How Secure are Bitcoins?

It should go without saying that you should treat bitcoins like the money in your bank account. Cryptocurrencies become more popular day-by-day, and thieves have definitely been paying attention. In the last five years, over $500 million of bitcoins have been stolen.

How is this done? For starters, 22% of all financial malware attacks target bitcoins. Over 12 exchanges (including Mt. Gox) have been hacked and there are more than 140 viruses out there that target bitcoins as well. On the upside, these threats also present new market opportunities for cryptocurrency related protection services.

Famous venture capitalist and Bitcoin proponent, Fred Wilson, believes that digital currencies will have to be more secure to gain mainstream adoption. This means exchanges and wallets are going to have to be better. Entrepreneurs around the world are trying to figure this out right now, and many of their new services could – in the process – also disrupt the financial system as we know it.


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