In the past couple of years, the cryptocurrency industry has gained an enormous amount of popularity among the masses. There are many institutions across the globe that are now moving to the cryptocurrency industry. In a matter of two years, the cryptocurrency industry has gained a significant amount of mainstream adoption.
In the current times, the cryptocurrency that is experiencing the highest adoption rate among the rest is Bitcoin (BTC). It has been stated by many economic analysts and trading experts that Bitcoin (BTC) is the very reason Gold is losing its ground as the most valuable trading asset. In the past couple of years, an enormous group of investors has shifted from investing in gold to investing in Bitcoin (BTC).
From the looks of the amount of success and recognition the platform has gained, Bitcoin (BTC) will soon reign over the entire financial industry.
Recently, one of the largest financial institutions JPMorgan has made a statement in regards to crypto-adoption from across the globe. As per JPMorgan, a huge group of investors has been shifting from the gold industry into the cryptocurrency industry. This is exactly what the crypto-community had expected and aimed for since the launch of the cryptocurrency industry.
However, with an enormous amount of recognition and user-base, risks and policy breaches also become vast. This is exactly what the cryptocurrency industry is facing at present. Although the year 2020 is of the highest importance for the growth of the cryptocurrency industry, it has also been the worst with respect to digital crime.
During the pandemic, due to the lockdowns and curfews, all the criminal and illegal activities became remote. It was reported that the year 2020 saw the highest rate in cyber-crime and online scams of the entire 21st century. Even some of the most prominent cryptocurrency exchanges got preyed on by the hackers who managed to get away with billions of dollars from different exploits.
The main factor that distinguishes crypto-transactions from traditional transactions is that they are fast and cost very less per transaction. However, these transactions are not yet as safe as bank transactions but it is almost impossible to track down the scammers if they steal away cryptocurrencies.
Once a cryptocurrency transaction has been initiated, it can neither be canceled, erased nor stopped from happening. Therefore, to address this problem, BTCV’s security mechanism has been introduced into the crypto-industry. It is a 3-Key Security Solution that will revolutionize the security protocols in the cryptocurrency industry.
BTCV is a mechanism that is based on Bitcoin’s SHA-256 hash function developed through cryptography. Based on the hash function, every BCTV transaction gets delayed for 24-hours that is accumulated by delaying confirmation through 144 blocks. During this delay, the user has the opportunity to verify the transaction and cancel it if it seems to have triggered from an unknown source.