Page 11 - Feb 2014
P. 11
RESEARCH, ANALYSIS & TRENDS
It’s important to recognize that
there are two factors that make de-
fending against Bitcoin theft partic-
ularly important. First of all, all
Bitcoin transactions are permanent
as there is no “undo” button. If a
thief is able to take control of your
Bitcoin wallet and transfers all your
funds, you have no technical re-
course. Besides that, there is no
authority in the world for Bitcoins
you can appeal to in case of fraud
to reverse the charges. Thus, con-
sider the real-world wallet scenario
and don’t carry around all Bitcoins
all the time, but securely store them
somewhere. To cut a long story
short: Simply handle Bitcoins the
same way as cash.
With its public acceptance and ris-
ing value, malware related to
Bitcoin mining will inevitably in-
crease and concurrently raise more
security issues. So stay safe by
considering my advice. ◊
By Daniela La Marca
MediaBUZZ Pte Ltd - Independant ePublisher for Asia
It’s important to recognize that
there are two factors that make de-
fending against Bitcoin theft partic-
ularly important. First of all, all
Bitcoin transactions are permanent
as there is no “undo” button. If a
thief is able to take control of your
Bitcoin wallet and transfers all your
funds, you have no technical re-
course. Besides that, there is no
authority in the world for Bitcoins
you can appeal to in case of fraud
to reverse the charges. Thus, con-
sider the real-world wallet scenario
and don’t carry around all Bitcoins
all the time, but securely store them
somewhere. To cut a long story
short: Simply handle Bitcoins the
same way as cash.
With its public acceptance and ris-
ing value, malware related to
Bitcoin mining will inevitably in-
crease and concurrently raise more
security issues. So stay safe by
considering my advice. ◊
By Daniela La Marca
MediaBUZZ Pte Ltd - Independant ePublisher for Asia
