Security and Privacy in the Crypto Market

[Nrcewker]

The crypto market has experienced rapid growth in recent years. However, behind this tremendous potential lie serious challenges related to security and privacy.

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 privacy is only leaked when data breach happens in exchanges. These exchanges ask for our identity verification and ask for our details, they further stores it and when these data breaches happens, our identity gets leaked and privacy is hampered. Regarding the security, if we store the coins in online exchanges or wallets, then definitely our coins will get hacked, so yes store the coins in offline wallet only. Moreover regarding the privacy, try to avoid exchanges and do P2P deals as much as you can.

[Silberman]

The crypto market has experienced rapid growth in recent years. However, behind this tremendous potential lie serious challenges related to security and privacy.

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 privacy is only leaked when data breach happens in exchanges. These exchanges ask for our identity verification and ask for our details, they further stores it and when these data breaches happens, our identity gets leaked and privacy is hampered. Regarding the security, if we store the coins in online exchanges or wallets, then definitely our coins will get hacked, so yes store the coins in offline wallet only. Moreover regarding the privacy, try to avoid exchanges and do P2P deals as much as you can.

It is likely if not a certainty that the data you share with exchanges is not only shared to several different governments, it is likely that such information is also shared with other private companies which are interested in profiling you so their advertising can be even more personalized, then it is important that if you want to use centralized exchanges that you use the smallest number of them possible as a way to reduce how many times your data is shared.

[sana54210]

The privacy is only leaked when data breach happens in exchanges. These exchanges ask for our identity verification and ask for our details, they further stores it and when these data breaches happens, our identity gets leaked and privacy is hampered. Regarding the security, if we store the coins in online exchanges or wallets, then definitely our coins will get hacked, so yes store the coins in offline wallet only. Moreover regarding the privacy, try to avoid exchanges and do P2P deals as much as you can.

It is likely if not a certainty that the data you share with exchanges is not only shared to several different governments, it is likely that such information is also shared with other private companies which are interested in profiling you so their advertising can be even more personalized, then it is important that if you want to use centralized exchanges that you use the smallest number of them possible as a way to reduce how many times your data is shared.

I think as long as your money is safe, the information is not a big deal. Like for example I do not know where one of them found me, but a local exchange in my nation found who I was and I had money in crypto, now I didn't share this with them, which means they found it somewhere themselves, that's not normal. However, all they did was call me up and asked me to use them instead, offered me some marketing stuff, like bonus or promotions and such, which basically ended up with nothing.

This is why I believe that the best thing to do would be making sure that we are dealing with this a lot more carefully. I understand that it's not going to be easy, but we could definitely make it work as much as we can, just need some time with it.

[Semar Mesem]

The most important thing in crypto is the issue of security, our main goal is to keep crypto assets besides increasing in value of course because we think that security, many projects make security issues the main goal, and in my opinion as long as security is guaranteed then we should believe in cryptocurrencies.

[Beparanf]

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?

Learning the basics will make your crypto assest safe and private. Stop posting your wallet address online and avoid downloading on unsecured website that will make you exposed for malware.

Most of the incident on crypto is due to the negligence and gullibility of newbie users on basic protection and identifying what scam or not. Crypto is very easy to secured if you are a private person. I'm not a savy techy person but I never experienced a hack incident on my crypto assets.

[Lubang Bawah]

There are many cases of hack wallets of course because users are not careful and do not care about security, if we use exchanges then the best thing is to activate all security features, the more security features we activate, the better the security, and if we are used to trading on DEX then the most safe is to separate trading assets from assets that we will keep.

[doomloop]

The crypto market has experienced rapid growth in recent years. However, behind this tremendous potential lie serious challenges related to security and privacy.

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 privacy is only leaked when data breach happens in exchanges. These exchanges ask for our identity verification and ask for our details, they further stores it and when these data breaches happens, our identity gets leaked and privacy is hampered. Regarding the security, if we store the coins in online exchanges or wallets, then definitely our coins will get hacked, so yes store the coins in offline wallet only. Moreover regarding the privacy, try to avoid exchanges and do P2P deals as much as you can.

We don't know what if the exchange secretly sells our data like what other websites are doing. Someone exposes their modus before. Maybe it was one of their team who lately build a hate to their company. This is the reason why many people are not doing a KYC when it's being asked but they leave the platform immediately and look for other alternative who does not mandate a KYC.

In regards to security, maybe a well-known exchange has a robust security and in case a hack happens some of them have insurance and we can be refunded. Despite of this, I still prefer to hold my coins on my own because I believe on the saying that "not your keys not your coins"

[adaseb]

There are lots of privacy and security issues with crypto.

Apps like Metamask tracking your IP address with their forced RCP url
Most coins have no privacy at all, totally transparent. Not good if you reuse addresses
Exchanges which get hacked or peoples KYC details are stolen.
People getting sim swapped and everything

Before mass adoption these issues need to be taken care of first.

[YUriy1991]

The most important thing in crypto is the issue of security, our main goal is to keep crypto assets besides increasing in value of course because we think that security, many projects make security issues the main goal, and in my opinion as long as security is guaranteed then we should believe in cryptocurrencies.

Well, referring to what you said, the safety factor is indeed seen as a factor that plays a role in the world of money markets, but I see that until now there are still risks associated with investing in cryptocurrencies. Learn from experience and as a reminder of past events where a series of crypto exchanges and digital wallets have experienced a series of attacks and lost user funds.

This still illustrates that, security in the cryptocurrency world is still not fully guaranteed and there is generally the potential for loss of access. For example, someone loses a private key for reasons that may sound very classic, for example, I forgot to write it down, I saved it wrong, I chose the wrong storage wallet. or so on. What's the ending story. users are confused and panicked when they cannot access their digital wallet, let alone that it is stored automatically online, moreover it contains many main valuable assets.

[flyingcarpet]

The crypto market has experienced rapid growth in recent years. However, behind this tremendous potential lie serious challenges related to security and privacy.

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?

With KYC verifications, privacy has decreased but security has increased a notch. It actually depends on what aspect of security or privacy you want. According to some, KYCs are things that should not be in the crypto market, according to others, it is the opposite. Even in terms of security and privacy, we cannot say exactly what it should be. Some points need attention, but not everyone agrees 100%. There should also be some features that distinguish crypto from banks. Therefore, rather than answering this question in general, security and privacy questions should be answered one by one.

[yudi09]

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 main challenge lies in the identity of the user using the crypto market because almost all cryptos require KYC with a different level in my country for each exchange.
This fear is very basic because online crime is very vulnerable to occur even though crypto activities are not visible in real terms like other activities that we do in our daily lives.

The most we can only do is not to keep assets on the exchange to protect against various crimes that can occur.

[BenCodie]

Main challenges posed to Bitcoin/crypto holders during the upcoming bull cycle:
- Not your keys, not your coins: While FTX taught a lesson, it still won't be enough to keep people from keeping their coins within centralized and pseudo-decentralized exchanges
- Scams, phishing: People still seem to be sending their coins to obvious scams and phishing websites.
- Insecure networks and systems: Only continuing to arise from the latter two problems is the innovation in hacking outpacing innovation in security. Wallets stored on active windows systems, insecurely managed wallets and sensitive information transmitted via insecure networks are causing theft.

I and others have been advocating to have a Cybersecurity & Privacy board added for some months now. I believe that the topic should definitely be discussed in a central place because it is definite that there is both knowledge and issues to discuss to be able to combat obvious problems like the above.I implore anyone who agrees to go to that thread, vote on the poll and express their opinion.

[YUriy1991]

Main challenges posed to Bitcoin/crypto holders during the upcoming bull cycle:
- Not your keys, not your coins: While FTX taught a lesson, it still won't be enough to keep people from keeping their coins within centralized and pseudo-decentralized exchanges
- Scams, phishing: People still seem to be sending their coins to obvious scams and phishing websites.
- Insecure networks and systems: Only continuing to arise from the latter two problems is the innovation in hacking outpacing innovation in security. Wallets stored on active windows systems, insecurely managed wallets and sensitive information transmitted via insecure networks are causing theft.

I and others have been advocating to have a Cybersecurity & Privacy board added for some months now. I believe that the topic should definitely be discussed in a central place because it is definite that there is both knowledge and issues to discuss to be able to combat obvious problems like the above.I implore anyone who agrees to go to that thread, vote on the poll and express their opinion.

I see that people's awareness has started and is growing. In this time, More people also understand the risks of investing in this Crypto world and they taking proactive measures to secure their assets. But yes, the problem still exists. Hackers also continue to develop new tricks that can sometimes bypass security that has been built. Even though cyber security experts and organizations have tried to come up with a robust solution, challenges continue to arise.

It's true, Cyber threats are very serious and, I totally agree with your opinion. Cyber security cannot be the responsibility of only one person or one party. This is a shared responsibility that involves and requires collaboration and partnerships between sectors. With strong cooperation like this I think, we can be more effective in dealing with cybersecurity challenges.

[karabiber]

The crypto market has experienced rapid growth in recent years. However, behind this tremendous potential lie serious challenges related to security and privacy.

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?

There are some major criteria for safety in the crypto market and ecosystem and you must make sure that you are applying them. Even if you take enough security measures, it means that your accumulation of small an error is steam. If you have decided to enter the crypto market my first advice is to be very careful. We confirm the security criteria without reading and we initially make our safety unprotected. If we want to choose the exchanges that are traded in the crypto market, we need to give a number of information to the other party, which helps to create an insecure environment. Although we do not want to use central stock exchanges, we are forced to. The fact that the volume formed in the CEXs is not satisfactory and the lack of enough environment for trading pushes us to the central stocks. That's why we're not strict about privacy. KYC is a must in the crypto market. We need to focus on different things instead of KYC.

I think that the crypto industry has not done enough work in security. So we can make our own assets safe by taking simple safety measures ourselves. Be sure to actively use the authentication of two factor identity and adopt the method of fishing. This is a small step that makes a big difference. The people here already know other simple steps. Finally i can already say that the crypto industry does not take into account the privacy and will collect more data in the future. KYC and AML will become widespread rapidly.

[StreakW]

Yes. Indeed, the crypto market has experienced rapid growth, but serious challenges regarding security and user privacy have also emerged. Key challenges include digital security, platform security, fraud, phishing and regulation. To overcome this challenge, the crypto industry can implement measures such as the use of multisignature security, data encryption, cooperation with security service providers, user education, and cooperation with governments for clear regulations. Protecting user security and privacy in the crypto market is a constant endeavor, and with these measures, the crypto industry can continuously improve the security and privacy of their users.

[YUriy1991]

There are lots of privacy and security issues with crypto.

Apps like Metamask tracking your IP address with their forced RCP url
Most coins have no privacy at all, totally transparent. Not good if you reuse addresses
Exchanges which get hacked or peoples KYC details are stolen.
People getting sim swapped and everything

Before mass adoption these issues need to be taken care of first.

You are right, Security and privacy have indeed been critical major artists in the crypto market. As I said before, nothing is safe on a system, whatever it is, although sometimes they always say we already have superior features that no one else has in terms of providing privacy features and this crypto market has always been the favorite place for cypro pirates and here is one of them Source: https://en.cryptonomist.ch/2023/07/03/crypto-hack-poly-network-3/ whether it's an issue or not, in this case I'm just reading it.

[carlfebz2]

The crypto market has experienced rapid growth in recent years. However, behind this tremendous potential lie serious challenges related to security and privacy.
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?

There are so many solutions to security and privacy problems. Centralized exchange has made it impossible to stay anonymous while using their exchange because you're obligated to complete their KYC verification or you won't be granted your withdrawal.

We have mixers that can be used to increase privacy, if you withdrew from a KYC exchange, you can send the coins directly to mixers then mixed the coins before sending it your wallets. Make sure you make use of wallets that you have your private keys as that increase privacy.

KYC is the main challenge when protecting the security and privacy of a user therefore making use of exchanges that don't mandate kyc or completely ignoring centralized exchange and only make use to decentralized exchanges will solve this privacy problem.

Not that really a shocking thing on which it would really be that normal that KYC would really becomes more even rampant into these kind of platforms or companies which government cant really just make it slip away.

Exchangers does really involved huge amount of inbound and outbound transactions on which it would really be just that normal that they would really be trying out to regulate these things as much possible which it isnt really that shocking anymore. Its true that most users would really be minding that much about security and privacy on which we are really that been giving importance on but there are really that we do much prefer on things but ending up on having that being filtered out or does give out no choice but to touch up these places. Good thing that we do have other options on which we could really be able to cover out tracks
and would really be still able to execute out anonymous transactions which it could really be done using up by those mixers or touching up DEX.

[justdimin]

Not that really a shocking thing on which it would really be that normal that KYC would really becomes more even rampant into these kind of platforms or companies which government cant really just make it slip away.

Exchangers does really involved huge amount of inbound and outbound transactions on which it would really be just that normal that they would really be trying out to regulate these things as much possible which it isnt really that shocking anymore. Its true that most users would really be minding that much about security and privacy on which we are really that been giving importance on but there are really that we do much prefer on things but ending up on having that being filtered out or does give out no choice but to touch up these places. Good thing that we do have other options on which we could really be able to cover out tracks
and would really be still able to execute out anonymous transactions which it could really be done using up by those mixers or touching up DEX.

The only sad thing is that the governments are already after these crypto mixers or even on the decentralized exchanges because they know that many will avoid the KYC or the regulations that are imposed and those users will easily head on to these platforms.

There are lots of mixers and some decentralized exchanges that have been shutdown in the past by the government and its organizations. Let's only pray that there must be something that will left for us but it's always better if we can now familiarize ourselves with the KYC just in case they already shutdown our favorite decentralized platforms. If we still don't want to, then we are free to quit dealing with cryptos.

[Halime Anatolia]

The crypto market has experienced rapid growth in recent years. However, behind this tremendous potential lie serious challenges related to security and privacy.

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?

I think it's a mandatory menu. Yes. related to security and privacy are important aspects that need to be addressed in the world of Cryptocurrency, it is  the target of hackers because of the nature and potential that has value if it is paid for. These attacks can result in significant financial loss for individuals and organizations, undermining trust in the crypto ecosystem. If you want to see you can go to this thread https://bitcointalk.org/index.php?topic=5267124.msg61709519#msg61709519 and it's being discussed in that thread.

[lixer]

Yes. Indeed, the crypto market has experienced rapid growth, but serious challenges regarding security and user privacy have also emerged. Key challenges include digital security, platform security, fraud, phishing and regulation. To overcome this challenge, the crypto industry can implement measures such as the use of multisignature security, data encryption, cooperation with security service providers, user education, and cooperation with governments for clear regulations. Protecting user security and privacy in the crypto market is a constant endeavor, and with these measures, the crypto industry can continuously improve the security and privacy of their users.

How will the users have any privacy if the cryptocurrencies and projects start cooperating with governments and authorities and have clear regulations? When there are regulations, there can be no privacy at all for users since governments and authorities will have access to all their personal data and documents and their financial activities as well, if we talk about privacy from other users, that can be done by using different privacy metrics.

In my personal opinion, the security of a person involved in cryptocurrencies is basically in their own hands, if they know when and where they need to keep their assets and how secure different platforms and wallets are, they can easily safeguard their assets without any issues if they are using centralized platforms, they should use all the necessary security measures to have complete protection.