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judymcconville@roadrunner.com 2017-05-02 12:37:08 -07:00
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@ -39,7 +39,7 @@ The numerous examples of hacked bitcoin exchanges serve to underscore this point
=== User Security Best Practices
((("security", "user security best practices", id="Suser11")))Humans have used physical security controls for thousands of years. By comparison, our experience with digital security is less than 50 years old. Modern general-purpose operating systems are not very secure and not particularly suited to storing digital money. Our computers are constantly exposed to external threats via always-on internet connections. They run thousands of software components from hundreds of authors, often with unconstrained access to the user's files. A single piece of rogue software, among the many thousands installed on your computer, can compromise your keyboard and files, stealing any bitcoin stored in wallet applications. The level of computer maintenance required to keep a computer virus-free and trojan-free is beyond the skill level of all but a tiny minority of computer users.
((("security", "user security best practices", id="Suser11")))((("use cases", "user security best practices", id="UCsecurity11")))Humans have used physical security controls for thousands of years. By comparison, our experience with digital security is less than 50 years old. Modern general-purpose operating systems are not very secure and not particularly suited to storing digital money. Our computers are constantly exposed to external threats via always-on internet connections. They run thousands of software components from hundreds of authors, often with unconstrained access to the user's files. A single piece of rogue software, among the many thousands installed on your computer, can compromise your keyboard and files, stealing any bitcoin stored in wallet applications. The level of computer maintenance required to keep a computer virus-free and trojan-free is beyond the skill level of all but a tiny minority of computer users.
Despite decades of research and advancements in information security, digital assets are still woefully vulnerable to a determined adversary. Even the most highly protected and restricted systems, in financial services companies, intelligence agencies, and defense contractors, are frequently breached. Bitcoin creates digital assets that have intrinsic value and can be stolen and diverted to new owners instantly and irrevocably. This creates a massive incentive for hackers. Until now, hackers had to convert identity information or account tokens—such as credit cards and bank accounts—into value after compromising them. Despite the difficulty of fencing and laundering financial information, we have seen ever-escalating thefts. Bitcoin escalates this problem because it doesn't need to be fenced or laundered; it is intrinsic value within a digital asset.
@ -71,7 +71,7 @@ Whenever a company or individual stores large amounts of bitcoin, they should co
One important security consideration that is often overlooked is availability, especially in the context of incapacity or death of the key holder. Bitcoin users are told to use complex passwords and keep their keys secure and private, not sharing them with anyone. Unfortunately, that practice makes it almost impossible for the user's family to recover any funds if the user is not available to unlock them. In most cases, in fact, the families of bitcoin users might be completely unaware of the existence of the bitcoin funds.
If you have a lot of bitcoin, you should consider sharing access details with a trusted relative or lawyer. A more complex survivability scheme can be set up with multi-signature access and estate planning through a lawyer specialized as a "digital asset executor."((("", startref="Suser11")))
If you have a lot of bitcoin, you should consider sharing access details with a trusted relative or lawyer. A more complex survivability scheme can be set up with multi-signature access and estate planning through a lawyer specialized as a "digital asset executor."((("", startref="Suser11")))((("", startref="UCsecurity11")))
=== Conclusion