Bitcoin is an open-source, peer-to-peer digital currency, using an MIT license. The site http://bitcoin.org/en/ explains what Bitcoin is and how to use it. It’s a very cool idea …
So what’s the downside you ask?
All you have to do is Google “Bitcoin issues” and a bunch of hits will come up dated within the last month:
- April 26, 2013 – RT: “Should Bitcoin peg its price US dollar?” http://rt.com/op-edge/bitcoin-fixed-exchange-dollar-453/ discusses the extreme fluctuations in Bitcoin exchange rates
- April 14, 2013 – Huffington Post: “Nine trust-based Problems with Bitcoin” http://www.huffingtonpost.com/steven-strauss/bitcoin_b_3081812.html
- April 6, 2012 – Parity News: “Beware Bitcoin mining malware spreading through Skype” http://paritynews.com/security/item/929-beware-bitcoin-mining-malware-spreading-through-skype
But maybe one of the worst problems of all is an article published on May 2,2013 by Parity News: http://paritynews.com/web-news/item/1034-esea-league-stuffed-bitcoin-mining-code-inside-client-software. It started as an April Fool’s joke, where the E-Sports Entertainment Association (ESEA) League mined Bitcoins from their users by inserting code in their client software. At least, one of their administrators took responsibility for the “joke,” which wasn’t very funny in the end. Several users even claimed that their video cards were damaged because of overheating caused by the ESEA malware.
A cool idea, but maybe not a mature enough technology to use yet. Sometimes it’s a good idea to wait and see, especially if it involves your money or your privacy.
Intentional Privacy 