Today, many people doubt the safety of Monero, one of the top cryptocurrencies in the privacy coin market, because of its track record of getting hacked. Over 1,000 corporate systems have been jacked by the Monero mining malware so far.
Should you sell your coins to avoid getting hacked, or are there any security measures you can take to protect yourself? Let’s figure it out.
Cyber Threats That Cryptocurrencies Face
There are three main cyberspace threats that crypto users have to be aware of:
When a hacker gains control of your computer and uses it to mine cryptocurrency, it is called crypto-jacking. Your computer can be infected with an online advertisement or malicious email. The virus will start a crypto-mining code that will work in the background while you are using your computer. So use an ad blocker and don’t open suspicious spam emails.
Know the advantages of cryptocurrency like bitcoin here.
Crypto-ransomware is a harmful program that will infect your computer, encrypt your files, and extort money to unlock them. You won’t be able to access your files without a decryption key. Thus, always check if your antivirus is updated and works well.
The most used cyber threat is mining malware. You can accidentally install fake mining software that can also negatively influence your hardware. Therefore, it is better to install programs from trusted sources.
Most cases of crypto mining malware are done to Monero miners.
How Vulnerable Is XMR?
While all cryptocurrencies have a level of vulnerability, XMR is less immune to hackers and mining malware. This is because of its untraceable transactions, CryptoNight algorithm, and privacy options.
Even the XMR official website and its blockchain system are vulnerable to online attacks, which have happened before. One popular case is the Monero Supply Chain Hack in 2019 when the official Monero project website, GetMonero.com, was hacked. However, it is important to keep in mind that there is no perfect system and almost any site has drawbacks.
Is It Worth Staying With XMR?
When considering whether you should use XMR or trade it with other currencies, there are a few factors to consider:
- XMR is used for illegal activity more than any other currency. This is because of its privacy features, and it’s an important point to note, especially when trying to stay safe. But XMR still provides its honest users with financial freedom ensuring that financial institutions can’t control their capital.
- There is also an increasing call to control privacy coins. Large platforms like Bittrex, and some countries like South Korea, are already delisting or banning privacy coins like Monero.
Where to Trade XMR
If you want to trade XMR to BTC, you need to use a reliable exchange platform, such as Godex. You simply have to choose the currency you are sending (XMR) and the one you are receiving (BTC). Then, input your wallet and send the XMR to the Godex account. Once it has been approved, Godex offers a Monero to Bitcoin instant exchange feature.
When you own or mine Monero and cryptocurrency in general, you need to take care of security measures. Of course, XMR has its drawbacks and, like other coins, is subject to hacking. You need to understand that there are no ideal options and the choice should be made based on research and your personal preferences.