Cryptocurrencies can be Hacked
An Internet Protocol(IP) has the task of delivering packets from the source host to the destination host based on the IP addresses which are used on the internet and similar computers. A cryptographic protocol is an abstract or concrete protocol that performs a security-related function and applies cryptographic methods. Cryptography requires that the sender and receiver share a key, which is an item of secret information used to encrypt and decrypt data.
Cryptocurrency is a digital currency built with cryptographic protocols that make transactions secure and cannot be faked, which is the reason why it is very important that it is decentralized and not controlled by any central authority. The decentralized nature of the blockchain makes cryptocurrency theoretically immune to control and interfere. With the use of public and private keys, the cryptocurrencies make it easier to conduct any transaction. Minimal processing fees allow users to avoid expensive fees charged by traditional financial institutions.
The latest news on cryptocurrencies indicate that, because the cryptocurrencies are not stored on a central location or managed, it can be wiped out by a computer crash or a hack. Any technology has weak points and attack on vectors and cryptocurrencies is no exception. As with any computer system or network, the largest attack vector is human error. The major losses of funds seen so far in cryptoland are a result of bugs in the software of the coin itself.
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