As the Internet continues to expand in scope with potentially billions of access points, as technology such as the Internet of Things is rolled out, problems relating to the security of the infrastructure are only going to increase. There is a real prospect that trading Bitcoin over the Internet could become even less secure in the future. Of course, the same would be true for trading in conventional currencies too.
Cornell associate computer science professor Emin Gün Sirer says that Bitcoin owners are doomed to get ripped off again and again because Bitcoin exchanges simply aren’t designed to handle sophisticated attacks that criminals have devised to steal the cryptocurrency.
“Even if the Bitcoin protocol were perfect, and it isn’t, our computing infrastructure is not up to the task of handling high-value transactions. The exchanges are built on the latest hyped technologies that have incredibly poor guarantees, and routinely run into technical problems. They require full trust for their operation and are open to attacks from insiders and out.”
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