Author: 21E14 2015-01-08 18:36:29
Published on: 2015-01-08T18:36:29+00:00
Alex Daley has stated that Bitcoin faces a major issue of taking transactions backwards. If Target was hacked and bitcoins were stolen instead of credit-card details, Target would be out of business since their system stores bitcoin addresses. This scenario has already played out with some exchanges and is a potential threat to the cryptocurrency space. The Winklevoss Bitcoin Trust SEC filing warns about the risk of loss, damage or theft of bitcoins and how they are an appealing target for hackers or malware distributors. However, an optional identity layer, modeled after the Internet itself, could solve this issue by providing a killer app. This BCI (Bitcoin Identity) layer would require collaboration and time to create but could be the solution the industry needs. TNABC (The North American Bitcoin Conference) could provide a platform for collaboration.
Updated on: 2023-06-09T15:17:02.035069+00:00