Bitcoins Crime

Whether you think Bitcoins are the currency of the future or possibly a passing gimmick, you cannot deny that some folks have already made millions. And so with the appeal of “easy” money comes crime. And also the crime is getting bigger and even more complex.

To start with it was the petty crime. People will offer to sell something for Bitcoins and never pay. Or perhaps offer to sell Bitcoins and never deliver. You get this in almost every online marketplace. It erodes the trust in the program and is typical. Most internet savvy folks know how you can stay away from probably the worst of it. Since Bitcoins is still confined mostly to techies, it’s been less of a problem. Sites quickly sprang up that listed trusted sellers, buyers and sites and all those not to do business with. The system was self policing in short order.

Now that the stakes have been raised, we have a higher level threat to the Bitcoins system. Trojans and viruses have been written to target the Bitcoins wallet. The Bitcoins wallet is currently saved in the same directory and is un encrypted. So anyone with access to the laptop of yours is able to “take” your Bitcoins in a matter of seconds. The virus looks for that directory and sends off the information on to the criminal. For the virus to get into your computer system, you would have had to invite it. It was connected to a system that claimed to be useful to Bitcoins mining. People downloaded it to determine if it helped and were infected. Typically this’s something that not a lot of of us would willing do. But in the Bitcoins world, everyone was striving for an advantage. Time was compressed as people jumped at every occasion in this “gold rush” type of atmosphere.

In early June a person lost $500,000 worth of Bitcoins to this method. The person had downloaded a number of things and was not sure how or when the trojan was installed. He found several malware items when he ran a virus check. shiba inu coin was much more then likely invited into his personal computer and seeing as how Bitcoins are really new a virus program will be unlikely to need to protect the Bitcoins wallet. The transaction was noticed on the Bitcoins network along with a unidentified person posted about their successful crime on Twitter. People have called for the Bitcoins community to band together as well as reverse the transaction. The feeling is this would create a dangerous precedent as what other transaction could then be reversed. Who proves that a serious offense was committed? As of the writing of this, the money has not been recovered.

Once again Bitcoins and Bitcoins users are learning to adapt. The newest version of the Bitcoins software is going to encrypt the wallet behind a password. Once more, individuals are identifying which software’s and applications are safe and which ones are not. The system is self correcting again. Big money and the latest press for Bitcoins is going to take the unsavory side of commerce to Bitcoins over and over but with all the computing power and technological know how that is in the current Bitcoins community, I doubt that adaptation will be very far behind.