Bitcoin’s Security Challenges

Share  
1  |  2  |  3  |  4  |  5  |  6  |  7  |  8  |  9  |  10
Previous Next

Click through for a closer look at Bitcoin and its associated security challenges.

The crypto-currency known as Bitcoin was first introduced in 2009 in a paper published by Satoshi Nakamoto. As Kaspersky Lab described the e-currency:

Named "Bitcoin: A Peer-to-Peer Electronic Cash System," the paper defined the foundations for a distributed, de-centralized financial payment system, with no transaction fees. The Bitcoin system was implemented and people started using it. What kind of people? In the beginning, they were mostly hobbyists and mathematicians. Soon, they were joined by others – mostly ordinary people, but also cyber criminals and terrorists.

Since the introduction of Bitcoins in 2009, they have received a lot of attention: some of it good, some of it bad. Just like any other crypto-currency, they’ve been associated with numerous scams, hacks/thefts, defunct "stock exchanges," and reported losses of wallets containing massive amounts.

Kaspersky Lab’s experts explained that Bitcoin really began to hit its stride in 2013, in part because they are a secure, anonymous, way of paying for law-abiding citizens, especially for those who want to fly underneath the NSA’s surveillance radar.

Bitcoin as a currency, itself, seems to function as-advertised, according to Andrew Brandt, director of threat research at Blue Coat. The math surrounding the creation and transmission of value through the currency exchange network is scientifically sound.

As global commerce will only increase, e-currency in general, and in particular Bitcoin, could play a major role in how consumers and enterprises alike pay for goods and services. But first, it has to solve its security issues.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
More Slideshows

Risk6-290x195 Top Barriers to Effective Vulnerability Risk Management

When it comes to the effectiveness of traditional vulnerability risk management programs, the challenges are often rooted in the process itself. ...  More >>

HexisCyberSoluRetailTargets0x Eight Reasons Why Cyber Attacks Hit Retailers

With limited IT resources and massive amounts of customer data to protect across multiple endpoints, effectively monitoring and defending the network from vulnerabilities is no easy task. ...  More >>

security14-190x128.jpg Financial Sector Sees Cyber Incident Increase in February

In February 2015, Financials was the lone industry sector with cybercrime incidents above six-month averages. This is largely attributed to the massive breach at health insurer Anthem. ...  More >>

Subscribe to our Newsletters

Sign up now and get the best business technology insights direct to your inbox.


 
Thanks for your registration, follow us on our social networks to keep up-to-date