Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Note : This article is written for Android users. I will update it when I find appropriate solutions for other platforms.
In this article I will explain how the usage of Onion routing can save the cryptocurrency you own in your wallet.
Mt.Gox and Maple change hacks has proved that owning cryptocurrencies on an exchange is not safe since the whole infrastructure can be hacked/ransacked. The only other alternative we have is to store the cryptocurrencies in a wallet.
Even-though we have wallets like Coinbase with secure infrastructure(No known hacks till now), there is still one possible way in which a hacker can still have access to your cryptocurrencies i.e by installing a Keylogger.
Keylogger is a bug that is planted on the host computer to log all the keystrokes. Now, the most secure feature of cryptocurrency which is the unique private key that protects your account can be logged and the hacker can have access to all your crypto. Even-though Blockchains are secure, user interfaces are still susceptible to attacks.
Now I will provide a solution for this problem.
Solution:
- The user must first install the Orbot: Proxy with Tor , which is an onion router for Android.
- After installation, Tap on start button.
3. Tap on the settings icon as highlighted.
4. Select Coinbase from the app list. I assume that you have installed Coinbase or any relevant wallet.
5. Now tap on Coinbase icon to open the app which now uses Tor network.
The advantage of using Tor/Onion network is that it is multilayered and always changes to a new identity within some minutes(or can be manually changed by the user). Thus, it is very difficult for the hacker to plant a bug on your device and log your private key.
The following quote was my motivation for this article:
âNetworks must be organized according to rules. They require Rulers to enforce these rules. Against cheaters.â~Naval Ravikant.
Thank you for reading my article.
If you have any questions, please feel free to send me an email. You can also contact me via Linkedin.
How Onion Routing Can Save Your Crypto was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.