The world is changing daily and not necessarily for the good of all humanity. That’s a sad fact but nevertheless true. As various cryptocurrencies emerge on the market, frauds, scams and manipulation run rampant. This is precisely why I remain with #BCH and only a couple of other trusted cryptocurrencies. You should as well. We need to trust our investments.
Decentralized Finance (DeFi) is the booming trend nowadays, and despicable hackers have shifted their attention to it because it is far less regulated, but unscrupulous characters are still attacking and hacking various exchanges and wallets. Unfortunately, the onset of the Covid 19 pandemic has seen an increase in the theft of cryptocurrencies.
Scams were prolific (and many remain) which take advantage of the kindness of cryptocurrency users to give their currency away to alleged worthy causes. However, behind these schemes are hackers and illegitimate fraudsters who are stealing currencies and never giving it to their listed charity.
While blockchain fraud has diminished, holders of crypto lost nearly $400-500 million between 2019 and 2020. That’s alarming. The black hat actors and other fraudsters lack morals and will do anything necessary to steal your cryptocurrency. Caveat emptor!
Fortunately, some cryptocurrencies are enhancing their security protocols to guard against theft. These are the ones you should trust, rather than any Johnny-come-lately, fly-by-night coin.
The safety of #BCH
Enter our beloved Bitcoin Cash. The technology is so advanced that it is virtually impossible to hack. That's great news for us on read.cash because we can rest easy knowing our #BCH is safe. Two main factors provide us with a safety net. One is the fact that no single user is able to mess with your transactions and fund transfers. Why? Simply because unanimous approval is required of all nodes! Ta-da!
Another factor that comes into play consists of cryptographic encryption. Say what? In simple terms, and without going into difficult to understand technological terms, cryptographic encryption is the key we use to login, that is, our seed words. I’ve seen people complain about having to type in their seed words every day. Pay no attention to them. The encryption is for your security! Dedicated wallets as provided on read.cash are yet another level of security.
What lies ahead for cryptocurrencies?
With so many scams and frauds occurring, much of it comprised of money laundering drug money, countries are in the process of taking steps to combat fraud with new strategies. For example, in the United States, President Joe Biden has appointed a new Securities and Exchange Commission (SEC) head by the name of Gary Gensler. The aforementioned has vowed to eliminate fraud and manipulation, but quite frankly, that is going to be a difficult task. Hackers and scammers always seem to be one step ahead.
One way he plans to attack the fraudsters consists of identifying every individual who is exchanging or transacting any type of cryptocurrency. This would be consistent with international bank transfers that are already in place.
The foreseeable future of Bitcoin Cash is great. Our wallets and crypto are safe and secure. As developers continue to enhance security, #BCH will only become safer.
So sit back and relax. Give #BCH to other users on read.cash and avoid any suspicious characters or adversaries looking for a donation. Do what you do best: write and comment.
