Hello Everyone, I am going to discuss the secured bitcoin transaction.
How does a bitcoin transaction work?
To send a Bitcoin successfully from one address to another isn’t a big task, a sender would need an address and a private key. The Bitcoin address is a random sequence of numbers and letters, which is publicly accessible and exists to protect the identity of the user. The personal information of the account holder is not displayed though and the reason why the address is public is so that transaction can be verified. The private key is also made of letters and numbers. However, unlike the address, it is secret.
In order to complete the transfer, the sender uses their private key to access the amount of Bitcoin and the receiver’s address. Bitcoin’s system recognizes typos and will not allow a transaction to be made to an invalid address. The bitcoin transaction will only be completed when the miners in the network verify the process, which usually takes about 10 minutes.
If you failed to make a transaction secure, It will take a huge toll and you’re gonna regret throughout your lifetime.
How to make the bitcoin transaction secure?
Blockchains use Cryptographic algorithms that are used to encode & decode data on the block, They use Hash Functions as their Ally.
So imagine there is an agreement between two parties using Blockchain, that means a data is stored on blocks, each having a diff hash for it and there are ’n’ number of agreements happening across the world, so for someone to break this, he will require to identify all the blocks related to a particular agreement and then decrypt it one by one making it nearly impossible to hack.
Two Factor Authentication, also known as 2FA, two-step verification or TFA (as an acronym), is an extra layer of security that is known as “multi-factor authentication” that requires not only a password and username but also something that only, and only, that user has on them. This is traditionally implying Verification method.
Not only the bitcoin transactions but also securing the wallet stands as the top priority, Listed below are the Security Measures followed by top professional wallet and exchange developers like us:
An effective protection using top class Mitigation Techniques and Practices.
XSS Protection to avoid cross-scripting vulnerability by using effective XSS filter.
SQL Injection Prevention:
An Injection into SQL will destroy the database completely, which can be prevented by using a standard programming.
As we said above, 2FA is an extra layer of security that is known as “multi-factor authentication” that requires confidential info more than a password.
And the basic security needs like SSL certificate and handing over the Encrypted source.
To build Bitcoin Exchange Website and wallet with the security of God’s hand Contact us.