Bitcoin is so far the most successful cryptocurrency. Nevertheless, Bitcoin, just like other cryptocurrencies, has seen prices drop dramatically for the past few months. Price volatility remains one of the most significant challenges facing all cryptocurrencies. Maybe it would be safe to say that volatility is one of the problems Bitcoin faces as it tries to navigate a tricky ecosystem towards being recognized as a world currency.
But that is not the only challenge facing Bitcoin in 2018 and into the future. Like many of the other cryptocurrencies, it faces some serious security concerns and risks. Concerns about security for the leading cryptocurrency could be attributed to some issues. It could be about the safety of wallets, double-spending, growing vulnerability to orchestrated attacks on Bitcoin exchanges, and fears of rogue miners engaging in selfish mining. These concerns that can be destructive towards Bitcoin are also real towards any other cryptocurrency, though not particularly in the same manner.
This article examines some of these security concerns and risks. It is in the interest of most of us to address the concerns associated with cryptocurrencies and create a more secure cryptocurrency ecosystem.
Here’s a brief rundown of the concerns.
Bitcoin wallets are vulnerable
There is a real vulnerability of Bitcoin wallets when it comes to hacking attacks and theft. A report by a team of researchers from Edinburgh University said they found weak spots in hardware wallets that can be exploited. According to the same research, even the heavily encrypted hardware wallets were still vulnerable due to that loophole.
Using malware, the scientists were able to intercept communication between the wallet and PCs. This security breach affects the privacy of Bitcoin users because their funds can easily be diverted to different accounts.
Cyber-attacks and DDoS that target Bitcoin Exchanges
The potential for (Read more...)
*** This is a Security Bloggers Network syndicated blog from The State of Security authored by Tripwire Guest Authors. Read the original post at: https://www.tripwire.com/state-of-security/security-awareness/security-concerns-risks-related-bitcoin/