The hacking community present in the bitcoin market is quite active, with numerous breaches happening on a daily basis. While the media doesn’t report on this, hundreds of bitcoin wallets are hacked and stolen every day, due to low security measures. However, in the long run, hundreds of millions of dollars’ worth of bitcoin have been stolen from exchanges and other bitcoin-based companies.

To put things better into perspective, over 130,000 BTC, which are worth around $74 million have been stolen during this year alone. Whenever a heist takes place, investors face severe losses, whereas potential customers are driven away from the bitcoin market. Because of this, it is essential for the community to find a fix that can be implemented into the system, to help protect bitcoin exchanges, other companies dealing with the digital currency and individual users.

If you've been following recent bitcoin news, then chances are that you are aware of the Bitfinex hack, where more than $60 million worth of bitcoin were stolen.

Regardless of whether these coins are recovered or not, the digital currency has taken a massive plunge, falling over $100 in value. Not only this, but it has also shined some light on the weak security that many bitcoin exchanges from around the world employ. Its negative effects include the possibility of weakening the trust that investors have in the cryptocurrency.