The Bitcoin exchanges around the world are facing
numerous challenges. These include challenges from the point of view
of laws, technical aspects, cyber security, etc. In India the Reserve
Bank of India (RBI) issued an advisory
cautioning Bitcoin users and Bitcoin exchanges of India of
potential legal
and security risks.
Cyber criminals have also realised the significance
of Bitcoins as a potential virtual currency of the future. They have
been using novel methods to steal Bitcoins from innocent users. In
the absence of appropriate cyber security awareness and inadequate
cyber security safeguards, Bitcoins ate stolen very frequently
Third party applications are now bundled with
illegal
Bitcoins miners. .Recently, the E-Sports Entertainment LLC
(ESEA) entered into a consent
judgment for creating ESEA Botnet and violation of U.S.
laws. Cyber criminals have also infected hundreds of thousands of
computers with a malware known as “Pony” to steal Bitcoins and
other digital currencies.
Thus, cyber security of Bitcoins exchanges and
personal computers of Bitcoin users holding their virtual currency is
a real challenge. Let us see how this highly volatile virtual
currency would survive the sophisticated cyber attacks in the future.
