This was a hugely popular event that we hosted with guest speaker Uri Rivner to explain what Bitcoin is, how it can be used economically, on the black market, and also to highlight the dangers of using Bitcoin. Since it was uploaded just over two months ago on Slideshare, it received 188 likes.
Besides this, Bitcoin also plays a key role in money transfer as it facilitates instant money transfer in any corner of the world. It also plays a significant role in malware and crimeware propagation. To know more useful facts on Bitcoin,
click here to listen to the Virtual Web Learning Meetup Session for Business Leaders and Decision Makers held on 24 March 2014.
Uri Rivner, the guest speaker, has been a cybercrime specialist for last 12 years. At present he leads the cyber strategy for invisible biometrics company, Bio Catch. Rivner’s has also worked as the Head of New Technologies, Identity Protection at RSA, where he was closely associated with the world’s major organizations to set up innovative defense policies against complex cyber threats. Innovations pioneered by him now prevent billions of dollars in fraud every year and defends countless of online banking and e-commerce users worldwide.
Things You Should know about Bitcoin
Bitcoin, as a currency is gaining immense popularity because of its huge advantages. Bitcoin is a payment currency that enables you to have total control of your money and transfer cash instantaneously from any corner of the world. Another great advantage of Bitcoin is that it allows you to make payments without revealing your personal details related to the transaction. This is indeed a great protection against identity theft. Moreover, with Bitcoin, you can also secure your money with encryption.
Bitcoin also features exceptional wealth preservation characteristics and this makes it all the more popular. Uri Rivner, the Co-Founder of BioCatch shares some useful facts about Bitcoin that every CIO, IT Business Executives, IT leaders, Cyber Security Professionals and people who want to own Bitcoin should know about this digital currency.
Some of you may consider Bitcoin as a crazy digital currency the dollar value of which has been rising significantly in recent times. Some of you might also be stuck in the dilemma of buying or not buying Bitcoin. Here are some important facts about Bitcoins that you should be aware of.
- What is Bitcoin? A decentralized digital currency that facilitates instant payments without the intervention of banks and other authority.
- How is Bitcoin manufactured? Bitcoin is mined with the help of mathematical computations and mining software.
- What is Bitcoin’s role in money-laundering? Lack of government oversight has made Bitcoin a useful tool for money laundering. If Bitcoin is used for money-laundering, the account cannot be closed as it is not under the control of any central authority.
- The IT Security Challenges Bitcoin: Bitcoin wallet is often targeted by hackers and this is emerging as a serious threat.
- What protection do Bitcoin owners have and how you can protect your own Bitcoin: Bitcoin provides adequate privacy if used correctly. For example, you should never carry out big transactions from a shared PC. You should also refrain from storing your wallet identifier along with your password. Experts are making efforts to prevent the act of tainting several addresses simultaneously while making a payment. Bitcoin owners can protect their wallet by making multiple copies of their backup and storing them in multiple locations that are safe and secure. Moreover, they are advised not to keep their bitcoins in a single wallet.
- How to buy a Bitcoin: Bitcoin can be bought either from regulated exchanges or from people who sell bitcoins.
- How to steal a Bitcoin: Every Bitcoin address has a secret key that helps calculate the public key. If you can obtain the secret key for a Bitcoin address, you can access that address and use it for transferring funds.