The simple answer is yes, well mostly. Because Cryptocurrency transactions are not held or managed by anyone, there is no central database, no complaints procedure, no whoops I did that by mistake can I undo it option. But your transactions are secure and un-hackable.
Are the rules any different In England? No, Cryptocurrency is global and has literally has no boundaries.
Blockchain
Because Cryptocurrency is located on a ‘Blockchain‘ which is constantly expanding and creating more links. The Blockchain is fully encrypted and each time a new transaction is made it creates another link which again is fully encrypted.
Here’s the clever part and why the Blockchain is un-hackable, every new transaction not only creates another link in the chain but the previous link and the next link are encrypted in such a way that they cannot see each other in any way. There is no possible connection that a hacker can exploit. Even with the help of AI the algorithms and the mathematical enormity of the Blockchain is far too complicated to crack. That is why Cryptocurrency transactions are trusted by millions of people, including the banking institutions, Governments and investors every day.
Also see: The Blockchain Simplified
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No Potential Issues Then, Well Yes
However, you knew it was coming! There are downsides from a security perspective, the number one difference between banks and Cryptocurrency is that it is untraceable. If you lose your Cryptocurrency I.D. it’s gone for good and so is your money, there is no one to complain to and no way of getting your investment back. The transactions are in your account but as I’ve explained they are fully encrypted and therefore are not accessible to anyone, don’t lose them!
If you send Cryptocurrency to someone and you are not 100% confident in them you could potentially never see it again. Anonymity is a great especially in the criminal world, untraceable money, yes please, you have to be very careful.
Cyber Criminals Are Lurking
They almost always ask for Cryptocurrency payments or occasionally vouchers or some other form of payment but they will transfer it to Cryptocurrency at some stage. Ransomware for example is a common form of cyber criminal blackmail to force you into paying in Cryptocurrency to unlock your computer.
Cyber criminals online, on the phone and on email are always trying to find new ways of parting you from your money and Cryptocurrency is the perfect currency to enable them to carry out their underhanded criminal activity without any way of tracing the payments back to them.
Also see: What Makes Your Device Easier To Hack
Summary
As I mentioned in the opening statement is Cryptocurrency safe, well yes very safe. But it is not like a bank it is an investment that cannot be treated casually, it can be gone with no chance of getting it back if you are not careful. Always keep your Cryptocurrency I.D. safe and always be confident in who you are transacting with.
Cyber criminals will try to exploit you and ask for payment in Cryptocurrency which gives Cryptocurrency an often unjustified reputation for being dodgy. It is just a form of payment albeit untraceable, but it is a trusted by millions of people everyday.
