The founder of Bits.media spoke about the blockchain industry and the safe exchange of cryptocurrencies

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The creator of Bits.media, Ivan Tikhonov, took part in a program on the YouTube channel of blogger Ilya Varlamov, dedicated to the development of crypto projects and their security.

Ivan Tikhonov talked about howThe starting point for the development of the crypto industry was the first practical implementation of a decentralized system with a clear mathematical algorithm, the Bitcoin network. Until this moment, in any project created, conditionally acting as an alternative to the traditional financial system, there was a critical vulnerability, namely a single point of failure that could be put under pressure so that the entire structure of the project would crumble.

With the advent of Bitcoin, it became clear thatit is possible to create a workable project that does not need powerful servers and special permissions, so that anyone can make sure that there are no external control elements.

Addressing the realities of 2022, Ivan Tikhonovdrew the audience's attention to the fact that in the modern world the number of blockchain projects has increased significantly. Therefore, when investing, it is necessary to monitor those projects that have shown their viability in the market and offer users interesting ideas. A simple evaluation criterion can be an analysis of the directions of development of a crypto project and the level of concentration of intellectual efforts aimed at improving the technology.

However, according to the founder of Bits.media, the “other side of the coin” of the successful development of the industry was the emergence of fraudulent projects masquerading as real activities:

“Cryptocurrency fraud casesquite a lot, because if you were able to steal cryptocurrency, then most likely you will be able to launder it. It’s safer than stealing money from bank accounts, and scammers take advantage of it.”

For beginners it is relatively safe to entertrading in crypto assets can be achieved by registering on a cryptocurrency exchange located in an understandable and regulated jurisdiction. As a rule, in order to register and be allowed to operate, exchanges ask the user to go through a full identity verification procedure. This removes some of the questions from regulatory authorities and banks when withdrawing funds, explains Ivan Tikhonov.

Yes, cryptocurrency assets can be purchased andexchange without going through exchanges. For example, through exchange services. At the same time, the risk of running into scammers increases significantly. Monitoring services that aggregate data on more or less trustworthy exchangers can help you obtain preliminary information about the degree of security of currency exchange transactions. But even in this case, the founder of Bits.media clarifies, it is impossible to guarantee 100% security, since there are many attackers on the market and making blacklists has become practically useless.

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In June, the head of Bits.Media, Ivan Tikhonov, spoke at the TECH WEEK conference in Skolkovo, where he spoke about ways to protect against fraud when exchanging cryptocurrencies.