Many cryptocurrency users store funds on their smartphone or other mobile devices. Wth a vast plethora of Bitcoin wallets to choose from, that seems to be the most logical and secure solution. But John McAfee feels otherwise, as he feels smartphone usage will leave Bitcoin in “chaos.” In his opinion, developers need to pay far more attention to security.
The statement made by John McAfee will upset quite a few people, even though there is some truth to his words. Security is a critical part of any financial ecosystem, and Bitcoin is no exception. Although the protocol is secure, the devices we use to store and access funds are not. Computers and mobile devices are prone to hacking, malware attack, and user negligence.
John McAfee Knows THe Security Business Like No Other
McAfee strongly feels the lack of security provided by mobile Bitcoin solutions is troublesome. It all comes down to the interaction between end user and technology. We take a lot of things for granted, even though that should not be the case. In fact, it seems using smartphones to interact with the Bitcoin network could lead to all kinds of trouble.
One thing people tend to forget is how we secure Bitcoin wallets on our mobile devices. This is done either with SMS verification, a PIN code, or a gesture. Neither of these options is very secure, to begin with, yet we trust the technology to safeguard our funds. The only money we have full control over is “protected” by virtually nothing.
Even though mobile wallets make using Bitcoin far more convenient, the security concerns should not be dismissed. Granted, it is possible to buy dedicated hardware wallets, but sending funds requires an intermediary device. Moreover, if cryptocurrency is to go mainstream, consumers will access it through a device they carry around all the time already. In this case, that will be their mobile phone.
Is it time to introduce new security measures for mobile Bitcoin usage? John McAfee certainly seems to think so, and it is hard to disagree with him. Bitcoin will not go away, but only if new features and security precautions are introduced on a regular basis. Staying one step ahead of hackers and other criminals is of the utmost importance now even more than ever.
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