Developments Encircling Crypto Security and Regulation
The first Genesis Block was introduced on 3rd January 2009 by Satoshi Nakamoto, since then the next ten years saw huge ups and downs. The idea was to build a new, open ledge and decentralized systems that can replace the traditional currency system. Satoshi Nakamoto’s Bitcoin became a reality which is a new mode of accounting, money and data transfer. After 10 years, crypto use and the number have increased at a rapid rate, people from around the world now using the best OTC trading platform for day to day transactions.
On October 2019, the Bitcoin has celebrated its 10th birthday, going through highs and lows. By now almost every modern-day individual is aware of Bitcoin and its underlying technology. As Bitcoin completed one decade in the business, its time to look back and measure how things went all these years. Initially, cryptos received tough criticism from every section of the market, even today critics don’t hesitate much to point out all its demerits. Lot has been said over the years from an investment point of view, specifically, cryptos will fade away with time, it’s a thing of past and is the next big scam in the financial world. But today the truth is Bitcoin is one of the most popular and widely used cryptocurrencies in the world.
Security is the King
With passing time many new features of cryptos kept unfolding. The year 2018 will be remembered as a year of crypto hacks. According to data, $220 million crypto assets were stolen through breaches and hacks in 2017, but in 2018 that number crossed $1 billion – an increase of around 450% in 12 months span.
But before pointing finger at Bitcoin one needs to check these details carefully, most of the 2018 hacks were through online exchanges. Over the years it has been proven that online exchanges are the easiest to hack. According to research almost all popular 19 crypto exchanges across the globe have gone through such hacks. It’s important to select crypto exchanges carefully before you purchase Bitcoin online. AusFinex is amongst the top Cryptocurrency Exchange Platform in Australia providing a safe, secure and easy crypto trading experience.
With the growing popularity of digital currencies there has a considerable increase in fraudulent activities, crypto users need to be careful while transacting online. Experts believe the crypto industry is still new and the truth is that it’s not yet ready to defend itself from such hacks of scams. No matter what the cause, hacks have increased by a huge margin in 2018 both on the institutional and end-user levels. Many believe extra security measures for Blockchain and cryptos will help its cause and also protect the rights of users across the globe.
Growing crypto regulations everywhere
The year 2019 was not that satisfying for crypto investors because of its bear market, but it was a landmark year in other ways. Nations around the world have started taking initiative to regulate cryptocurrencies and Blockchain, a step that will protect investors from frauds and scams. G20 nations agreed that crypto assets are no more threatening to global financial stability but it can deliver huge benefits to a different sector in the long run. Though no regulatory statements were issued during the initial meeting all G20 nations agreed to follow measures to curve frauds and scams by setting up a special task force.
Regulating crypto purchase is mainly to counter financial terrorism and money laundering across the globe, which saw an increase in the past few years. All developing and developed nations are taking a clear stand to regulate crypto use, a move that will promote businesses around cryptocurrency and Blockchain technology.
No one knows what’s ahead in 2020 but one thing is for sure that governments across different countries will keep taking steps to regulate cryptocurrency and Blockchain. Refer to the best OTC trading platform in Australia like AusFinex always for better trading experience.