ARE CRYPTO HACKS BLOCKING MASS ADOPTION?

ARE CRYPTO HACKS BLOCKING MASS ADOPTION?

By Franklinlee | All-things-Crypto | 25 Mar 2020


 

 


Hacking is almost second nature in the largely unregulated Crypto space. This year 2020, we've already had one hack but last year, there was a host of Hacks. From the Binance hack, to the Upbit hack to numerous other hacks last year alone. The downside of these hacks however is that many outsiders looking to come into Crypto already have a bad perception of the industry because of the activities of hackers and scammers looking to make money they didn't work for.

 

 

 


Before I joined Crypto, I had first heard about scammers and what they did and how they stole from innocent people. I learnt about hackers first before I even learnt about Blockchain technology and how it could better the world. When my mum also showed an interest in Crypto, one of the first things she asked me was whether it was safe as she had heard a lot of stories of hacks and thefts going on in the industry. Well bad news travels faster than good news, and many times noobs and outsiders first hear about the bad side of Crypto like the thefts and hacks before they started hearing about the benefits and what it can offer to man. Well this bad side scares them away and to be very honest I really wouldn't blame them. Nobody's wants to work, and after they had put in hard work and sweat lose all their funds to some guys who choose to do nothing but steal from others.

 

 

 

 


Its funny though, that the overwhelming number of hacks is carried out against exchanges, and not just any exchanges but Centralised exchanges. Hackers find it easy to penetrate the walls of security that these exchanges put up. While these exchanges do admittedly have some security, it will never be the same like Decentralised exchanges. Sadly, hacking is a thing that has come to stay in Crypto. As long as it continues, we will continue to discourage some adopters who would have loved to come in. Nobody wants to make money and watch that money disappear, nobody not me included.

 

 


Franklinlee
Franklinlee

Crypto enthusiast, collector, money lover.


All-things-Crypto
All-things-Crypto

Everything I have learnt and I'm still learning about Cryptocurrency and Blockchain.

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