Bitcoin price THREAT: Expert REVEALS the dangerous ‘DARK SIDE’ of the cryptocurrency

Monday, January 8, 2018
By Paul Martin

BITCOIN price increased and remained steady after the plunge of the Christmas holidays and it is in the hackers’ interest if the cryptocurrency keeps rising, according to cybersecurity expert, Ram Levi.

Mon, Jan 8, 2018

Bitcoin price re-surged steadily after the Christmas holidays fiasco and hackers will continue to hope for its success, said Ram Levi, CEO of cybersecurity firm Konfidas.

In an interview with i24News, Mr Levi explained why the cryptocurrency has a dangerous “dark side”.

He said: “Bitcoin is the first decentralised cryptocurrency. It’s a currency that is backed up by a network of computers called the blockchain.

“It allows for the first time for money to be transferred without the third party which we call the bank.

“That means I can transfer money to you, sort of anonymously and once I do it, then you have the money and there is no one in between us that can know what we’re doing.

“There is a distributor leisure that means the network is holding all the transactions that have been made before, unlike when we have the bank, and that means that everybody can know what transactions have been made in a network.”

He added: “Now, there are a few problems because it’s a decentralised network which means that it’s also a decentralised security. With new technology comes new risk.

“For example, every person that has a wallet, a wallet with bitcoins, now is responsible for his own security unlike today, where the bank is responsible for the money that you have in your wallet.

“The problem is that because there are no third parties, once I’ve sent money to you, no one can take it back, so there is almost no law enforcement and no one to catch you in between and tell you ‘look, you’ve got the money, it’s not yours, now bring it back to me’.”

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