It has been a decade since the launch of bitcoin and some other cryptocurrencies in the market. We can find a lot of cryptocurrencies in the market, but bitcoin is considered the safest cryptocurrency in the world market. Even transferring funds internationally has been made easy by using cryptocurrencies like bitcoins.
Transaction fees are comparatively lower than any other method as the system is decentralized. Still, people doubt bitcoin’s security and privacy, and most novice investors hesitate to use these platforms because of theft and hacking problems. But the security of bitcoin is much better than any other cryptocurrency as the security updates have made this platform stay strong.
Till now, bitcoins remain the only cryptocurrency that has not been hacked for more than a decade. But cryptocurrencies developed by using other technologies are hacked, and many investors have lost their money.
But still, bitcoin is working to recover the stolen bitcoin to enhance security. Moreover, the transaction and ownership details of cryptocurrencies that use blockchain technology are available in public ledgers, and people can easily look into the details if needed. To know more information about bitcoin and the bitcoin loophole, continue reading this article until the end.
Is Tracking Possible In Bitcoin?
In today’s situation, a lost cryptocurrency or a bitcoin is lost forever as people cannot find an alternative method for finding and recovering the lost bitcoin. But the company aims at finding the best alternative method for finding and recovering the cryptocurrency that is lost. But the transaction details will be available in public ledgers, and people can easily track down these details.
Stolen cryptocurrency is the one that can never be found as the complete system is designed in such a way to operate digitally. So this digital asset must require more protection to avoid problems. Blockchain is one such technology that has never been hacked till now. So bitcoin investors have faced only some basic issues. But the loss of bitcoin or any cryptocurrency can occur in two possible ways.
Hacking is nothing but stealing the information from the bitcoin or crypto holder digitally. So hackers will work from different places, and when you enter an illegal site or if some virus corrupts your system, then there are possibilities of losing the data to a third party.
Sometimes the system will be monitored for a long time, and soon after finding the details, hackers might steal all the data and make the crypto owner lose the invested money. So it is a must to use some high-end computers that are good at protecting privacy and data.
Other than this, investors can use a separate system for cryptocurrency trading and investment activities. Sometimes hackers might have hacked your account to know the details and steal the money, and it is a kind of digital theft that has been reported in many places. So make sure to protect your digital asset with utmost care.
Theft of login credentials
Sometimes investors must have shared their login details with some colleagues or even to the broker they are dealing with. In this situation, these brokers might play some game and steal a part of a digital asset that is stored in your digital wallet. So these kinds of theft can be avoided by not sharing the login credentials.
If there is a situation of sharing the password and username, people can easily reset the password to avoid problems in the future. But yes, if people have a broker for doing some basic activities, they will be in a situation of sharing the password, but the passwords can be changed soon after the usage of that particular broker.
So if the bitcoin is stolen, then people cannot find an alternative way for finding the lost coin, so it is necessary to follow some basic strategies and protect the bitcoin.
So Is It Possible To Actually Track The Stolen Bitcoin?
Unfortunately No! In today’s situation, people can’t track down stolen cryptocurrency. Even the transaction flow cannot be found in bitcoins. This is because it is not just like a dollar bill with a serial number as it is a digital asset.
So it cannot be called an identifiable item. But this digital asset can be transferred from one digital wallet address to another as the complete system is powered by blockchain technology. It is one of the most reliable digital systems that protect the digital asset in each wallet. But till now there are no alternative and direct methods for finding the stolen money.
Scientists are trying their level best to find a way for tracking the money. However, they are still finding it difficult to succeed in this project as the algorithms implemented in the previous experimentation have not supported them in finding lost coins.
Money laundering and hacking activities are increasing day by day, and because of this, people think a lot about investing in cryptocurrencies. But a new technology named Taintchain has been implemented to recover the lost money, and this system is capable of tracking down the system. So this tool can track down the details to some extent, but it is a must to develop a tool that can track all the details.
This might be an added advantage for criminals as the inefficiency might make them steal more and more. Millionaires can withstand losses but think about a common man who has invested in profits. His life will be hell soon after losing a part of the cryptocurrency he invested earlier.
So, in general, people cannot find the lost cryptocurrency, but people can follow some basic thumb rules to protect their digital assets. Soon after the invention of new technology for finding lost digital assets, people can easily understand where the money is lost.
People have started accepting cryptocurrencies widely, and enhanced protections have become mandatory in today’s situation. It is a must-have tracking technology to find lost money so that people can invest in these platforms with confidence.