Horrific Disaster to Crypto Currency Portfolio and to Avoid for Protection
In 2018, the value of all the cryptocurrency will reach the trillion dollars. Investing in the cryptocurrency will be a lucrative venture. You will continue reading daily in the news about the increase in the bitcoin price and some of the investors got more profit from this. But people are not aware of the risks in their cryptocurrency portfolios which are out of their control. Therefore now we will see about the risks and the disasters to be avoided for the protection.
1) Phishing scams
A phishing scam is one of the common problems in the scam. If you are transferring the digital currency to your friends to his wallet means the malware which is present in the computer will replace the address of the wallet when you are going to press the enter. Everyone should be aware of this and therefore they have to double check the address before sending. By another method, hackers will be cloning the website of the wallet service and they will find out the passwords of the users. In cryptocurrency, the fraudulent transfer cannot be canceled as that of in banks.
2) Hacked payment gateway
The investors have lost their portfolios when the ethereum wallet service funded to customer’s wallets. Hackers acted as they were the original domain owners and they got the code for the transactions. The bank is also experiencing the same condition by the hackers.
3) Error in the user’s address
Cryptocurrency transaction is found to be more vulnerable to this error when the address is typed wrongly sends the currency to the different addresses together. If they are the users of the etherem and when they are typing the address by mistakenly leaving the last characters only means the whole amount will completely vanish forever. But in the bitcoin transaction, the validation of the address will be checked by it whether that address is live or not.
4) Loss of wallet file
This is another risk to the investor. Here the physical wallet is not lost instead of that the file which is in the computer will be missing. The file will be kept in the computer to get access to their own account and it paves the way for criminals to hack. To avoid this one should take a number of backups in the USB wallet of their secret keys.