• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Binance Founder CZ Receives Presidential Pardon From Donald Trump
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Binance Founder CZ Receives Presidential Pardon From Donald Trump
Bitcoin

Why Bitcoin Investors – Who Are Paranoid About Hacks – Are Turning To ‘Old’ Tech

Christian Encila
by Christian Encila
3 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin and its fellow cryptocurrencies are on their way to show the world one of the biggest ironies in the field of financial technology.

These assets, widely heralded as the future of FinTech, might turn back time and go old school courtesy of holders who are paranoid about protecting their investment from the bad guys who are out there to steal their hard-earned money. 

After all, if losing $2 billion worth of crypto assets is not enough to make investors scratch their head and lose hours of sleep for protection, then we don’t know what is.

Related Reading: Bitcoin Rising In The Gulf: UAE Sees Crypto Market Growing 10-Times This Year

Bitcoin Hacking: A Growing Menace

The year 2021 was a lucrative year for crypto hackers as they were able to steal $3.2 billion worth of cryptocurrency, according to a Reuters report.

One would think that the figure is hard to surpass, but 2022 is shaping up to be a “bumper harvest” year of sorts for these cyber criminals.

According to the 2022 Crypto Crime Report published by Chainalysis, during the first seven months of this year, hackers have taken away nearly $2 billion in crypto from exchanges, platforms and private entities.

In a way, these criminals are impressive, as while many of us are busy using our computers and the internet for work and entertainment, they are leveraging technology to outsmart Bitcoin and other cryptocurrency networks.

Too bad they have blatant disregard for the hard work of investors to add crypto into their financial portfolio.

Image: Life With Crypto

Investors of Bitcoin and other digital currencies, especially new ones, are taking advantage of “hot wallets” to start their journey in crypto trading.

These wallets may be free and offer fast and easy access to the asset class. They are, however, vulnerable to attacks.

Case in point, in April this year, 8,000 wallets containing crypto on the Solana blockchain were attacked by hackers who made off with at least $5 million worth of tokens.

This might be the reason why Bitcoin investors who are paranoid about hacks are about to turn to old tech to deal with this pressing concern.

Source: Reuters Graphics

Hardware Wallets: Old School ‘Savior’

By the simplest of definitions, hardware wallets – which first debuted in the market in 2014 – are devices that work just like USB drives. They can be used to safely stash crypto holdings offline.

One of the key advantages of this over hot wallets is that it is unaffected by viruses coming from a computer. Private keys stored in the hardware wallet won’t be in contact with the computer network, preventing unwanted access.

Image: OceanPoint Insurance

Bitcoin holders and investors of other cryptocurrencies are seriously considering turning to this “thing of the past” to safeguard their holdings from malicious cyber attackers.

Because of this, Straits Research projects that by the year 2030, the valuation of the industry, which stood at $245 million in 2021, will grow exponentially up to $1.7 billion.

With the way things are shaping up now, two things – one considered the future and the other a thing of past – will soon link up once again in hopes of thwarting the evil plans of crypto thieves. 

Related Reading: Bitcoin ‘Rainbow Chart’ Looking At Possible $600,000 Price For BTC By October 2024

Crypto total market cap at $882 billion on the daily chart |  Featured image from Acenda Integrated Health, Chart: TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Bitcoin ziņas šodien: BTC cīnās, lai noturētu 108 000 dolāru līmeni, neskatoties uz lejupslīdošo spiedienu

Bitcoin ziņas šodien: BTC cīnās, lai noturētu 108 000 dolāru līmeni, neskatoties uz lejupslīdošo spiedienu

8 hours ago
ผู้บริหารฟินเทคเยอรมนีจับมือดีลใหญ่ซื้อ Bitcoin

เยอรมนีเอาจริง! บริษัทฟินเทคทุ่มซื้อ Bitcoin 10,000 BTC

16 hours ago
Bitcoin

Forget Bitcoin’s Halving — The ‘Business Cycle’ Is The Real Market Killer: Analyst

1 day ago
Bitcoin Hyper

มาแรงสวนตลาด! Bitcoin Hyper ระดมทุนทะลุ 24 ล้านดอลลาร์

2 days ago
แม่เหล็กดึงดูดเหรียญ Bitcoin เปล่งพลังงานสีน้ำเงิน

ถึงเวลาช้อน? สถาบันกว้านซื้อ Bitcoin มากกว่าที่ขุดได้ 6 เท่า

2 days ago
比特幣ETF即時新聞:單日淨流出逾5.36億美元動態更新(10月21日)

比特幣ETF即時新聞:單日淨流出逾5.36億美元動態更新(10月21日)

2 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • ORIGIN Protocol's LGNS Achieves Historic Milestone: Liquidity Tops $194 Million, Reclaiming Title as Global Leader in DeFi

    ORIGIN Protocol’s LGNS Achieves Major Milestone...

    1 day ago
  • bonus kcex

    Bonus KCEX: promozione da $21.000 con un bonus deposito del...

    1 day ago
  • Maxi Doge

    Защо Maxi Doge може да се окаже...

    2 days ago
  • 挖 1 枚比特幣耗電可供 61...

    2 days ago
  • KCEX стартира бонус за търговия от...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.