Steem Wallet: Will It Be The Target Of Hackers In 2018

Before discussing, there are few reviews from @elsufri for our consideration. Besides Indonesia, there are many countries in the world that prohibit the use of digital money. In Thailand banned since July 29, 2013. CNN reported, the Central Bank of this country prohibits the use of digital currencies such as bitcoin. This is done because the Law of Thailand considered the cryptocurrency is not a valid currency.

In Russia it was banned since February 2014. The Russian government finally issued a warning not to use bitcoin as a means of payment in the country. Local authorities say the virtual currency is at risk of being used for money laundering or terrorism financing. Thus, using bitcoin in this country includes illegal acts.

Also, Germany has been banned since January 2018. Through its central bank, Germany has disclosed to ban cryptocurrency including bitcoin, since it needs international rules. This is because the national or regional rules made by each country are not strong enough to be implemented. There are several other countries that ban virtual money platform like this.

What about "Steem Wallet, will it be the target of hackers in 2018?".

Smacking the security of steam wallet certainly cannot be separated from the blockchain and kryptocurrency platform. Concerns about the security of blockchain and cryptocurrency platforms continue to haunt it. Last year, nearly 120,000 bitcoins worth about $ 78 million (£ 58 million) were stolen from Hong Kong-based Bitfinex, one of the most popular cryptocurrency exchanges, resulting in a 20% drop in the value of the currency at the time.

Some IT experts say that the currency itself is safe, but the issues surrounding business in the industry and the wallet of steam dollar storage are still a question mark. "Unfortunately, IT security is an issue in the real world, not just for bitcoin but what about wallet steem?

We know that virtual currency is very popular for those involved in cyber crime. In June 2011, a group of online hacking LulzSec used Bitcoin virtual currency and Liberty Reserve to launder funds donated by supporters.

An academic study in 2013 examined 25,000 web addresses accessible on The Onion Router (TOR). Of these 25,000, 28% are classified as hacking sites and 23% are cyber crime sites. The majority of these 25,000 TOR sites, chosen by researchers at random, are engaged in illegal activities.

Then, In 2013, criminal charges are filed in the U.S. against Silk Road's site administrator, alleging that the site sold hundreds of kilograms of illegal narcotics and other illicit services, had collected more than 9.5 million bitcoins.

Then, In January 2014, the U.S. prosecutor also proven to have assigned two money laundering operators and operated an unauthorized money transmission business in connection with disguised bitcoin sales to unscrupulous Silk Road customers. One of them is reported as Vice Chairman of the Bitcoin Foundation, dedicated to promoting Bitcoin's virtual currency system.

Back in January 2014, a US federal agent filed a criminal suit against unscrupulous salespeople, with the fact that it would be used to kill humans, in return for bitcoin after the product was advertised on the Tor Black Market Reloaded website. This concern is not limited to one country.

For instance, The European Central Bank has announced virtual currency can be a hurdle for public authorities, given the legal uncertainty surrounding this scheme, because it can be used by criminals, swindlers and money laundering people to launch their illegal activities.

U.S. virtual currency regulation FinCEN, and aggressive law enforcement in the U.S., may result in termination of such businesses in the United States. Therefore, as noted by FATF, there must be a broad international regulatory scheme to control virtual currency rules such as kyptocurrency and others.

Furthermore, regulatory measures must be harmonized with other countries so that innovative and novice companies can offer virtual currency, or related services not faced with security issues or contradictory gaps in regulatory oversight, thereby blocking the growth of other similar platforms in the future.

Virtual currency innovators must end anonymity in transactions. Anonymity in transactions is not a justification claimed for Bitcoin investments. However, as the virtual currency grows, this anonymity will continue to attract perpetrators of criminal activity and pose significant barriers to law enforcement's ability to "keep up with the flow of money.

Where appropriate legal processes are provided to financial institutions for relevant records, the identity of those who transfer the funds should be available to investigators and authorities. There should be centralized control in charge of virtual currency to ensure transaction integrity, to initiate maximum monitoring, and to provide a single point of contact to the person in charge through regulatory authorities and law enforcement in the real world.

In early 2012, the Financial Action Task Force (FATF) concluded that money exchange or value (MVTS) services, such as virtual currency exchange, should be licensed and registered. The FATF also recommends that governments ensure that MVTS has precise and accurate controls and that all MVTS have agents accessible to the authorities.

What about the steam wallet in 2018, which actually cannot be separated from bitcoin. Let's in-depth discuss with positive comments and quality arguments below.

Hopefully, there are enlightenments from utopian-io friends and expert regarding this. For a better steemit in the future.Thank you for sharing with all steemians.

Regards @elsufri
Correct me if I'm wrong @adika-media

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