01 Oct '12, 3pm

Bitcoin Can Topple The Might Of Banks Say Researchers But Needs To Be More Secure

Security loopholes make electronic payment systems potentially unsecure. Illustrator: Aurel Märki More and more we use the internet for payments. But there are still some security problems to be solved. Scientists of the ETH Zurich from the System Security Group recently tested the security of the internet currency Bitcoin. An uncomplicated, electronic pay­ment system that offers the same advantages as cash – this is exactly what everyone has been dreaming of who has been fighting for more freedom on the internet and against the might of the banks. Precisely one such system was created in 2009: the internet currency Bitcoin. Despite all the prophecies of doom that the system would soon burst like a bubble and despite all the warnings that Bitcoin promotes trading in illegal goods, the new electronic currency has an increasing number of supporters. Modern encryption technol...

Full article: http://beforeitsnews.com/science-and-technology/2012/10/b...

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