The learning curve required to manage and trade cryptocurrencies can be very steep, even for technically advanced individuals. In Q1 of this year, initial coin offerings (ICOs) raised $6.3 billion, which is more than what was raised during the entirety of 2017.Īs you can imagine, there are several complexities associated with securing cryptocurrency transactions, ensuring end-to-end integrity and maintaining confidentiality. The most notorious of them all, the Coincheck hack, occurred this past January when cybercriminals successfully hacked into the Japanese cryptocurrency exchange’s digital wallet and made off with nearly $500 million in digital tokens.Īlthough these statistics are staggering, many experts still see the value in investing in cryptocurrency. In fact, just in Q1 of 2018 cybercriminals stole $673 million in U.S. There have already been hacks and major security issues with cryptocurrency all around the world. For now, the cryptocurrency trend shows no signs of slowing down, and as such, we must be aware of the implications.
We are entering a new era of conducting business that is centralized on this technology and will eventually touch almost every aspect of our lives. It doesn’t come as much of surprise that people are eager to learn more about this new space and profitable industry.Ĭryptocurrency works through distributed ledger technology, typically blockchain, which is essentially a public financial transactional database. Fast forward to 2018 when the average consumer is able to invest and has a pick of over 1,800 different kinds of cryptocurrencies to choose from. A few years ago, the term cryptocurrency was only used among the tech elite and the only type available for purchase was Bitcoin.
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