BLOCKCHAIN SECURITY:
Like I explained on my last post on BLOCKCHAIN SECURITY I vividly explained that ,
A BLOCKCHAIN is a chain of digital Bock's that contains records of transactions of crypto currencies.
The records on a BLOCKCHAIN are secured through "cryptography"In BLOCKCHAIN network participants have their own private keys.
HOW SECURE IS CRYPTOCURRENCY WITH BLOCKCHAIN SECURITY SYSTEM:
Cryptocurrencies are usually built using blockchain technology.Blockchain describes the way transactions are recorded into "BLOCKS" and time stamped,it is actually a fairly complex technical process but, the result is a digital ledger of cryptocurrency transactions that are hard for hackers to tamper with .
In addition, transactions require a two factor authentication process for instance you might be asked to enter a username and password to start a transaction,then you might have entered an authentication code that is sent with text to your personal cell phone.
While securities are in place it doesn't really mean that CRYPTOCURRENCY are unhackable ,intact several high dollar hacks has cost CRYPTOCURRENCY startups heavily .
Hackers hit coincheck to the tune of "$534million and BitGrail for $195million in 2018."that made them two of the biggest CRYPTOCURRENCY hacks in 2018,this review was actually made from "investopedia".
HOW TO INVEST IN CRYPTOCURRENCY SAFELY:
investments are always risky, but from the review gotten from some experts in CRYPTO they say CRYPTOCURRENCY is one of the riskier investment choices out there.
CRYPTOCURRENCY is also part of the hottest commodities in the global financial markets.
From the tips I gave below you will be able to understand and to make an educated choice on how to invest your CRYPTOCURRENCY safely in a BLOCKCHAIN system
1*Research exchange:
Before you invest one dollar, learn about cryptocurrency exchanges to avoid having a misconceptional attitude on what CRYPTOCURRENCY is all about.
2*Digital currency storage:
If you buy a cryptocurrency you have to know how to store it in a digital Wallet like "Binance and Trustwallet" what is actually a digital Wallet: a digital Wallet is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services.
NOTE: you should investigate first before investing on any storage choice.
3*DIVERSIFICATION:In every financial growth Diversification is the key and it holds true when you're investing in cryptocurrency too.when it comes to Diversification one must learn on investing his /her money on several
and not one CRYPTOCURRENCYY secured with a blockchain system.
4*lastly for one to invest on crypto currency he or she must always have it in mind that the cryptocurrency market is always volatile in nature so you must prepare your mind for ups and downs. if your investment portfolio or mental well-being can't handle that you are advised to shun or avoid anything CRYPTOCURRENCY.
CONCLUSION:
From this little review I made on BLOCKCHAIN SECURITY SYSTEM AND HOW SECURE THE CRYPTOCURRENCY IS I hope as you read it you can now understood on how the blockchain Security system works etc.