What many people are asking is what are the main challenges faced in protecting the security and privacy of users in the crypto market? How can the crypto industry overcome these challenges?
The crypto industry cannot overcome these challenges, these challenges are part of the industry. The best we can do is to find a way to mitigate them.
For security and privacy, it can be said as below;
- The security of the coin network: In this aspect, the most secured coin is bitcoin and it is very much decentralized. So, unless you talk about shitcoins which has not good security architecture
- Security of the coin in the custody of the investor: This is when we begin to talk about the type of wallet you use (custodial or non custodial), here we begin to talk the right use of the exchanges. We also talk about how safe your devices where you install your wallets are and more.
- Privacy: It is here we talk about how the projects are about to conceal the data and information of the investor. It is here that privacy coins like Monero comes to play, also here mixers comes in for Bitcoin and more.
So, every problem already has solutions in the cryptocurrency industry.