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Bitcoin users alerted of Cyber attacks

Security reasearchers have warned the users  who deals in digital currencies need to be more vigilant and keep their accounts secure and safe.

After the recent  ''WannaCry'' ransomware cyber attack, experts have released an advisory to all those who uses Bitcoins.  The ransomware has affected millions of users around the world, which locks users computer, and then ask for ransom in form of Bitcoins.

"Quantum computers are able to create a 'large factorisation' and can detect the public and private keys used in Bitcoin transactions.

"The threat is when the 'private key' is sniffed by third parties, they are free to make transactions using a hacked account as the 'private key' proves the ownership of a Bitcoin address (used to send and receive the currency)," she told Bernama.

Zuriati, a lecturer at Universiti Putra Malaysia's Communication Technology and Networking department, said that the  Blockchain is a public digital database that keeps records of all bitcoins transactions needs to be protected using Bitcoin's private key. If anyone managed to access to the private key then they could easily hack the value of Bitcoin.

She said studies  have proved  that the use of Bitcoins are more secure, fast and cheap, they are more convenient rather than use of credit or debit card.

Bitcoin is backed with mathematical calculations. The currency cannot be controled by the countries central banks and due to this it has become preferred mode of transactions for small business.

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