Bitcoin has tripled its value since last year

Although the crypto money Bitcoin is gaining in popularity and has gained in May alone against the euro to a fifth of its value – a mass phenomenon, the digital currency has not been made as before. Just of the strong volatility, there are in fact, appear to users as the greatest risk, a study of the security research center SBA Research showed.

Bitcoin (BTC) is a current market capitalization of more than EUR 3.1 billion and 130,000 transactions per day is currently the most successful crypto-currency. One Bitcoin is currently worth around 600 euros, a year ago we received barely 1 BTC over 200 Euro. However, he was also the end of 2015 already clearly worth more than today, before it came to an abrupt fall in value. For smaller transactions, Bitcoin is also divided into “Bitcent” (CBTC) or “Millibitcoin” (MBTC). The smallest unit, a hundred millionth of BTC is called “Satoshi” and is named after the legendary Bitcoin inventors, of which only the pseudonym Satoshi Nakamoto is known, however.

In the general perception, there are numerous misconceptions about Bitcoin, says Edgar Weippl, scientific director of SBA Research. There have been incorrectly assumed that Bitcoin is an anonymous currency with which one can conceal completely cash flows and that they would therefore become the preferred means of payment especially by cybercriminals.

Both were not really explains Aljosha Judmayer, IT security expert at SBA Research. To go to the “myth Bitcoin” on the ground that they had around 1,000 Bitcoin users worldwide questioned how and for what they actually use the digital currency in practice. The most common uses tip and donations were named (38 percent), prior to the purchase of virtual goods (33 percent) and online shopping (28 percent). More than one in four used it as an insert in gambling, 5 percent said so to buy drugs.

You have made a great effort to guarantee the participants in the online survey anonymity to get honest answers, explained Judmayer. “How have just seen, from which countries the IP addresses come, that was all. We have seen that the second most inquiries have come from the Tor network, so the anonymizing network.” According to the study, every fourth Bitcoin users use Tor to remain anonymous.

Nevertheless, there have probably been a “selection bias”, Weippl admits – criminals are likely to have well-reported rather not volunteer as a participant. Almost every second user thinks that although Bitcoins are not anonymous, per se, but can be used anonymously. 80 percent think that their transactions can be tracked.

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