Cryptocurrency has been all over the world nowadays. With all the possible things you do with cryptocurrencies like buying the one trending in the market, investing in the virtual coins most in-demand, exchanging digital coins with other digital coins or assets, or trading with such coins to set up your business.
Among the embracement and stasis increase of virtual currency in the global market, it is evident that virtual currencies will be prone to some challenges or down factors. Whether it be market regulation or stopping illegal transactions, cryptocurrency establishments have their own set of challenges in this rapidly changing global market.
Among the challenges, one poses the biggest threat to cryptocurrency’s user volume and the trust the user base has on the virtual coin; this factor is cybercrimes. Check how an ordinary person can buy bitcoin to get complete detail about cryptocurrency trading. Therefore, the discussion questions involve the role of cryptocurrency in the cybercrime medium and the possible effects it can cause to the digital coin market and the virtual coin establishment itself.
Possible Cyber Crimes in the field of cryptocurrency
The cryptocurrency was introduced with the moral ideal of a secure, digital, and trustable currency among the market people. While cryptocurrencies still stand up to their moral idea, they cannot do much against cybercrimes which is a dividend and hard to stop for the digital community.
Cybercrimes have been done in almost all sorts of manners to lure the victim and access their confidential data. However, they are defined by absolute terms. The most common one is Phishing, which involves the criminal using any bait to lure the victim to a position of a cyberattack, which can be an invitation to any prize or lottery in cryptocurrencies. Then the victim is lured to an insecure website where they enter their credential information to get the prize money, often ending up with fraud.
This type of trap is not only for getting credential information; it can have utility for another type of cybercrime: identity theft. These hackers use your identity to access your cryptocurrency wallet and possibly any bank accounts or credential data linked with your virtual coin wallet.
One of the most well-known cybercrimes is malware attacks. This malware attack primarily comes from fraud emails containing infected files. Upon opening, this malware will spread across your device’s storage and send any found confidential data back to the hacker without the users’ permission. It can also access your cryptocurrency wallet, forcefully sending all of it to the hacker.
The State of Cybercrimes on the Cryptocurrency Market
Upon inspecting all the possible cybercrimes in cryptocurrency, the fact is surprising that these digital coins have not been much central to these cybercrimes, despite having the projected defection of a virtual currency. It is because cryptocurrency was introduced along with the blockchain technology that offers a secure system of transactions and privacy of confidential data.
But even if the currency is perfect and fully secured with the latest secure technology, it still would be a target of digital crimes as long as the users are unaware. Upon analyzing the statistics of total cybercrimes held in the cryptocurrency market, a majority of them were conducted under the lack of digital knowledge of the victim. The buyers of cryptocurrencies often become the victim of such cyber acts by reaching to all sorts of baits of prizes and lottery without authenticating the safety.
How can us Cybercrimes in the cryptocurrency market
The idea of removing cybercrimes from the global market seems a bit flashy without any proper work structure. The market has been going through digitalization, and along with it comes cyber-criminal who use this digital medium to exploit people. It cannot be solved in a day, but ways to stop it are true.
The easiest one is to make people aware of the digital world and the possible methods of exploitation used by these cybercriminals. Then the cryptocurrency companies have to establish new terms and officials about using virtual coins, which will prevent bait making like prizes and lottery supervised.
Cybercrimes are a big challenge to face. However, the cryptocurrency market has the potential and the knowledge that possibly can put down the terror of digital crimes luring around the global platforms we use every day.