The Hackability of Bitcoin

December 12, 2017
Updated 7mo ago

The SEC chair issued a warning to Bitcoin investors on deals that may be "too good to be true." Scott Schober, President & CEO of cybersecurity firm BVS, joins Cheddar to discuss how hackable the cryptocurrency space is and what investors need to watch out for.

Schober says blockchain is pretty secure, but it's the ecosystem that is vulnerable. The main reason hackers are drawn to the cryptocurrency is the fact there is no regulation. People can remain anonymous on the platform and hacks can't be easily traced. He believes as soon as Bitcoin starts crashing, the hackers will run.

So if you've invested in the digital asset and are worried about hackers, what can you do to protect your money? Keep it on a personal USB drive, use 2-factor authentication, and use encrypted private keys.