Two years ago, cryptocurrency experts predicted Asian start-ups to determine bitcoin growth – whether the value of bitcoin would soar or gradually collapse.
Three years down the line, the situation is quite different. A few days ago, BitQuick, a bitcoin start-up founded and managed by Jad Mubaslat, encountered malware attack by unknown attacker(s). It seems the attackers leveraged on a weakness unknown to BitQuick.
This should really serve as a warning to Asian tech start-ups involved in crypto currency business. Cyber security is critical to bitcoin growth in the Asian zone. Initially, China banned the use of bitcoin. Afterwards, China reversed its initial decision to disallow bitcoin as a virtual currency. Now China is about to endorse bitcoin as a legitimate virtual currency.
Apart from BitQuick which is inactive due to security breach, the likes of OKCoin, Huobi, BTC China and BtcTrade are fairing good.
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Seemingly, bitcoin has, for the past few years, enjoyed a fair share of value in the Asia region. In terms of funding and business activities, bitcoin is gradually becoming the most preferred virtual currency in countries like Japan, South Korea, Hong Kong, and Singapore.
In addition, Japan is busily developing its own altcoin, Monacoin, which is gradually attracting otaku communities and some of the country’s tech savvy.
In spite of Japan’s motive to establish bitcoin for business purpose whilst South Korea [Coinplug and Korbit] is quietly achieving bitcoin success within the domestic market, BitQuick could pause or slow down bitcoin progress in the Asia region.
How can crypto currency start-ups in the Asia region [with regards to BitQuick] ensure haphazard security policy is prevented?
BitQuick’s Attack: A Lesson For All
I would hardly believe the founder of Bitcoin whose anonymous name is Satoshi Nakamoto hails from China, South Korea or other Asian countries. But I can confidently assert that Bitcoin is progressing actively in the Asia region.
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However we should not allow profitability to eclipse dynamic security policies. I used the word ‘dynamic’ because changing security policy quarterly or monthly is far better than sticking to a two-year security infrastructure without modification.
Internet security is critical to every business in today’s market. Zero-day attacks, distributed denial of service, and SQL injection trouble security engineers. Although it is almost impossible to prevent cyber-attacks, a malware attack against a bitcoin platform is extremely disturbing than a basic website whose value i beneath bitcoin exchange platforms.
Thus, cryptocurrency start-ups in the Asia region whose motive is to move or expand to other parts of the world should also consider launching effective security plans or policies to protect bitcoin participants.
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