Thanks to researchers from Positive Technologies, we now know exactly how easy it is for hackers to infiltrate Bitcoin wallets. In a short, albeit telling video from the company, a researcher demonstrated the process through which a hacker could steal the cryptocurrency. And, unfortunately for Bitcoin users, the process takes a little bit less than three minutes.
This is bad. Sure, Bitcoin and blockchain are touted as perhaps the most secure form of currency ever. However, if you store a secure form of currency in an overwhelmingly vulnerable place, the only person whose money is secure will be the hackers’. And while the two-factor authentication via SMS is considered convenient, it’s security leaves more than something to be desired. Yes, technology is designed to make life easier, more convenient, and more accessible. However, when it comes to money, particularly in the form of “secure currency,” technology isn’t making things easy. Against our instincts, it might be time to start focusing on security before innovation, at least when it comes to the dollars that keep innovation rolling.
