This is a potential crime in the Cryptocurrency system
JAKARTA (IndoTelko) – The Internet Development Institute (ID Institute) reveals the potential for crime that develops in a Cryptocurrency-based payment system.
“There are three crimes in the Cryptocurrency system, which are related to stealing private keys, ransomware, and physical threats to wallet owners,” said the researcher from ID Institute Alfons Tanujaya, yesterday.
According to him, the vulnerability aspect of the Blockchain system used by Bitcoin is in the potential for very large malware insertion. To bring up a Bitcoin block, resources that are not cheap are needed. In this aspect, Miner can work around this by spreading ransomware that attacks thousands of computers to work under his control.He added, the development of ransomware has suddenly increased due to anonymity in the internet system, something that is also on the Blockchain.
Plus, when “stolen” Cryptocurrency will not be returned due to Blockchain technology, unless the owner can get thousands of other Crytocurrency owners to approve their search. “So there is no return on every theft,” he explained.
CEO of swin Tanzil revealed the main purpose of Mining is to invest and earn.
“Personally, I only do trading. Meanwhile, what is Mining? It’s done on Desktop and CPU (mining farm). Mining is an activity to solve mathematical puzzles in certain levels of difficulty that depend on the complexity of the algorithm,” he said.
He explained, the Miner function is to: validate transactions, find new blocks, and look for Proof of Work.
Bitcoin has value because to produce it requires Electricity, Computers, and Time. Because of the sophisticated technology, Bitcoin cannot be duplicated like other digital files. This is the high value of Bitcoin. Bitcoin is a new fintech era where we don’t know where to take us. “It is the most important discovery after the internet,” he said.
While Oscar Darmawan from Bitcoin Indonesia explained in Law No. 10 of 2011 concerning Trade, states that commodities are all goods and rights that can be the subject of agreements or activities for goods or services both tangible and intangible. Thus, Cryptocurrency can be interpreted as a commodity group.
“The legislation is not enough at all. Further regulations are needed. How does the current arrangement do not yet exist,” he said.According to him, Cryptocurrency will drive the Industrial Revolution 4.0 in Indonesia. Crypto will increase the acceptance of tax efficiency if properly regulated.
“Indonesia has missed a lot. If it is properly regulated, the bad components / aspects of Cryptocurrency utilization such as money laundering and others will be minimal. If prohibited, everything will be out of control. That is also the reason for G7 to regulate Crypto positively,” he said.for more info you can check that lk21,
He reminded, Bitcoin is a cross-cutting product that cannot be avoided by the world community. “Consumers just follow the market. So, if not the market in Indonesia, other countries will open the market so that our money will be taken out of Indonesia,” he concluded