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Published On: Sat, May 12th, 2018

Software Engineer Produces Free Guide to Stop Bitcoin Hacks

Bitcoin hacking is a problem. A huge problem in fact. The world woke up to how widespread Bitcoin hacking was when the Mt. Gox bitcoin exchange, based in Tokyo, was hacked in 2014 and 850,000 bitcoins were stolen.

The Mt. Gox hack was the biggest in history… so far, but there have been countless other high profile crypto hacks happening on an all too regular basis. By the end of 2017, some $400 million worth of funds were stolen from the $3.7 billion raised in ICOs between 2015 and 2017. Bitfloor had 24000 bitcoins stolen from a hack. Bitstamp had 19,000 BTC stolen from a hack and in August 2016, Bitfinex was hacked and 120,000 bitcoins stolen.

photo https://en.bitcoin.it/wiki/Main_Page

The difficulty with blockchain technology is that it is still very much an unknown quantity. If it’s possible to hack big exchanges, then it is possible to hack anyone and steal their Bitcoins. Well, one guy is trying to change all that.

Coin Safety is the brainchild of George Schiro, a software engineer working in the field of digital identity management. A holder of Bitcoin himself since January 2014, George researched a simple yet fool proof solution to the increasing number of hacks of digital currencies.

The release of his MakeCoinSafe.com guide provides the broadest DIY procedure yet to preventing hacks. The easy to follow steps ensure the safety of digital wallets and prevents hacking of any kind. Designed for those already holding a cryptocurrency, George Schiro’s guide provides a way to have your own private bank, where the money is secure and in your possession 100% of the time. You are no longer at the mercy of any bitcoin exchange. Believe it or not, coin safety boils down to writing several words on a piece of paper and keeping it in a safe place.

Although designed for coin holders rather day traders of Bitcoin and other cryptocurrencies – and for those who already know what Bitcoin is – the guide offers much for the majority of Bitcoin owners.

Hacking is seen as one of the biggest obstacles to cryptocurrencies being taken seriously by the public at large as an alternative to fiat money. Security in the blockchain world is yet to be fully developed. The world is still very much in its infancy as far as blockchain and cryptocurrencies are concerned. The security measures being implemented are not catching up quickly enough with blockchain developers.

With the number of ICOs increasing and the amount raised by ICOs so far this year ($6.3 billion) already surpassing last year’s $5.6 billion total, the public appetite for all things crypto is certainly not waning. Security is increasing and that is helping with crypto uptake in general. But it’s good that George Schiro provides his free guide to prevent hacking, since it can be prevented and should be prevented.

Author: Jacob Maslow

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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