Now that Elon Musk is investing in bitcoins, people may forget that it is still possible to hack bitcoin and other cryptocurrencies. Just like the incident that happened in 2014. When hackers stole $350 million from an exchange in Tokyo. Or the incident of DAO, when hackers stole $60 million worth of virtual currency. All these pieces of evidence demonstrate that it is possible to hack bitcoin.
Cryptocurrencies presenters try to ensure customers about the Cryptocurrensies’ security. As they claim, most – but not all – of the stolen funds can be recovered. Even if this claim is true, the statement confirms such a claim that cryptocurrencies have turned into a tempting target for hackers.
Due to the bitcoin’s reputation and success, the count of cryptocurrencies is getting more and more every day. As they are known as bitcoin alternatives, researchers usually refer to them as altcoins. Even if we consider bitcoin as the most cyber structure ever, it is still totally possible that one of the altcoins becomes vulnerable. They can even be phishing wares that have been launched by hackers. While it is not impossible to hack bitcoin, altcoins may be a potential danger by themselves.
Why do governments want to hack bitcoin?
The emergence of cryptocurrencies causes the extinction of middlemen in shifting funds and financial deals. Governments and central banks usually play the role of the middleman in financial deals. Therefore it can be said that cryptocurrencies are fully decentralized and are not controlled by governments. That is what makes people interested in buying cryptocurrencies.
The value of paper currencies that have been exchanged for digital currencies is estimated to be more than $15 billion. In the other words, governments have lost control over $15 billion. Therefore, even governmental hackers that are usually known as ethical researchers, may try to hack bitcoin and other altcoins. Because the government wants to take back the control of global finance.
Creating cyber issues is not the only solution that has been designed by governments to take over the digital currencies’ control. They are also trying to figure out appropriate legal structures and business norms governing cryptocurrencies. it is still hard to predict people’s reaction to the governments’ presence in the world of digital currencies. They may be encouraged to invest more money in digital currencies, but they also may move to somewhere that is not under government control.
The tendency of people to invest in unknown cryptocurrencies can put their data and wealth in serious danger.
Can anyone hack bitcoin?
Absolutely yes. About 33 percent of bitcoin trading platforms have been hacked. So, Modeling the structure of bitcoin does not secure digital currencies. Bitcoin is not only an appropriate target for hackers, but it can also be used as means to attack other platforms. Nowadays, hackers demanded their victims pay the ransom in digital currencies.
Have governments succeeded in dominating the world of digital currencies?
Politicians have been able to increase their dominance of the digital currency world in recent years. The growing dominance of politicians in the world of digital currencies has, in many cases, prevented the money laundering process.
However, their dominance is not yet widespread enough to prevent ransomware attacks.
How business can protect themselves against ransomware attacks?
Business owners can’t stop the growth of technology to protect their businesses. But they need to keep up with technology. You need to know where to invest. Investing in the cybersecurity field is something above necessary for business. SecureBug crowdsourced cybersecurity platform has planned “pay per cure” payment model that let all types of business to have professional cybersecurity researchers by their side.