It is a lesson seasoned crypto investors have already learned and one novice investors must immediately learn: secure storage is a must when it comes to protecting digital currencies. Data confirm cyber thefts of digital currencies have reached epic proportions, underscoring the point that investors and users of cryptocurrencies must be ultra-careful when it comes to guarding digital assets.
“Criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017, as bitcoin’s popularity and the emergence of more than 1,500 digital tokens have put the spotlight on the unregulated sector,” reports Reuters, citing the Anti-Phishing Working Group (APWG).
Earlier this year, Coincheck, a Japan-based crypto exchange, suffered a $530 million hack, one of the largest thefts of bitcoin on record.
“The APWG Crypto Currency Working Group helps cryptocurrency exchanges, wallets, investment funds and consumers protect their cryptocurrency assets against phishing and targeted attacks,” according to APWG. “The Cryptocurrency Anti-Phishing Working Group enables cryptocurrency exchanges to submit live phishing information to the APWG eCrime Exchange (eCX) and get that data distributed into web browsers, email clients and other security products in real-time, protecting over 100 million consumers.”
Low Recovery Rates
Losing any via theft is never a positive experience, but there is always a chance authorities can help victims get something back. However, in the world of digital currencies, recovery rates are low. Of the $1.2 billion in crypto stolen since the start of 2017, just 20% has been recovered, according to Reuters.
The European Union’s new General Data Protection Regulation, which goes into effect Friday, could make it even harder to help victims of cyber cryptocurrency theft.
“The implementation of GDPR means that most European domain data in WHOIS, the internet’s database of record, will no longer be published publicly after May 25. WHOIS contains the names, addresses and email addresses of those who register domain names for websites,” reports Reuters.
Some market observers blockchain technology can help differentiate between legitimate and nefarious bitcoin transactions.
“Cryptocurrency is a great idea” – Ron Paul
During a recent “Squawk Alley” interview, Former Republican congressman and presidential candidate, Ron Paul- discusses how he is in favor of cryptocurrencies as well as block change technology. Apparently, he enjoys competing currencies and believes they are a good idea.
He also believes that the governments only have the right to step in to prevent fraud from taking place. In the interview, Paul states that, “the government has a role. And if somebody has a case that there is fraud, I think it should be investigated.” Paul then goes on to state that what he wants to do “is legalize the freedom of choice, absent blatant fraud.” Agreeably so, this is exactly the type of perspective that the crypto world needs.
Throughout the interview, Paul compares crypto to gold in many ways. He points out how both assets are competing with traditional fiat money. He discusses how our government has never been “very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
This isn’t the first time that Ron Paul has discussed his views on crypto. Back in 2014, the Former Republican Congressman displayed his concerns about the foundation of crypto and Bitcoin. However, he acquired a bearish pro-crypto outlook on the future of fiat money. Paul believes that the dollar won’t last long as “they all self-destruct.” According to Paul, the only competition for the dollar is the euro and yen- which “isn’t any good.”
33 CryptoCurrencies In 4 Words Or Less
We put together this list to describe the top cryptocurrencies that are worth your time in 2019.
Each gets four words. There are many!
Hopefully this provides orientation.
Scroll Down To View An Awesome Infographic from MrBtc.org!
Is The IRS Coming For Your Secret Crypto Stash?
Whether we like it or not, the IRS may be coming for our secret crypto stashes. According to a recently leaked internal training guide, in order to locate people’s secret cryptocurrency stashes, the IRS may start sending subpoenas to tech companies.
In order to help protect yourself and your stash, we recommend you check out the full guide. Initiated by Laura Walter, a CPA, the guide showcases an assortment of tactics that the IRS will be using to track down and detect undisclosed cryptocurrency. Some of these tactics include obtaining bank records as well as app download history and activity.
Just last month, the slides were presented to the staffers of the IRS at an event at the World Bank in Washington D.C. It has also been noted that the IRS will be presenting the training guide to law enforcement agencies as well as other partners from countless countries around the world.
This particular guide goes over the basic concepts and definitions surrounding the cryptocurrency world. It also outlines the tactics the agents will be using to track down hidden wallets. This includes social media monitoring as well as credit card statements, PayPal activity, bank statements, etc.
For those who are concerned about protecting their crypto stash, it is important to be informed about the actions of the IRS and their planned tactics. Awareness is key. Check out the guide and protect your assets!
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