Into the Look: Security Issues, Crypto-Hygiene, and Future Direction of Blockchain and Cryptocurrency for Beginners in Malaysia

Abstract

This paper presents a brief overview of blockchain and cryptocurrency for beginners in Malaysia. Cryptocurrency is an innovation for financial technology (also called FinTech) which has been innovated based on the blockchain technology. The presence of several properties provided by blockchain allows cryptocurrency to be traded and exchanged in a virtual environment; just like the common currencies used today. However, as the processes for exchanging and managing blockchain and cryptocurrency are carried out over the Internet, users are vulnerable to several cyber-attacks. Besides, the existence of cryptocurrency may lead to other crimes such as money-laundering and online gambling. Therefore, this paper discusses security issues and crimes related to cryptocurrency. Furthermore, this paper proposes an improved crypto-hygiene as the guideline to mitigate and minimize the risk of cyber-attack which may also assist beginners who wish to involve with cryptocurrency or any blockchain applications in gaining some insights and opinions regarding blockchain and cryptocurrency.