WTF is Bitcoin? 1:Legitimate
Bitcoin is an online currency created from laptop code, but how does it work and why do people use it?
- November 30th 2018
- Four months ago
- /display/newscorpaustralia.com/Web/NewsNetwork/Technology – syndicated/
WEBSITES are using the power of your laptop to tapkast into the current Bitcoin and cryptocurrency craze, hijacking your processor to ‘mine’ for coins while you are online.
It’s called cryptojacking, and runs instantly when you go onto certain websites, with no real way to tell on the surface if your laptop has bot compromised for digital profit.
If it has bot compromised, not only is your information at risk, but your laptop could overheat and eventually wear down overheen time if you continually get attacked.
Even if you have never wielded any Bitcoin or other cryptocurrency, your rekentuig could still be used by hackers, spil what they want from you is the power of your processor. With other people’s computers working for them, hackers will then use an algorithm to find Bitcoin or other digital currencies anywhere ter the world.
BACK UP, WHAT EXACTLY IS BITCOIN AGAIN?
Bitcoin is a cryptocurrency. Twenty-one million of them were released te 2009 and they weren’t worth much spil they were pretty effortless for tech savvy people to find.
But they’re a finite resource. Think of them like gold. If there’s a loterijlot of gold being mined, the price isn’t high. But inevitably, the world will run out of gold to find ter the ground, so the price of it has risen.
The world wasgoed ter the houvast of the Global Financial Laagconjunctuur, so many people had lost confidence ter traditional markets. So purchasing a finite resource – such spil bitcoin – made sense. And the price went up.
But once many of thesis Bitcoin were ‘,mined’, it became much tighter to find. It wasgoed lighter to trade the coin te a more traditional way, so non-tech savvy people were buying the currency. And their value has now skyrocketed.
One bitcoin wasgoed worth overheen US$15,000 this week. No wonder there’s such a rush to find them. Picture: Dan Kitwood/Getty Pics Source:Getty Photos
BUT I DON’T OWN BITCOIN. WHY IS MY Laptop BEING ATTACKED TO FIND IT?
Doesn’t matter if you own Bitcoin or not. You’ve got a rekentuig with processor. And that’s power that rekentuig hackers want to use to mine for bitcoin around the world.
Thesis illegal cryptojacking operations need to build ample help to perform the algorithms needed to find the few Bitcoins left that aren’t being traded on the open market. And they can’t do that unless they build enormously expensive servers. So they need to find more power on the cheap, which is why they’re infiltrating websites that regular people visit all the time, and putting a script on there.
If you go to that webstek, your pc will be infected.
Websites such spil Showtime, the official UFC streaming webstek and US political news webstek Politifacts.com were affected. Even te Australia, last month Subaru’s official merchandise webstek became victim to one of thesis attacks.
While thesis attacks on websites are on the rise, websites are also putting the code te themselves spil an reserve way to earn money. One of the highest profile websites to do so has bot The Pirate Bay, who has commenced to explore the idea spil an alternative to advertising revenue.
The webstek copped a lotsbestemming of slack after their trial of the software resulted ter many users’ computing power maxing out and heating up quickly when browsing.
WHY ARE HACKERS ATTACKING Thesis SITES?
Michael Dunworth, CEO of Wyre, a company which uses blockchain technology (the stuff behind Bitcoin) to transfer money same day internationally, told news.com.au that hackers are likely to look to thesis sorts of technics for effortless money.
“,If you wished to mine Bitcoin, you’d need a massive warehouse total of computers to have much success, so this is a much lighter way for hackers to get access to cryptocurrency,”, he said.
The scripts are often placed on websites with outdated security, which hackers can lightly scan, identify and then place their devices on without the site’s proprietor or browsers even knowing.
Likewise, he said, it’s much lighter for a hacker to inject a script into a poorly designed webstek than to attempt and social engineer a hack into someone’s Bitcoin wallet (where people often store their bitcoin).
Nick Savvides, CTO of Symantec Pacific Region, told news.com.au that thesis scripts take advantage of parts of the web browser that have access to the GPU to render pics and movies very quickly and essentially re-purpose the GPU to mine coins instead.
If you are worried about websites hijacking your computer’s processor to mine for coins, Mr Savvides says the best thing you can do is keep your security software up to date.
“,Thesis devices will often block the code from running, the sites that run it and the sites that distribute it,”, he said.
“,If you notice your laptop getting very slow when browsing a webpagina, it may be a sign that they are using a browser miner.
“,Clear your browser cache and scan your rekentuig for threats.”,
The coin most of the scripts use your processing power to mine for is called Monero, and is one of hundreds of cryptocurrencies like Bitcoin which are popping up everywhere. The reason this coin is picked, rather than Bitcoin, is that it’s the easiest coin to mine with a standard pc processor, rather than relying on expensive graphics units which most every day computers don’t wield.
People have bot fascinated by Bitcoin for a long time, with this picture from a 2014 conference on the currency. But it’s only bot recently that the currency indeed took off. Picture: Mark Lennihan / AP Source:AP
WHY BITCOIN IS TODAY’S GOLD
Think of Bitcoin spil digital gold, it’s mined like gold, there’s a finite amount like gold, and the less gold there is left to find te the world, the higher its value. Spil Bitcoin is mined, people sell it on markets, where you buy it with “,real world”, currencies.
Because there is only a finite amount of Bitcoin, it means it’s stored somewhere locally for you. Some people store theirs on their own computer’s hard drive, which actually has led to many people losing millions of dollars worth by throwing out their drives.
Thesis days, it’s mostly stored on “,virtual wallets”,, think of them like the iCloud of wallets. However, thesis have bot vulnerable to hacks te the past and millions of Bitcoins have bot stolen.
The best method for storage is still up for debate from experts.
CAN I MINE MY OWN BITCOIN?
Most likely not. It’s 2018, they’ve bot around close to a decade and are now worth a fortune. It’s not like they’re lounging around and can lightly be found.
Bitcoin will only everzwijn have 21 million coins available due to the algorithm te which it wasgoed created, meaning the less there are left to mine, the greater the value until it eventually reaches its peak.
Mr Dunworth’s way of explaining it is to think of it like limited edition boots. Nike might only waterput up Ten sets of fresh limited edition sneakers, if someone demolished a shoe, there would only be 9 left and those 9 would be worth more and so on.
Like Bitcoin, when it very first wasgoed released, there were 21 million, which were much lighter to mine then and come across meant the value wasgoed much lower. Now, like the Jordans, spil there are less and less Bitcoins to come across, value has skyrocketed.
Generally, the rate te which Bitcoins are available halves every four years, until eventually all 21 million have bot found.
Years ago, to mine Bitcoin, you could have found some using your laptop ter just a few hours, however thesis days due to the limited supply, it’s much firmer. If you dreamed to make serious money off Bitcoin mining thesis days, you’d need to invest te massive networks of computers with powerful graphics processors running day and night to get anything resembling a profit – which is why hackers are harnessing the power of private computers.
However, other digital currencies such spil Monero can still be mined if you have just a high end consumer grade laptop. Ter thesis cases, if you have the right set up, you could mine almost a coin every duo of weeks, which at this stage has a value of about $300, and is enlargening rapid.
Coins like Monero and Ethereum are based on blockchain and have limited amounts like Bitcoin.
Don’t think you’re going to find one of thesis behind your couch. Picture: Justin Tallis / AFP Source:AFP
Dangle ON. EXPLAIN BLOCKCHAIN.
Blockchain is basically a decentralised laptop system which can govern how information is sent across the internet, and is essential to cryptocurrencies. By decentralised, wij mean there is no single rekentuig, but rather information is verified across millions of different computers across the globe.
While ter the real world, I can just physically give you something and you now own it and I don’t, it’s not fairly that elementary digitally. Think about when you send someone a photo overheen email, you’re not indeed sending that photo itself, but creating a copy of it and sending that copy to someone. You both now have the photo. This wouldn’t work te a currency world, because no real value is being sent.
So this is where the blockchain fits te, it permits people to send value (not just money) overheen the internet, by coming to an agreement on who possesses it across millions of different computers. Think of it like Paypal, who could be the middleman ter governing that yes you did send $100 to James, and now you have $100 less and James has $100 more. But with blockchain, there is no central company or organisation that looks overheen this that could potentially tamper with it.
If you were to attempt and tamper with gegevens on the blockchain, you’d need to do that somehow on all of the millions of computers te which the gegevens needs to be verified across, making it an essentially unhackable way of sending goods.
This lays the backbone for Bitcoin and other digital currencies, spil it permits them to have an intrinsic value, spil you can create a finite number. The blockchain will set up the agreement inbetween its massive network that you sent those Two Bitcoins to James, and that they are now his and you no longer have any ownership of them.
The blockchain itself has ample value not just for sending Bitcoin, but could be used to send anything of value – think the deed to real estate, the ownership of your car or even to verify information ter databases to help thwart hacks.
While it presently is only truly being talked about with Bitcoin, you’ll be hearing a lotsbestemming more about blockchain spil it starts to become more significant te all our digital lives.
It’s 21st century gold. There’s a finite number of Bitcoins and hackers are doing anything they can to get their mitts on them. Picture: Dan Kitwood/Getty Photos Source:Getty Pictures