Cryptocurrency, a fascinating piece of technology, is considered a potential curse on bankers as it has the potential to render them obsolete. The way the internet of things (IoT) and data technology, revolutionized information, cryptocurrency does the same for money.
Criminals have taken advantage of this platform to commit crimes against innocent internet users. Transactions are free of charge, and users enjoy a lot of anonymity. You can still lose your password or money by paying the wrong person. A computer security course can help you avoid becoming a victim of cybercrime.
Money can be described as the catalyst for the best and worst human endeavors; it has been vital in global economic growth. The recent invention of Bitcoin, the first cryptocurrency, has made money to exist virtually or digitally, and each transaction is secured using cryptography. Digital money can be created, stored, and exchanged online, just like regular money.
Unlike ordinary money, which bankers create, cryptocurrency is based on mathematical truths that stand alone. In the real world, you rely on 3rd parties like banks to keep track of money as it moves from one account to another, and they usually charge handsomely for that. These middlemen are removed, making cryptocurrency cheaper.
A cryptocurrency like Bitcoin has an open-source code that is readable and shareable. Anyone or everyone can use the code; any change made to it is open and transparent. The deregulation of cryptocurrency attracts criminals who enjoy being anonymous while defrauding someone.
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Fake money can be invented but creating a counterfeit cryptocurrency is impossible. This may be the biggest win cryptocurrency has against money. Every system has a flaw that criminals can exploit. No one person, institution, or government keeps tabs on any transactions made on the cryptocurrency platform. Activities like money laundering are easily carried out without governments noticing. The anonymity found when using cryptocurrencies has boosted businesses that involve illegal drugs and pirated items. Businesses that accept bitcoins as a form of payment also face risks that could affect their daily operations. These information technology security concerns may arise from:
Crypto cybercrimes have recently skyrocketed since this type of currency provides the kind of camouflage criminals are attracted to. Even though crypto is a game-changer, its security has to be enhanced to protect its users and their personal data. By visiting IronHack and taking a course in computer security, you will be able to protect yourself and others from any form of cyber-attack. The course could also be a career changer for you since there is a current need for cybersecurity professionals.
Any crypto user has to check for red flags before putting money on a website in the name of crypto investing. Having prior knowledge of cybersecurity is vital, it becomes crucial when using platforms like Bitcoin and other cryptocurrencies.
Even though the cryptocurrency has high levels of anonymity, do not forget to report any fraud or other suspicious activities involving cryptocurrency to bureaus such as the Federal Trade Commission (FTC), The Commodity Futures Trading Commission (CFTC), and U.S. Securities and Exchange Commission (SEC).
With emerging technologies like cryptocurrency, some knowledge from cybersecurity will help you enhance your virtual protection. A school like Ironhack offers courses in cybersecurity, web design, UI/UX, and data analysis. Check them out!
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