Blockchain-Based Bitcoin and Cryptocurrency Security

Feb 21, 2020 at 10:13 // News
Coin Idol
Before entering the cryptocurrency market, it is essential to understand Bitcoin

Before entering the virtual currency market, it is essential to understand Bitcoin. Bitcoin will be halved again in May 2020, when it will continue to be scarce and its scarcity will increase its value. No matter how many years passed, the number one is still Bitcoin, which is recognized as the number one of the token stakes for the well-deserved virtual currency.

All along, bitcoin's rise and fall has touched the nerves of currency players. BTC's price, total amount, range of applications and number of issues are all of the players' concerns. Everyone talking about the development of cryptocurrency is impossible to bypass BTC to discuss, almost all trading platforms must be required is BTC trading pair.

Is Bitcoin Secure?

When users trade on an exchange, their primary concern is whether Bitcoin is secure or easily stolen by hackers. Then the security issues about BTC involve technical issues, but also need to understand the private key, public key and other principles.

If you liken the private key to a "password," the public key is like a bank account. The public and private keys are essential for everyone to make cryptocurrency transactions, and the bank card number is an analogy to the address.

At a bank, the basic process for opening an account is "opening an account - obtaining a bank card number - setting a password - successfully opening an account". But in the blockchain world, the password is set first, then the "bank account" (public key) is opened, and finally the "bank card number" (address).

Unlike reality, in the blockchain world, the password is very important, if others know your password, you can know your public key and address, you can also take your currency. The importance of private key security is self-evident.

The security of Bitcoin is so important that everyone knows about BTC and protects their currency before entering the cryptocurrency world.

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