Crypto currencies and internet dependence


Ive a problem with the concept of crypto in one aspect. What about "cyber safety"? Given that there will be more online malicious activity in the future, isnt cryptos dependence on the internet a weakness?


Posted 2020-03-11T17:37:47.923

Reputation: 13

Question was closed 2020-03-22T09:18:09.453



On the contrary! Computer security is necessary, even without cryptocurrencies. The current economy is very much dependent on the internet, nothing can reverse that. Besides, you can receive the bitcoin blockchain from satellite, so strictly speaking, internet is not needed for bitcoin, it is just a medium of distribution. You could, for example use a mesh network.

If you sum up all the code used for VISA/Stripe/etc, it will probably be mode code that what Bitcoin contains. Assuming a similar bug count per line, you would then have more security issues with fiat infrastructure! And Bitcoin is open source, which has been proven to improve code quality. So in reality, you have less code, and you have less bugs per line.

What cryptocurrencies do, is that they replace authentication based on fuzzy methods like your bank asking your social security number on the phone with authentication based on cryptography. If you can't keep your data secret, you will lose your Bitcoin very quickly, while it might take some time with the fiat systems.

Do you want a world in which you are dependent on broken methods of authentication? I would encourage you just to understand how to keep your data safe, instead.

So while Bitcoin users may lose money often because of lacking security, that is not the fault of Bitcoin. Bitcoin is an incentive to learn about security, therefore it is good.

Janus Troelsen

Posted 2020-03-11T17:37:47.923

Reputation: 762

thanks alot,great info. – Nocturnal – 2020-03-15T19:50:03.077

@Nocturnal hand me an upvote then, please :) – Janus Troelsen – 2020-03-15T19:52:32.513

cant upvote to few pts – Nocturnal – 2020-03-15T19:53:05.933

aah, ok, thanks anyway :) – Janus Troelsen – 2020-03-15T19:53:18.580


Is money in your bank account or locker safe?

Moreover is the money in your wallet right now safe?

Cryptocurrencies are not safer. They are prone to be stolen because you would not have taken your digital security seriously.

Mark V

Posted 2020-03-11T17:37:47.923

Reputation: 11

great last point – Nocturnal – 2020-03-15T19:36:55.843