HomeBitcoin NewsForget About the Price... What About Bitcoin Security??

Forget About the Price… What About Bitcoin Security??


It appears that a ray of “good news” is shining down on the bitcoin community.  Despite all the recent news of hackings and malicious cyber attacks striking various bitcoin exchanges and banks over the weekend, the price of bitcoin has risen about $15 and is now standing at around $236… So while there are millions lost and people are distrusting bitcoin more than ever, we can all celebrate a $15 raise.  Whoop dee doo!

I apologize for my cynicism, but there is a huge part of me that is wondering how much longer people will need to be subjected to the endless fluctuations and problems that have come with bitcoin.  I understand that there are digital currency enthusiasts a-plenty out there (heck, I happen to be one of them), and we all understand that the actual goals and motivations behind bitcoin were noble and good, but the fact of the matter is that things, as of late, just aren’t working.

A string of attacks over the weekend saw to lost funds among BTER, HitBTC and Excoin, as well as various banking institutions (the names and how much lost have yet to be mentioned).  It appears that the attacks were originally planned back in 2013, two years ago, and have now taken on full form.

I don’t know about you guys, but this is just a little too much to handle, in my opinion.  Several coordinated attacks over the course of a weekend?  Both bitcoin and fiat institutions hit?  It seems to me that we’re all so worried and involved with the price that we need to focus more on security.  Perhaps if bitcoin was behind a safe wall, the price would go up and stay up.  There would be no malicious entities out there to get in its way, and thus the value could never be brought down.

But before we can actually concentrate fully on the security issues, we must first clean up the mess at hand.  With BTER and the remaining exchanges refunded and back online, then perhaps we can take the time to move onto the next big priority.

Image from Google Images


Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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