The virtual currency known as Bitcoin continues to be problematic when it comes to adherence to the law and financial security. While currencies like this may seem attractive to users because of their interchangeable natures, inquiries into Bitcoin security may mean more of an emphasis on transaction monitoring for all such denominations.
At least that's what Attorney General Eric Holder said recently in a panel on the subject of such intangible monetary units. The Wall Street Journal featured a quote from Holder regarding the need to police the use of this currency in order to cut down on the potential for illegal activity, which is still apparently great.
Specifically, Holder told a House committee that these currencies are not going to escape the eyes of the government.
"The department is committed to innovating alongside this new technology in order to ensure our investigations are not impeded by any improvement in criminals' ability to move funds anonymously," he said.
The New York Times recently featured an article on where this currency may be heading, despite the many problems it poses. According to this source, Bitcoin is in the midst of a "a mounting public relations crisis," not just because of the currency's association with illicit activity but also due to the presence of malware specifically targeting Bitcoin users.
Even passwords and other forms of standard virus prevention don't seem to be as useful against these security risks. The Times notes that one study found that fewer than 50 percent of virus detection attempts were successful in discovering and fighting against these agents.
Bitcoin's future may depend on more successful security measures, and because it is such a high-profile case, it may end up setting a precedent for others to follow.
