From the start, Bitcoin has been seen as something of a ‘behind closed doors’ asset. With SilkRoad and other black market sites been heavily Bitcoin dependent, the image has not been good.
While this has begun to change, and the general public has started to hear more positive reports, things are still touch and go. And the main cause of the loss of consumer confidence in the cryptocurrency is the almost incessant security breaches that plague the industry.
A quick summary
Because Bitcoin is a digital currency, the potential for hacking is extreme. Of course, this is also true of banking institutions that handle digital funds, but it seems more prevalent in cryptocurrencies. In fact, the total for stolen funds in cryptocurrencies crossed $1.3 billion—a massive amount of loss for an industry just ten years old.
And, for those who think the direction is positive, and security is improving, statistics show that more than 61% of the losses occurred in 2018. It seems that as values for cryptocurrencies increase, the…