The security of digital currency transactions
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The security of digital currency transactions
Digital currencies, also known as cryptocurrencies, have gained a lot of popularity in recent years due to their decentralized and secure nature. Transactions are recorded on a decentralized ledger, known as the blockchain, which makes them secure and tamper-proof. However, just like any other financial system, digital currencies also face certain security threats that can compromise the integrity of transactions. In this article, we will discuss some of the security risks associated with digital currencies and how they can be mitigated.
Wallet Security: Digital currencies are stored in digital wallets, which can be online, offline, or hardware. Online wallets are the most convenient but also the most vulnerable to attacks, as they are connected to the internet. Hackers can gain access to these wallets and steal the funds stored in them. Offline and hardware wallets are considered to be more secure as they are not connected to the internet, but they can still be lost or damaged. To mitigate the risk of wallet theft, it is recommended to use hardware wallets, secure them with strong passwords, and store them in a safe place.
Phishing Scams: Phishing scams are one of the most common security threats to digital currencies. Hackers create fake websites or send fake emails that look like legitimate ones, tricking users into entering their private keys or seed phrases, which are then used to steal their funds. To avoid falling for phishing scams, it is important to only enter private information on trusted websites and to be cautious of emails asking for sensitive information.
Malware: Malware is a type of malicious software that can infect a computer and steal sensitive information, including digital currency private keys. To avoid falling victim to malware, it is important to keep all software and antivirus programs up to date and to be cautious when downloading files from the internet.
Exchange Security: Digital currencies are often traded on exchanges, which are centralized platforms that connect buyers and sellers. These exchanges can be vulnerable to hacking attacks, as they hold large amounts of digital currencies in their hot wallets. To minimize the risk of exchange theft, it is recommended to only use reputable exchanges, store digital currencies in cold wallets, and enable two-factor authentication.
Social Engineering: Social engineering is a technique used by hackers to trick users into giving up sensitive information. This can include tricking users into revealing their private keys or seed phrases, or convincing them to transfer funds to a fake address. To avoid falling victim to social engineering attacks, it is important to be cautious of unsolicited requests for sensitive information and to verify the identity of anyone asking for funds.
In conclusion, digital currencies have the potential to revolutionize the financial system due to their secure and decentralized nature. However, they are not immune to security risks, and it is important to take the necessary precautions to protect one’s digital currency investments. This includes using hardware wallets, being cautious of phishing scams and malware, only using reputable exchanges, and being aware of social engineering attacks. By following these guidelines, users can help ensure the security of their digital currency transactions and protect their investments.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The security of digital currency transactions
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