Bitcoin’s True Purpose

Bitcoin’s True Purpose

You’ve probably heard of Bitcoin – the anonymous electronic currency-alternative that’s paving the way toward a new way of looking at money. While Bitcoin is gradually meandering toward broader acceptance, as a recent court case suggests, many people still wonder what the point of the whole effort is.

The fact that Bitcoin transactions are anonymous and irreversible pricks the ears of crooks and other suspicious characters around the globe. A money laundering tool? Perhaps a better way to pay for child porn? The possibilities are endless.

Pshaw, say the less nefarious proponents of Bitcoin. Bitcoin is an open source, peer-to-peer approach for executing financial transactions that cuts the big banks out of the loop. It’s the big banks that are evil, after all, and Bitcoin is the lone knight poking the titans of finance with a stick.

Perhaps. But an event took place this week that shows Bitcoin’s true purpose – not its intended purpose, mind you, but its true purpose, at least at this point in time. An anonymous hacker, perhaps in the Czech Republic, leveraged a flaw in the random number generation function in Google’s Android operating system to steal about 55 Bitcoins from a handful of people (worth almost $6,000). Since Bitcoin transactions are irreversible (no credit card-like chargebacks here!), the hacker has made off with the Bitcoin scot-free.

Now the true purpose of Bitcoin becomes clear. It’s a cybersecurity bug hunting tool. If you have any piece of software that is supposed to keep something secure and you want to test it, make it part of the Bitcoin infrastructure. Now hackers around the world can securely and anonymously cash in on any bug they are able to exploit. Cha-ching!

If you believe, however, that Bitcoin is good for anything other than paying hackers to find weaknesses, then you’re in for a rude awakening.

Share the Post:
Heading photo, Metadata.

What is Metadata?

What is metadata? Well, It’s an odd concept to wrap your head around. Metadata is essentially the secondary layer of data that tracks details about the “regular” data. The regular

XDR solutions

The Benefits of Using XDR Solutions

Cybercriminals constantly adapt their strategies, developing newer, more powerful, and intelligent ways to attack your network. Since security professionals must innovate as well, more conventional endpoint detection solutions have evolved

AI is revolutionizing fraud detection

How AI is Revolutionizing Fraud Detection

Artificial intelligence – commonly known as AI – means a form of technology with multiple uses. As a result, it has become extremely valuable to a number of businesses across

AI innovation

Companies Leading AI Innovation in 2023

Artificial intelligence (AI) has been transforming industries and revolutionizing business operations. AI’s potential to enhance efficiency and productivity has become crucial to many businesses. As we move into 2023, several

data fivetran pricing

Fivetran Pricing Explained

One of the biggest trends of the 21st century is the massive surge in analytics. Analytics is the process of utilizing data to drive future decision-making. With so much of

kubernetes logging

Kubernetes Logging: What You Need to Know

Kubernetes from Google is one of the most popular open-source and free container management solutions made to make managing and deploying applications easier. It has a solid architecture that makes

ransomware cyber attack

Why Is Ransomware Such a Major Threat?

One of the most significant cyber threats faced by modern organizations is a ransomware attack. Ransomware attacks have grown in both sophistication and frequency over the past few years, forcing