Cryptocurrency and worldwide payment system Bitcoin are the latest of the emerging market trend. It is widely believed by the market analysts that South Korea is of the biggest markets of the world. In fact, not just South Korea the entire continent of Asia is one the buzz setter of this domain.
It is believed that investors of this geographical area are using Bitcoin and other cryptocurrencies to get away from government regulatory bodies. This is acting as a carrier vehicle for them to move finances of huge amount. Financers are even ready to disburse a market premium for cryptocurrencies. This is an evident case in case of Chinese market ever since they shut off their exchange.
It is alleged that it is one of the biggest reasons why Coinrail exchane hacking made such huge impact on the market trend. Hacking isn’t new for Bitcoin, there have been numerous cases in the recent times. According to Forbes, earlier this year in January Japanese exchange Coincheck Inc. was hacked casing a great deal of damage to investors.
In the words of blockchain expert Mary Saracco, hackers are a part of the virtual world and there isn’t any possibility of their vanishing. That is why crypto space has to be secured and cybersecurity is going to play a vital role there. On the other hand, several experts believe that this is going to make their system stronger than ever.
Is Hacking Really Beneficial?
Hacking is eventually bringing out the flaws of the system which will be strengthened by the cyber experts. President and CEO of BlockStar, Christian Ferri supports this fact. Adding that it is painful in short term but will eventually benefit.
Amy Wan, CEO Sagewise supports this idea. However, he added that all these improvisations won’t be effective unless there is a proper fundamental infrastructure. Currently, there is a lot of instability over bitcoin which is likely to remain like this for some time.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]