Cybersecurity in crytocurrency is secure than traditional currency

Cybersecurity in Cryptocurrency is Secure

Cybersecurity has been of great concern in the recent past. Today, people are relying on information technology systems that are borderless and decentralized and which make use of the cyberspace. Criminals such as hackers target such systems to gain access and manipulate the systems for their benefit. The currency market has not been left out and professionals are striving to ensure their clients are secure from any cybercrime attempt. The professionals have tried to come up with policies that can guarantee people the safety of their money. People are slowly getting lured into cryptocurrency as it is becoming common on the worldwide scale. Individuals believe it is the way for the future based on various security features it comes with. So often than not, the currency gets subjected to evolving cyber threats and given that we are in a world where we are globally connected the threats get distributed much easily. To guarantee the security within the money market, access control that entails the currency’s confidentiality, integrity, and availability needs to be improved. Cryptocurrency is replacing the traditional currency given that it is proving to be more secure given that it experiences minimal fraud, people can easily access their accounts, and users can transact anonymously. Despite the fact that cryptocurrency was made with an expectation of worldwide decentralized cash framework, it rather has prompted unintended digital security issues, so as to counter such issues payment channels should be made more secure and stern purchase policies similar to those of the traditional currencies should to be introduced. Therefore, because the currency market needs to be secure throughout, then cryptocurrency be embraced by people compared to the traditional currencies.   

Compared to the traditional currency, cryptocurrency makes use crypto-secure technology that guarantees its security. The technology makes use of four security layers that ensure the safety of a user’s currency at any given time. The layers cannot be manipulated easily and hence minimizes chances of fraud. Some of the layers include two-factor authentication which is used while accessing a wallet, private and public keys, secure chat that clients and merchants use for communication, and a watch-only address. The fact that cryptocurrencies are digital makes it hard for cybercriminals to counterfeit currency or reverse money that has already been sent as it the case in traditional currencies where for example credit card charge-backs can be executed with much ease. In traditional currencies, for example, where clients use a credit card to make payments, they have an open period when they can be able to dispute the payment made. For cryptocurrencies power has been put into the hands of the merchant; thus they are not prone to fraud activities (Minnaar, 2014). Once a transaction is made, a user cannot be able to dispute the transaction. With that fraudsters have no chance of reversing a payment once a transaction has been completed. In cases where a reverse of a transaction needs to be made, the power is in the hands of the merchant to either send back the payment upon request or deny.