How Secured is Bitcoin?
Bitcoin transactions are highly susceptible to scams and major frauds. Though they are useful, bitcoin should be only kept and managed through wallets, that the user can control. Bitcoins transactions are virtual, and this is the primary reason, for so many deceitful activities and scams around it. These scams are hard to trace, monitor, and investigate. Bitcoin itself is safe and secure, only when stored in the user wallet.
The Colossal Twitter Scam
Bitcoin came to the limelight in recent times, and this time it is for a massive fraudulent activity. On 13th July 2020, reportedly 130 high-profile Twitter accounts were hacked by external parties to execute a terrific bitcoin rip-off. There was a hacking executed through Twitter, where top-notch accounts of Joe Biden and Bill Gates misleadingly tweeted requesting for bitcoins. Fortunately, such fraud transactions were blocked successfully. Cryptocurrency exchange Coinbase jammed millions of pounds worth of bitcoins getting transferred to the scammer’s accounts.
How Bitcoin’s reputation got scared?
Bitcoin has made global headings again because of the current Twitter scam, and this time, the company needs to work harder and pay heed to defend Bitcoin’s truthfulness, and the growth of the cryptocurrency domain has already made.
The synchronized social engineering attack scammed the Twitter accounts of eminent personalities and companies such as Microsoft, Amazon, Tesla, and the U.S. President. Bitcoin accounts of Amazon owner Jeff Bezos, Microsoft co-founder Bill Gates and earlier United States President Barack Obama and 2020 U.S. presidential contender Joe Biden were attacked and were asked for forged transactions. This news spread like a forest fire and in no time every reputed media house like BBC and New York Times highlighted the news, citing it as Bitcoin Scam. This tweaked headline scarred the brand and industry and put all the trust of the Bitcoin users at stake. The repute and faith that Bitcoin grew for itself since its inception in 2009 shook overnight.
Bitcoin Put it Straight and Clear
Bitcoin as a company stood steadfast and headstrong defending this scam and cited all reasons and clarifications publicly to justify how Bitcoin is not a part of this fraudulent activity. It was declared by the company that Bitcoin is not accountable for the scam and Bitcoin did not get hacked. Twitter is an autonomous organization. It possesses all users’ useful information, facts, account details, and statistics in one location. To get admittance to these Twitter accounts, the hackers decoded Twitter’s centralized record and database. So, nowhere Bitcoin as a company stands accountable.
Bitcoin firmly clarified and justified their accountability and assured their customers of the safety and security of their cryptocurrencies with the company.
On 9th July, 2020, there was an uproar on Twitter as an Israeli Cyber Security company, Sixgill, claimed that Plutus’s database was compromised. However, Plutus has made it known that, as per their security checks, no data has been leaked by hackers.
Sixgill put up a tweet on 9th July, which read, “Threat actors are sharing a database for the banking app, Plutus, that allows you to manage your #fiatmoney and #cryptocurrencies. #darkerthingsdaily #cryptocurrency #bitcoin #cybersecurity #cyberthreats #databreach #hackers @plutus.”
Sixgill is run by a team of experts in cybersecurity and is a credible source. Their cyber intelligence team has experienced people trained in the Israeli cyber defense industry. They can proficiently navigate through the dark web to find hacking possibilities and have previously alerted several companies of imminent threats.
The screenshot that Sixgill uploaded to Twitter shows that the attackers published 1205 user information, including their passwords to an unidentified website. The passwords were related to the user accounts and were, therefore, “bycrypted.” Sixgill also indicated that the information was being leaked since 7th July. However, they did not issue any further details.
Upon Sixgill’s tweet, Plutus investigated the matter gave a statement to a digital newspaper. They stated that there was no such security threat and that they had not found any evidence of hacking. They further assured their customers that banking with Plutus was safe and that the customers would not lose any crypto or fiat balance.
Plutus is a London-based, crypto management app. It was started in 2015, by Danial Daychopan, and is now being used by thousands of customers all over Europe. The app provides an opportunity for users to buy and sell cryptocurrencies, as well as spend it on shopping apps. They also give the users a Plutus Visa Card for ease of transaction.
Plutus prides itself on being one of the most secure apps in the market. They hold cybersecurity at supreme importance. The app uses a two-factor authentication system, wherein users not only have to enter their ID and password, but they also require a code sent to their phones or email IDss.
Plutus aims to use crypto and fiat currency for contactless payments. It allows its users to have a non-custodial wallet. Users do not need to keep money in the Plutus wallet. They can make payments to third-party apps using their individual banks or credit/debit cards. It does not save any balance on its servers. Therefore, the company claims that hacking such a wallet is next to impossible as customers get to choose their own bank.
Plutus gives considerable amounts in cashback and rewards called “Plutons” to customers who make payments using this app. Recently, customers who used the Plutus debit card for shopping on the Nike site were given Plutons in the form of rewards. Customers can gain between 3-9% in cashback and reward Plutons on such purchases.
Are you looking for a smart and safe way to execute your digital assets? If yes, it’s time to look at the new platform launched by Tokenbox.
Before we look into the new platform, let’s get a bit of detail about Tokenbox.
What is Tokenbox?
Tokenbox is regarded as one of the most convenient platforms that provide the best services in terms of digital assets trading. Thus, if you are thinking about trading in digital assets like cryptocurrencies, the token box can be one of the best trading platforms to look for. The platform comes with amazing features like easy management of assets, choosing the most efficient portfolio, and also helping hand of professional managers for the management of your digital assets.
With the help of Tokenbox, you can easily manage all your digital assets; our portfolio managers will just work like a helping hand. All processes for digital assets management assets are fully automated.
The platform also offers you the option to deposit an amount from your bank account or to make payment by using cryptocurrencies. Thus, if you are thinking about investing in cryptocurrencies, try using Tokenbox for maximum benefits.
What’s the news?
Tokenbox has come up with a new platform and portfolio that can help investors to manage digital assets in a more convenient and simpler way. The newly launched platform will also enable you to get more transparent and profitable strategies.
Thus, managing digital assets is pretty easy now. With the launch of a new platform by Tokenbox, the exchange and trading of cryptocurrencies have become simpler and easier for investors as well as for traders.
The traders can easily set the entry and exit fee on trading, and thus, they can get better ROI now. In addition to this, traders and investors can plan different strategies to trust the traders with their funds. Thus, the new platform offers a hassle-free way of trading in cryptocurrencies.
Is this beneficial?
The launch of the new platform by Tokenbox has been applauded by different people engaged in the cryptocurrency world. As per different comments, the new platform will make trading and investment in cryptocurrencies a simple process. Now, even a common man will think about investing in cryptocurrencies without worrying about the safety of their investment.
Tokenbox is creating a better environment, especially for budding investors and traders in the field of cryptocurrency. Investors trust exchanges and processes that are secure and transparent in the services. With the inauguration of the new platform, investor’s trust and security are ensured. Thus, it can be called an important step towards simplifying and boosting the investment in cryptocurrencies.
The safety of customers, investors, and traders have always been a priority for Tokenbox, and with the launch of the new platform, it is stressing more on the theme of safety and security of investment.
If you haven’t invented yet in cryptocurrencies, invest now. The newly launched platform will take care of your needs. Get in touch with us to know more about the recently launched platform.
Jack Mallers, the developer of the popular Zap Lightning Wallet, has announced a brand new app for iOS, Android, and Chrome. The new app is available on different platforms from July 2, using which users can send and receive Bitcoin and Lightning Network payments directly to and from their bank account. Linking Bitcoin to traditional bank accounts using the Lightning Network will allow faster and more secure transactions. It will also cut down on many technical hurdles that prevent normal users from adopting cryptocurrencies, including BTC. Strike, which is already in its public beta phase, allows users to deal with Bitcoin and Lightning protocol without the need for any white papers, channels, seed, wallet, or liquidity. Even the KYC is kept to a minimum to allow users to use their services quickly and without any difficulty.
Mallers created the Zap Lightning Wallet back in 2018 to make Bitcoin accessible to everyone. It was the first of the few user-friendly desktop wallets with the feature of Lightning Network accessible. Last autumn, he also announced that he was working on a platform that would allow users to buy Bitcoin using debit cards using the Lighting Network. The Strike wallet currently allows debit card purchases, but its usage is limited to personal payments, remittances, micropayments, and online/offline purchases. Users with a Strike wallet also get a free social media profile using which they can accept payments from anyone around the world using their unique QR code. The payments made through this platform are converted into fiat.
Mallers aim to meet all the necessary KYC and anti-money laundering rules but still making it easier for the users to carry out transactions. It did not want new users to be treated as criminals as soon as they download Strike on their phones. He met with prominent lawyers and regulators to work out on how much KYC were needed for safety reasons. With the average payment value being $27 in its private beta, he believes that there was no requirement for mass collection of user data. People using the app will only need to provide their name and their phone numbers to start using it. However, the new app will only be available in a few states as of now.
The Strike app is just a beginning for Mallers. He is also working on a Strike Visa debit card that would carry rewards programs through its partners and also referrals for family and friends. It is also working towards a new contactless payment technology for Strike along with an all-new e-commerce system for its partners and their customers. Once the news of the new app was announced on Twitter, the Blockstream CSO Samson Mow was quick to point out that the Mallers team is going to win over the next Billion Bitcoin users with its latest development. There will be no need for low tech users to understand how the complexities of BTC work. They can carry out transactions easily without the need of anyone’s help.
Distributed ledger or Blockchain technology is getting a lot of popularity in many sectors. Academic sectors, technology firms, financial institutions, supply firms, and other industries are starting to use blockchain as an innovative approach.
When applied to a business or an organization, Blockchain brings a lot of security and other benefits to it. It offers a hack-proof and transparent system to run a business. Just the way cloud technology changed everything, Blockchain is the innovation that can change traditional systems.
Every country can build a transparent system where every transaction is tracked through this technology. In short, every citizen in the country is backed by a single financial system. A ledger that is decentralized, distributed, transparent, immutable and consensus-driven.
Many countries are winning the blockchain marathon. For example, Australia, Japan, UAE, Malta, Switzerland, USA, UK, Singapore, Estonia, and China. Some of these countries have broken all the records in registering the patent in the field of cryptocurrencies.
China has just finished testing its blockchain network. It is a secure and transparent platform that is being handled by a company named Tencent. China is picking up speed in launching its own blockchain bidding platform.
It is on full swing in the province of Yunnan. The development and testing of the software have been completed. The country will have its first public bidding platform build on blockchain technology.
A public resource bidding platform can be used by public and government companies to perform the blockchain-based project. ‘Kunming’, the company that has launched this platform for public resources on 23 June.
The COVID-19 effects can also be seen in the country where it first originated. To reduce the impacts of the pandemic, the country is setting up new infrastructure. This infrastructure also includes blockchain. China is willing to improve its technology to expedite the growth of the country.
This new infrastructure has plans to invest in the big data, 5G, rail transportation, AI, internet of things, ultra-high voltage, energy charging stations, satellite internet, and blockchain technology.
The blockchain investment in the first half of 2019 was around 4 billion Chinese Yuan. In the year 2020, the blockchain advancement investment could reach 10 billion Yuan. This investment can lead to building the backbone of blockchain technology in the country.
The new bidding platform uses the blockchain service of Tencent, a well-known tech company in China. This technology will solve the public resource bidding system problems. The bidding process, in turn, will become fast and secure. The data sharing policy will also improve in the country.
Although the platform has just launched in the country, nearly 60,000 certificates are already issued. The number of participants is expected to be 30,000 on Kunming’s public resource.
Blockchain technology has emerged from Tencent’s TBaaS system. The government and other tech giants are supporting in this endeavor of the country. National and state government have been increasingly investing in the growth of the country.
China is already doing great in other business sectors and blockchain has become its new hub. There are numerous blockchain patents registered under the name of the country. Chinese tech firm Tencent has filed many blockchain patents recently.
The new patents are being used in the fund management and advertising space. Other applications where these new blockchain solutions will be used are media storage systems, hardware devices, and other consumer applications.
In short, Tencent is dominating in the field of blockchain technology. It has filed 718 patents in 2019 alone. The Chinese tech giant has planned to invest more than $70 billion in the technology sector. With blockchain being the most advanced of all.
The current situation of the pandemic has caused a competition among the tech leaders in the country. A continuous flow of cryptocurrencies has hit the ground already. China also needed a payment infrastructure for these digital currencies.
Kunming will make it easy to manage these transactions and it will also lead to a cooperative space for tech companies.