News Bitcoin far less secure than you might think

Bitcoin far less secure than you might think

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FILE PHOTO: Bitcoin (virtual currency) coins placed on Dollar banknotes, next to computer keyboard, are seen in this illustration picture, November 6, 2017.  REUTERS/Dado Ruvic/Illustration/File PhotoThomson
Reuters

  • Bitcoin phshing scams are rampant, and the online
    tricks aren’t unlike the scams of 15-20 years ago.
  • Here’s how to protect your invstment.

After spending the last few days in the Philippines scouting new
factory locations for one of my businesses, I flew back to
Singapore this morning to conclude negotiations with a large,
publicly-listed conglomerate that’s made an offer to buy one of
our assets.

It’s been a hectic trip so far. But while in town, I had a chance
to see my friend Gregor again– the entrepreneur I interviewed in
last week’s
podcast
discussion about precious metals vs. cryptocurrency.

In the podcast, Gregor and I talked about Bitcoin
security– specifically the fact that very few people properly
(i.e. securely) store their cryptocurrency.

And the more valuable these cryptocurrencies become, the higher
the likelihood of theft.

For example, hackers are now frequently engaging in sophisticated
phishing attacks, in which a user will receive an email
with a subject line like, “You’ve just received 0.02841 BTC.”

Naturally, most people open the email.

The email goes on to state that the user has received a Bitcoin
payment, and to please log in to his/her online Wallet to verify
the transaction.

Once again, most people click on the link and attempt to log in
to their wallet accounts.

The page they click on looks almost exactly their online Wallet
provider’s website. But in reality it’s a fake.

So whenever an unsuspecting victim enters his/her username and
password on the dummy website, they’re basically just giving that
information to the hackers.

Tricks like these end up scamming people every single day.

Then there’s the risk of the online wallet websites themselves
being hacked.

Or, if you hold most of your crypto on your computer or mobile
phone, your own device could easily be hacked.

If you’re old enough to remember all the online scams from the
early days of the modern Internet 15-20 years ago, that’s
basically what’s happening in cryptocurrency today.

Gregor and his team have designed a new security standard to
fight against these threats; specifically it’s a way to store
Bitcoin and other cryptocurrencies offline, and he alluded to
this in our podcast last week.

We received so many inquires about this from our readers, I
thought it would be useful to send you a link to what he’s doing
so that you can see for yourself.

You can download the explanatory
paper here.

At a minimum, the paper is an excellent overview of the
weaknesses and security risks inherent in common Bitcoin storage
methods, so it’s a nice, quality, free education.

Get the latest Bitcoin price here.>>

Read the original article on Sovereign Man. Copyright 2017.

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