Cybersecurity, Vaults, and Background of a 51% Attack Before we dive into the specifics of a 51% attack, we need to look a bit at the larger concept of security. It is important to understand that in the world of networked technologies nothing is ever totally secure. The greatest cybersecurity experts in the world [...]
Privacy issues regarding Bitcoin have recently been in the centre of attention, such as the ransomware WannaCry a.k.a. WCry, and their use of 3 different Bitcoin addresses. Authorities announced that they have successfully tracked and traced all Bitcoin transactions within these addresses and found over $80,000 worth of Bitcoins, stored in these addresses. Bitcoin, although [...]
The other week we looked at bitcoins flaws, its lack of Fungibility and incoming global identification requirements. Now let’s look at the potential issues this likely pathway for bitcoin will bring. A technology can be used for good or bad, look at the internet; it has liberated information, empowering its users to be the [...]
Bitcoin is often held as the messiah of transparency, freedom and liberty. Its fundamental innovation, a ledger without a ‘single point of failure’ has been herald to bring new levels of trust and security towards systems of accounting and record keeping. By removing the need for a central authority to protect and manage data, P2P [...]
Cryptosteel: An indestructible bitcoin cold storage system. 15 days ago a project was started on IndieGoGo, 24 hours later the project was listed it had received 50% of its funding. 14 days later the project has reached 200% of its funding and still has another 15 days to go. Cryptosteel is one of the fastest crowdsourced Bitcoin projects [...]
One of the biggest benefits of Bitcoin is security. To date no one has been ever ‘hacked’ Bitcoin, but this hasn’t prevented bitcoins from being stolen. With around 1 million bitcoins being reported as stolen so far, there seems to be a discrepancy between the security of bitcoin the protocol, and the security of bitcoin storage.