6 septiembre, 2018 0

Why are cryptocurrencies so safe?

Why are cryptocurrencies so safe?

Nowadays, with all the crypto scams inside exchanges, many are asking if these are actually safe.This way, people that are new to the cryptoworld are hearing about these frauds and they retract to stay in it, and those that aren’t part of it pass it over. Nonetheless, there are many reasons why cryptocurrencies can still be considered as safe investments. These are the reasons we decided to explain to you in this article. We hope it helps.

Why are cryptocurrencies so safe?

Use of the Blockchain

The Blockchain technology is the basis of may cryptocurrencies. In OnixCoins case, it’s a coin based on it. As we’ve explained previously, this technology’s based on the use of information blocks to intertwine this information and to ease the recovery of the same. This way, is like an encrypted virtual accounting book.

Being encrypted, that’s to say, that its content’s coded, and that depends that all the nods network for a transaction is done, the Blockchain’s very safe. So much so, that’s being considered by many organizations to be used as a way of sending confidential information. And this technolgy allows that the cryptocurrencies transactions are done.

The nods

As we said above, the Blockchain depends of a nod network for the transactions to be verified as true, and can later be done. The nods are a set of computers intertwined that work to confirm and add an information block to the Blockchain network. Being the information verified by one of them, is sent and verified by the rest of the computers as a set. This way, is difficult for a hacker to enter and hack an information network.

Similarly, because all the nods information’s encrypted and private, it doesn’t have a real address. This way, it cannot link the transaction to a real person, only to a wallet. And being able to make these transactions, if you have some safety on your wallter or your exchange, you must have a private password or key, or a two-step confirmation, in order to access to yout cryptos.

Hackeability

We already talked about hackers, and its that in a virtual world like today, it’s not possible not mentioning. And we’ve seen how exchanges had suffered computer attacks, as banks and people have suffered with their bank accounts. Saying that a technology’s impossible to hack would be a lie, since there can always be a minimum human error or higher techonology that helps black hats.

And this is how it is with technology, from online bank accounts to your personal information on social networks. Nonetheless, the Blockchain technology, because it depends on a set of nods and not just one, is very complex to hack, and that’s why is considered so safe. Thereby, by using one of the many different safety methods there are to maintain your cryptos safe, you can be more sure that these are safe.

Conclusion

Even when currently we’ve seen certain difficult situations on exchanges around the planet, we can still say that cryptocurrencies are a trustable payment method nowadays. From the use of technologies like Blockchain to existing safety methods, is easy to ensure your investment on the Blockchain and keep saying that these virtual coins are continuing to be a safe option on the market.

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