocurrency is like investing in any other commodity; its value depends very much on what people are willing to pay for it. You wouldn’t pay good money to live in a house built on a marshland, would you? In this time, when people are crazy for a great new opportunity, it’s easy to see something skyrocket only to be left for dead within a week. Enter the curse of the ‘pump and dump’ scheme.
“Pump and dump” is a term used by investors to describe the illegal practice of buying up massive quantities of essentially dead shares to make it appear profitable. This is difficult to see if you have not properly done your research. A company may change hands and suddenly get an influx of capital, or decisions made in a small company may suddenly affect the overall stock price. However, it is important to understand that ‘pump and dumps’ have nothing to do with these internal decisions and rather are people who are purposely making a share, or in this case crypto, seem attractive when in reality it has no true value other than the mass buy up of the product at hand. This issue is becoming increasingly large in today’s crypto market. Developers create a coin without any real backing, make it appear super valuable, investors rush to the opportunity to make some money, and suddenly the original investors sell all their coins for profit; bringing the price down to near nothing.
Whether you’re a HODLer or in the midst of FOMO, don’t be concerned. The best way to avoid getting tricked into making a bum investment that leads nowhere is to do your own research. Never make hasty decisions and don’t be fooled by the charts. There is plenty of time for money making. Always make sure your choices are the right ones, and the money you are putting down is on a smart bet.
A much bigger issue, that is still very much alive in today’s blockchain world, is hacking. Hacking is something that has always been an intrinsic part of the online world, and let’s face it, it’s not going anywhere soon. When big money is involved, there are always those who are out to get as much of it for free as they can. Consider hacking, in this respect, as a kind of anti-investor. Rather than putting money down, waiting for it to grow into something and then selling, hackers look for what’s already hot and find vulnerable wallets to break into. Then, they steal hard earned cash from under investor’s noses. The major issue involved in this is that the decentralized nature of blockchain, the thing people tout as the greatest breakthrough of the technology, also takes away your chance to report losses to any major authorities. If you put money into cryptocurrency, for the most part, you’re on your own. This brings us back to our previous argument, choosing the right neighbourhood is just as important as choosing the right house.
So, where is the best neighbourhood today? Well, most people would say the best bet is in Bitcoin. It has the age, the recognition and the foundation. Although all these reasons are good ones, not everyone can afford to live in the Beverly Hills of the crypto world. Fret not. There is a crypto out there that has got the foundation, the team and is as cheap as it can possibly be right now.
ILCoin has half the age of Bitcoin yet over twice the development; a genuine bargain trading at anywhere from 0.04c to 0.8c [USD] this past week. That is a great deal anywhere you go! You could turn around and say, “But what about that security that you’ve been going on about this whole time?” A bit of research will lead you to our website ilcoincrypto.com, and there you can find out all about our new developments in blockchain technology. Not only are we making it easier for you to store and retrace data, but the new C2P and RIFT Protocol released in 2019 make it easily one of the safest chains on the market; the only blockchain with Palo Alto recognitions in security. That is a phenomenal amount of security to protect the ambitious project that we’re building. It may seem like a small neighbourhood to raise some capital, but it is an investment of a lifetime that will someday soon rival the market caps of big shot names like Ethereum, Litecoin, and yes, even Bitcoin.
Security is what all of us long for in life. Your investments can now find a safe home with us at ILCoin. This is the blockchain future we are looking at, and with safety from hacking and other illicit activities like pump and dump schemes, you can rest easy knowing that making healthy returns on a smart investment is possible with our blockchain.