Bitcoin Is Becoming Too Stronger - 955 Words

Due to the rapid development of a cryptocurrency environment, the value of Bitcoin is becoming even stronger. Unlike other digital currency, Bitcoin is constantly showing its positive dynamics in terms of price and public acceptance. It becomes obvious after recent exchange rate increase, which is 1113.5$ now according to CEX.io. However, the ever-widening popularity of Bitcoin has resulted in more frequent hacking attempts towards cryptocurrency-related service providers. Cryptocurrency exchanges are no stranger to various hacker attacks aimed at activity disruption and virtual money theft. Being a major bitcoin pool, they are always subject to cybersecurity risk and threat. Breaking news from cyber security world Hardly had the†¦show more content†¦CryptoCurrency Security Standard can make a real breakthrough in the world of digital money if approved by the public. While this one-for-all security approach is under consideration, bitcoin exchanges are working their way forward. They are getting to grips with the hackers by all appropriate means. Caution is the parent of safety Following the lead of the most trusted and reliable platforms, one may define essential security aspects, which are obligatory for implementation. Multi-factor authentication Most Bitcoin exchanges employ this strategy to add another level of security to their systems and thus set additional barriers for intruders. To access the wallet a user needs to go through several phases of the verification process to be approved by the system. Authentication credentials include information about something a user knows, possesses and is identified by. Generally, the user identity is validated after providing a proof in the form of a secret token or one-time code together with his username and a password. Multisignature To make Bitcoin transactions safe and hard to intercept, it is essential to apply multi-signature approach. This technology requires the participation of several users while transferring bitcoins from one account to another. The transaction is finalized only when all involved users confirm it with a uniqueShow MoreRelatedThe Current Banking Industry Environment Essay1960 Words   |  8 Pagesthem a good reputation, and all have differentiation strategies in place to create competitive advantage for themselves. Using these strengths, the banks reduce business risk. A key relative weakness of these top four firms are that some banks relied too much on the US bank market rather than be completely global, which increased their business risk because now, if the market is affected negatively in some way, these banks lose money because their revenue diversification is limited. Other key relativeRead MoreMarketing and E-commerce Business65852 Words   |  264 PagesCase Study: Orbitz Char ts Its Mobile Trajectory CHAPTER 5 E-COMMERCE SECURITY AND PAYMENT SYSTEMS Opening Case: Cyberwar: MAD 2.0 Insight on Business: We Are Legion Insight on Technology: Think Your Smartphone Is Secure? Insight on Society: Bitcoin Case Study: Online Payment Marketplace: Goat Rodeo CHAPTER 6 E-COMMERCE MARKETING AND ADVERTISING CONCEPTS Opening Case: Video Ads: Shoot, Click, Buy Insight on Business: Are the Very Rich Different From You and Me? Insight on Technology: The