27 Nov '14, 8am

Bitcoin Transactions Not Secure, User IP Addresses Identifiable: Study

Researchers have shown that money transactions via Bitcoin network do not protect user's IP address and it can be linked to the user's transactions in real-time.The team demonstrated that only a few computers and about EUR 1,500 (roughly Rs. 1,15,000) are required to reveal the IP address behind each transaction. Bitcoin is the "new money" - minted and exchanged on Internet. Faster and cheaper than a bank, the service is attracting attention from all over the world. "It is hard to predict the future, but some people think that Bitcoin could do to finance what the Internet did to communications," said professor Alex Biryukov, who leads digital currency research at the University of Luxembourg. The Bitcoin system is not managed by a central authority as it relies on a peer-to-peer network on the Internet. Anyone can join the network as a user or provide computing capacity to...

Full article: http://gadgets.ndtv.com/internet/news/bitcoin-transaction...

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