Security and people being hacked/losing money should become less and less of an issue a time goes on as improvements are continued to be made to make it easier and safer for people to secure their bitcoin. 2014 will be an interesting year with the rollout of multiple hardware wallets hitting the market, I'm very interested in seeing how that plays out and what type of impact it has.
Bitcoin itself is secure.... the issue of people having bitcoins hacked/stolen is a user error thing not an error with the technology of bitcoin itself. There will always be cases of users making mistakes and leaving themselves vulnerable but as time goes on even the most novice bitcoin user should/will have options to keep their bitcoin's VERY SAFE.
On a side note.... just because bitcoin isn't insured now that doesn't mean 3rd party services wont start popping up offering such services. One company already offers it in the UK and I expect quite a few more places to start doing the same because it's true that the everyday consumer/person out there wants some insurance on their money usually.
Topic: At what point will hacking of BTC render Bitcoin too risky or undermine it comp. (Read 1612 times)
January 26, 2014, 09:37:57 PM
January 26, 2014, 09:34:40 PM
At what point will hacking of bitcoin render it useless as it is too risky, and or a large hack undermining the entire system. There is no insurance, no safeguards, it beginning to look like a cool invention that will enable a handful to get rich, eventually crashing with loss of confidence..
My question to you is this: At what point will hacking of credit card systems render them useless as they are too risky, and/or a large hack will undermine the entire system? I think we are getting pretty close.
Totally agree with the above, but mainstream people feel at ease because of insurance by FDIC if someone uses their account without their knowledge or permission. I think it would truly open the floodgates if say Coinbase started offered 100% safety by covering theft. I know we are a ways off from insuring bitcoins (for the most part) but it would definitely bring a ton more people into the world of bitcoin.
January 26, 2014, 08:27:31 PM
At what point will hacking of bitcoin render it useless as it is too risky, and or a large hack undermining the entire system. There is no insurance, no safeguards, it beginning to look like a cool invention that will enable a handful to get rich, eventually crashing with loss of confidence..
My question to you is this: At what point will hacking of credit card systems render them useless as they are too risky, and/or a large hack will undermine the entire system? I think we are getting pretty close.
January 26, 2014, 07:39:17 PM
Security will also get even tighter when social infrastructures start getting erected as adoption happens.
January 26, 2014, 07:24:08 PM
Anyone who takes 1-2 hours of their time to learn the appropriate measures can safeguard their coins from basically any kind of attack.
Offline wallets. M of N wallets. These tools allow bitcoins to be more secure than most traditional assets.
Ultimately, it is up to the user to protect themselves. Unfortunately, many users fail miserably at this simple task (using online wallets, hot wallets, wallet services, et cetera).
Offline wallets. M of N wallets. These tools allow bitcoins to be more secure than most traditional assets.
Ultimately, it is up to the user to protect themselves. Unfortunately, many users fail miserably at this simple task (using online wallets, hot wallets, wallet services, et cetera).
January 26, 2014, 07:19:54 PM
I think you need to read up on bitcoin... The blockchain is a one giant safeguard.
January 26, 2014, 07:13:33 PM
At what point will hacking of bitcoin render it useless as it is too risky, and or a large hack undermining the entire system. There is no insurance, no safeguards, it beginning to look like a cool invention that will enable a handful to get rich, eventually crashing with loss of confidence..
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