Buying a bitcoin or two? Here’s why you should put them in cold wallets
An article by Sreekanth GS, about the growing trends of cryptocurrency, and Crypto wallets connected to the internet and how safe it is to use these.
Whether you are a recent investor brought to bitcoin by its recent bull run, or an old hand at investing in the revolutionary crypto space, safeguarding your wealth might be something you’re concerned about. Especially in the wake of recent news about cyber-attackers making off with sums ranging between $60 million from the Nice Hash online marketplace to $534 million from Japanese crypto exchange Coincheck.
Essentially, the problem is simple – in an arena as open and vulnerable as the internet, most individuals rely on being unimportant enough to escape attacks or resorting to common sense security like leaving important information away from vulnerable parts of the internet.
However, if you have invested in bitcoin, you now possess a digital asset of considerable value – making you a potential target.
The use of blockchain technology and the narrative surrounding crypto assets continuously preach that they are absolutely secure and hack-proof; this is, unfortunately, not true for storing crypto assets.
While it would be impossible for someone to “hack” the blockchain, they would find it incredibly easy to steal bitcoin by hacking into your bitcoin wallet. As long as your bitcoin wallet is connected to the internet, it is vulnerable to being hacked open and emptied by consummate cybercriminals with experience in stealing crypto assets. The recent spate of attacks on exchanges and companies has caused them to beef up security considerably; security experts are already warning individual bitcoin holders, claiming that the threat to their theft is only beginning.