Should Bitcoin Gamers Be Alerted to Hacking?Jul 30, 2015

Bitcoin Gambling Hacking Threats

Bitcoin Gambling Hacking Threats

Just like change, possibilities of being hacked are inevitable, especially for anything that involves the Internet.

Individuals are exposed to organizations or bureaus that try to manipulate the code for record access. Not only do hackers target personal information but also what is contained inside the accounts. With this, online gamblers are at risk of losing funds. Thus, should Bitcoin gambling hacking threats like this one scare gamers of what may come next?

Beating on the bit

Recent threats and cyberattacks on Bitcoin by Italy-based Hacking Team have been reported earlier this month.

Hacking Team provides software that allows incursion of data to governments, law enforcement agencies, and other corporations that may require of their services. The remote control systems offered by the software may permit observation of communications that take place on the Internet—e-mails, Skype, and even activation of microphones and cameras.

The Italian-developed software such as RCSAndrioid Spying Tool and Money Module can infect devices sporting the Android operating system, but the latter was made specifically for cryptocurrency wallets. Therefore, both software can log just about anything the target inputs into their device, passwords, online accounts, and search history. What the Bitcoin community can hope for is for these dreary capabilities not to be put to use.

Bitcoin Wallet Hacking

Taken for granted?

There is no such thing as free lunch; one has to give something up in order to get another thing that they like.

Anonymity is a characteristic Bitcoin games and wallets have that attract more users—surely, undisclosed information comes at a price, and that is the surfacing of speculations from untraceable transactions. This alone puts Bitcoin under the radar of law enforcement agencies when dubious transactions can be easily made over this cryptocurrency.

Bitcoin can be used for gloomier purposes as it enthralls money laundering and illegal purchases, which makes good reason law enforcement’s alertness increase. After all, it is their job to keep things in order and make sure no unlawful walls are breached. Positively, in the long run, no one takes these comforts for granted.

Consequently, if Bitcoin casinos are deprived of the anonymity advantage with the coming of these software, it defeats a part of the Bitcoin gambling’s purpose—to enable players from across the globe to gamble online without revealing their identity.

Bitcoin Security

There are two sides to every coin

Bitcoin possesses a very rigid security system, and it will remain that way. The concept is well designed that only updates have been made and not a restructure of the whole system.

Bitcoin gamers will have to do their part engaging safe security practices such as use of service providers that show good records from the past to further reduce risk.

A positive angle suggests that this is not a bad thing for bettors. Yes, the hacking disease is present, but so is the cure. Bitcoin wallet security and safety measures will be heightened to be a step or two ahead of the dangers.

In this way, the Bitcoin casino market can expect a healthier and more vibrant community of players who are focused on collecting rewards and having fun from their small Bitcoin bets without having to worry about their accounts getting compromised. After all, placing wagers on provably fair games through their wallets should never be a cause of trouble.