Lately, the crypto world have been plunged into hysteria thanks to several news of hacks on reputable crypto organisations. This development has increased the risk involved with Bitcoin investment, trading and other cryptocurrency related investments.
These crimes have dominated virtually all crypto news media outlets. The most recent was the security breach at Binance where the hackers stole 7,000 BTC. Binance is reputed to have one of the best security systems in the world. So such a brazen act fuelled several wild speculations and sentiments among cryptocurrency enthusiasts and experts about privacy and security threats in the space.
Tuur Demeester, the co-founder at Adamant Capital, spoke at length about this new development in an interview with Peter McCormack. He talked about the importance of crypto exchange privacy parameters and effects on its holdings.
He also added that in the long run, the industry’s success will make people wish they never downplayed its potentials.
Before now, several analysts predicted that BTC will overcome its bearish slump. In fact, not only has it overcomed the slump, but it has surpassed all expectations. As at yesterday, BTC traded at $6,000.
Demeester also went ahead to say that:
“There is no retail gambler, it is more like professional traders. The retail investors don’t care about technical indicators, but rather they care just about the profits. Another aspect of the research I conducted on Bitcoin was about risk analysis and whether all the hacks and attacks happening with cryptocurrencies has actually affected the market.”
The Adamant Capital boss is of the opinion that customers of crypto exchanges ought to consider the security features of the exchange before investing rather than just judging from people’s reviews. He also said that exchanges need to consider security and privacy for the sake of their users.
“I understand that it is important how long an exchange has lasted; the years of experience naturally would have led to some learnings. But unless the security features are up to the mark, there really is no purpose. Because once your coins are hacked, they are gone forever.”
Demeester emphasised that Blockchain industry regulations, standards and policies are making crypto users sell their assets. He further added that, with the new development and the increase in price and value of BTC in the recent months, the cryptocoin is on the way to gain its previously attained market position.