How SpendTheBits strengthens security for BTC payments - Kalkine Media

Highlights

• BTC is accepted as legal tender in a couple of countries, and many call it ‘digital gold’
• What has worried many enthusiasts is the inadequate security features of crypto apps
• SpendTheBits uses a major blockchain, XRP Ledger, to add an extra layer of security

Cryptocurrencies are a significant trend across the world. A few experts are terming Bitcoin as ‘digital gold’. Others are debating if crypto assets correlate with the stock market, the S&P 500 Index in particular. Two countries have recognized Bitcoin as legal tender.

Amid all these developments, there is a reason to be worried. Cyber-attacks in this space have hurt enthusiasts and their interests. Hackers have exploited the weaknesses of decentralized finance (DeFi) protocols. This has led to losses accruing to the keystone of the crypto-verse -- investors.

Also read: What's in Canada Budget 2022 for cryptocurrency enthusiasts?

Cryptos and vulnerabilities

Though it is said that records are stored on a blockchain, cyber-attacks are common. The decentralized ledger is immutable, but hackers have devised methods to trick the arrangement and steal assets belonging to others. The attack on the popular Ronin Network in March this year was the only in the list that is quite long.

It is said that a lot depends on the basic structure of any app providing crypto-related services. Blockchain is a vast term. Ethereum is a blockchain service provider, and so are other networks like Solana and Fantom. How many of these service providers manage aspects like smart contracts and the record of transactions is highly critical.

XRP Ledger, one of the biggest networks, is famous for a variety of reasons. This includes its transaction speed and support for services like NFTs and smart contracts using hooks. A token, XRP crypto, linked to this ledger, ranks among the top 10 assets by market cap.

Also read: How SpendTheBits differs from other crypto exchanges, wallets & marketplaces

Source: SpendTheBits

SpendTheBits and crypto payments

SpendTheBits uses XRP Ledger to ensure speed and security in BTC payments. Accessible on both iOS and Android, the app acts as a wallet, besides being a payment facilitator.

Some argue that BTC may not sustain itself in the long term if it cannot be a part of a larger payments system. SpendTheBits claims it is an enabler with the primary focus on this aspect. The app can send and receive BTC payments with a simple scan of the address. More functionalities exist, which include the safe storage of BTC holding. In the medium- to long term, the app may also add other popular assets.

But what makes SpendTheBits an app of choice is its emphasis on security. SpendTheBits claims that XRP Ledger makes its processes fast and highly resistant to cyberattacks. This is why the company is rolling out features in a phased manner, to not compromise on architectural security.

SpendTheBits uses XRP Ledger to ensure the security of transactions. As per SpendTheBits, the feature that lets its users store private keys on a local device further strengthens the security of digital assets. Apart from that company claims to use 2-Factor Authentication for each transaction and also claims that they have done extensive internal security testing of the app to protect its users against:

• DDoS
• SQL Injection
• SSRF - Server-side request forgery
• HTTP Parameter Pollution attack
• File Inclusion

SpendTheBits might be that one app that re-establishes trust and transparency in the crypto world.

Also read: Salient features of SpendTheBits that make it a perfect app for crypto users

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