This week has Bitcoin breaking down barriers consistently, leading experts to re-evaluate their forecasts on its long-term value. From going beyond $11,000, the cryptocurrency has, according to BBC, breached the $15,000 mark with no slowdown to its momentum. From its market highs this week, it has encountered a breach, resulting in significant losses.
$15,000 to a Data Breach – Bitcoin’s silver lining to clouds
According to CNBC, while Bitcoin has far outstripped previous expectations of value in trading, security is a drastic concern. The company NiceHash was subject to a hack according to Reddit users that raised doubts yesterday afternoon. The company operates as a mining platform which lets users lend computing power to miners to extract bitcoin online.
While the total amount stolen is under scrutiny, over $67 million (4,736.42 Bitcoins) according to users. Members of the NiceHash team are still working to uncover the extent of losses for its users, closing temporarily on Wednesday.
Cybercrime, while rare, is becoming an increasing concern for online users and Bitcoin isn’t the only victim. In the world of Ethereum, a bug resulted in $280 million worth of Ether frozen in its wallet.
Cybersecurity is a growing area – With strong Investment prospects
Defence companies have been making headway with innovations in Cybersecurity as the demand spikes with a rise in attacks. By 2021, the market will increase by 65% to reach a value of $202 Billion, in the UK it’s worth $120 Billion. Growing international tensions mean that while defence manufacturing goes up, Cybersecurity is an immediate second.
According to Peter Singer, the Author of ‘Cybersecurity and Cyberwar’ with every new individual online, new problems arise.
“If five billion new people are coming online, five billion new security problems are coming online.”
So with a growing digital literacy rate within developed populations and increasing demands for digital currency. As breaches become an increasing concern, Cybersecurity is a must buy marketplace.