Whether you think Bitcoins are the currency of the future or possibly a passing gimmick, you cannot deny that some folks have previously made millions. And so with the interest of “easy” money comes crime. And also the crime is getting bigger and more advanced.
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At the beginning 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 virtually every online marketplace. It erodes the trust in the program and is common. Most internet savvy folks know how to avoid probably the worst of it. Since Bitcoins continues to be confined mostly to techies, it has been less of a problem. Sites quickly sprang up that listed trusted sellers, buyers and sites and all those to not do business with. The system was self policing in order which is short.

Right now that the stakes have been raised, we’ve a much higher level threat to the Bitcoins system. Trojans and viruses are already composed to target the Bitcoins wallet. The Bitcoins wallet is currently stored in one common directory and is un encrypted. So anyone with access to your computer system is able to “take” the Bitcoins of yours in a matter of seconds. The virus looks for that directory and sends off the info for the criminal. For the disease to get into your computer, you would have had to invite it. It was attached to a method which claimed to be beneficial to Bitcoins mining. People downloaded it to determine if it helped and were infected. Typically this is a thing that few of us would willing do. But in the Bitcoins world, everyone was striving for an advantage. Time was compressed as people jumped at every chance in this “gold rush” type of atmosphere.

In early June a person lost $500,000 worth of Bitcoins to this approach. Anyone had downloaded a number of things and wasn’t sure when or how the trojan was installed. He found a few malware items as he ran a virus check. The trojan was a lot more then likely invited into the personal computer of his and seeing as how Bitcoins are so new a virus software will be less likely to need to protect the Bitcoins wallet. The transaction was noticed on the Bitcoins network in addition to a unidentified person posted about their successful crime on Twitter. People have called for the Bitcoins community to band together and reverse the transaction. The feeling is this would create a dangerous precedent as what other transaction could then be reversed. Who proves that a major offense was committed? As of the writing of this, the money hasn’t been recovered.

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

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