CryptoCurrency Security Standard (CCSS) / Blockchain

Without a doubt, Bitcoin, cryptocurrency, and the blockchain are in the process of revolutionizing the entire landscape of global finance. Experts from major think tanks like the MIT Technology Review are predicting that cryptocurrency growth isn’t expected to slow anytime soon. As the cryptocurrency industry becomes more prevalent in various aspects of our personal and business lives, so is the need for regulatory standards to ensure transactions take place in a safe, secure manner. Which is exactly why the Cryptocurrency Security Standard (CCSS) was developed.

Public key cryptography standards (PKCSs) are widely used methods for encrypting sensitive data to make it unreadable. There are 11 active PKCSs, which define public key and private key pairs. The PKCS (and cryptography broadly) are key considerations for regulatory compliance.

Cryptocurrency trading has taken off in recent years. Apps, wallets, and online platforms have made trading Bitcoin and other cryptocurrencies accessible. But hackers and cybercriminals and targeting cryptocurrency traders and exchanges more than ever.

Cryptocurrencies have been rocking the news headlines for the past few years due to their unprecedented rise in value that has seen people become millionaires from making small investments in them.  Although there has been news of people making loads of money from these investments, there have also been a plethora of stories pertaining to cryptocurrency exchange providers being breached by hackers.  

The anonymous nature of transactions that some exchanges and cryptocurrency use have led hackers to hone in on these websites and steal billions of dollars in cryptocurrencies from miners and customers alike over the years.  Many of these hacks have led to the short and swift demise of these cryptocurrency exchange providers due to the sheer quantity of breached accounts and value of cryptocurrency that were been stolen.

Cryptocurrency is a constant source of media attention.  It’s new-ish, digital, and an insanely lucrative endeavor to get into.  This perfect storm of positives is the main reason why many people are making a ton of money from mining and selling off their cryptocurrencies.  But even with all the positives that investors can receive from their cryptocurrency efforts, hackers still pose a considerable threat to their sizable profits.  

Cryptocurrency has become wildly popular in the past few years.  Bitcoin was the predominant hot-button topic on every news channel and online publication in 2017 due to its meteoric climb to the point where a single Bitcoin fetched more than $10,000.  Current market figures for Bitcoin have since fallen to around $6,000/Bitcoin due to global market volatility, but the increased industry competition means that cryptocurrency isn’t going away anytime soon.  This means that companies such as Overstock, Expedia, Subway, PayPal, Shopify, and Microsoft that currently accept cryptocurrencies as a viable payment method must understand the cryptocurrency security standards (CCSS).  

With over 1,800 cryptocurrency specifications currently in existence as of March 2018, it would be best if you were to understand the ins and outs of CCSS.  Thankfully, we have compiled a complete overview of Cryptocurrencies, Blockchain, and CCSS that will keep your investment portfolio in the green for the foreseeable future.

Intro

Given the media attention on Bitcoins daily value gyrations, its easy to be distracted away from the technology that makes the cryptocurrency (and its ilk) possible. Todays blog isnt to debate the true value or future of Bitcoin, but rather to examine Blockchain, the protocol that enables Bitcoins currency sovereignty, along with a host of other possible applications.