Chapter V - Results, Conclusion, and Recommendations

Chapter V: Results, Conclusion, and Recommendations

Chapter V: Results, Conclusion, and Recommendations

Introduction

The final chapter will call upon the generalization of the paper; it will then look at the process, testing framework, results, or conclusions before providing any recommendations in the field of research.

Results

Earlier in this paper, in Chapter III, methodology aims, and objectives were set out; this chapter will look at the solutions and methods on how to secure the Cryptocurrency wallets by identifying their security features to protect them from hackers and quantifying by providing tools and techniques that can help protect a user’s funds.

The main objectives at the start of the paper were to answer each of the following questions.

• The security measures needed to protect users of online Cryptocurrency trading platforms.

The security measures needed to protect users of online Cryptocurrency are: to use the physical wallets to store the majority of users Cryptocurrency while keeping a minimum amount of currency in the online wallets instead of the online wallets because it attracts the attention of hackers; it is important to use two strong and unique passwords; get an understanding of the Cryptocurrency wallets you want to buy or sell; protecting yourself from mobile phishing and it is crucial to use hot wallets that are more convenient for traders or investors.

• Find out if these Cryptocurrency wallets can be stolen by hackers.

Yes, the Cryptocurrency wallets can be stolen by hackers even if it has a hyper security. It would be phenomenal if we can create an unshakable exchange, however, that is not the case; hackers do have multiple methods such as phishing viruses with which they obtain users API keys, two-factor authentication codes, and other information to execute their plan.

• The different types of Cryptocurrency wallets.

Any types of Cryptocurrencies wallets are combined with private and public keys which can be classified as follows: Desktop, mobile, hardware, paper, web, or online wallets.

• To evaluate security in Cryptocurrency wallets.

To evaluate security in Cryptocurrency wallets, you will need to add new but critical features like PSBT (Partially Signed Bitcoin Transaction) in the hardware wallets products and respond to bug statements and the vulnerabilities. It is also important to make sure your device is using the updated software, setting up extra layers of security meaning two-factor authentication in which a confirmation code will be sent to your mobile phone before accessing it.

Conclusion

To conclude, I would say that the objective of the study was to enable users to evaluate the security and privacy of the Cryptocurrency wallets. The main aim was to improve the security in Cryptocurrency trading by searching for relevant articles on Cryptocurrency wallets attacks to gain a strong understanding of Cryptocurrency wallets. It will be analyzed in a literature review and this review will be utilized to create a testing framework.

A detailed literature review of attacks on the types of Cryptocurrency wallets are described on Chapter II along with weaknesses and testing methods provided. It was found relevant to the main topic and academic as well. The academic resources incorporated on this paper are Science Direct, Coin telegraph, Research gate, IEEE Explore describing the main topic on evaluation of the Cryptocurrency wallets and the importance of security technology on these Cryptocurrency wallets.

Chapter II literature review was covered by the Cryptocurrency wallets attack types, hardware attacks, and human attacks. The attack types in this chapter enabled the design of a testing framework to test different types of wallets which was then analyzed in Chapter IV where testing was carried out using some criteria from the OWASP Top 10 for IoT devices. The final reports were presented in Chapter IV data presentation and analysis where outcomes, and findings on different types of Cryptocurrency wallets were discussed. After analyzing numerous sources, several articles, this paper was able to gain a detailed understanding of the topic. The essay began with the introduction by giving the readers a history and background on the topic about Cryptocurrency Wallet security.

After reviewing these articles related to the topic, this essay was able to identify and quantify the different types of Cryptocurrencies Wallets. As for the testing framework, the OWASP guidelines for IoT devices were chosen because it allowed the user to understand how to evaluate security in Cryptocurrency wallets. Furthermore, a table for each wallet category such as App-based, Web based, Desktop wallet, Mobile wallet, and Hardware wallet was created, and it was described and tested in Chapter IV. After evaluating the different types of Cryptocurrencies wallets, this essay concludes that paper wallets are the most secure form to hold your Cryptocurrency in.

Future Work

While working on this paper with the support provided by my advisor, I was able to finally conclude my Starred Paper by utilizing well known research databases such as Google Scholar, IEEE Explore, ResearchGate to find relevant and up-to-date articles related to the main topic which is evaluating security in Cryptocurrency Wallets. As we know, technology has been moving at a phenomenally fast pace with new devices on the market which provide security features in Cryptocurrency wallets. As mentioned earlier on in Chapter UV about the different types of Cryptocurrency wallets, the most popular platform currently in use by investors, traders and even myself are Robinhood, Coinbase and CashApp; the fact that I am also using all these three platforms helped me realized that they all need some more security features for protection against hackers. They are specific ways to keep and secure your Cryptocurrency wallets which are: having two strong key passwords; working with reputable Cryptocurrency Wallets on mobile apps; protecting yourself from mobile hacking or phishing; being aware of how your wallet is used in transactions like Robinhood, Coinbase and CashApp; avoiding sharing your secret key with anyone; hot wallets are more convenient for investors or traders. But they are two platforms that I will recommend everyone to join, and which are the more secure the two software’s being Coinbase and Robinhood because they are more convenient, they facilitate ease of access, provide the ability to trade and buy Cryptocurrency wallets, can work with reputable Cryptocurrency wallets and mobile apps.