Hacking In The Bitcoin Ecosystem Can Be A Good Thing

When it comes to the concept of hacking, there is a fair bit of misconception regarding the “profession”. There are always two sides to a medallion, and the concept of hacking is no different in that regard. On the one hand, there are the criminal internet hackers, but there are also those who hack for the greater good. Not every hacking attempt is bad, as it will provide companies with valuable insights as to how their security is holding up.

Also read: No Bitcoins Were Stolen Before Dorkbot Botnet Was Shut Down

Taking Matters Into Their Own Hands

Regardless of which side of the hacker camp you are on, there is one major parallel between both parties: they both take matters into their own hands. The “good” hackers will be on the lookout for any platform or service that might pose a security risk, and attempt to take it down. One example of such a platform would be taking down forums where child pornography is publicly advertised.

People are capable of doing some very dangerous and horrible things to one another, and law enforcement can only do so much as long as there is no imminent threat. In some cases, hacktivists – or even white hat hackers – will look for any site vulnerability they can exploit and shut down the service.

As one hacker stated in an interview with CNN Money, everyone is capable of doing something for the greater good. Some people use hacking to achieve that goal, whereas others are benefactors for charitable causes. Every individual on this planet has a particular set of skills, and they should embrace that skillset, rather than ignore it

As you would come to expect, most hackers are former – or current – security researchers. Getting involved in the world of IT, infrastructure, and software security can produce some of the greatest innovations in the world. But at the same time, these innovations need to be protected, and standard means are only doing so much.

Another option worth exploring for white hat hackers and hacktivists is how they can monetize their particular set of skills. Getting hired to shut down a forum or service is not as common as most people think. Instead, they will rather sell information about exploits they have found or created. However, most of them will never sell that information to the government or any of its affiliates.

But this “glamorous” lifestyle comes at a heavy price as well. Hackers and hacktivists are unable to get a regular job and earn a normal income. Their mindset is so different from everyday people that it is hard for them to function in the traditional business world. Plus, there is always the adrenaline rush of getting your hands on something that, technically speaking, you shouldn’t even be able to access.

Hacking Can Be Key, Even In The Bitcoin World

Hacking for whatever purpose has become part of everyday life in the world of technology. Even Bitcoin companies see a certain value in paying white hat hackers a bug bounty for every vulnerability or exploit they can find on the platform. Ensuring security measures are up to standard is a 24/7 job, and any help is more than welcome.

A variety of Bitcoin platforms have been hacked over the past few years, but it looks like that scenario is coming to an end. Companies are stepping up their security game by actively engaging with security researchers and pen testers. Internal security audits are a good thing, but they are not always sufficient. Plus, because Bitcoin is a global currency, it’s much easier to pay bug bounty rewards to people from all over the world.  

What are your thoughts on hacking and hacktivists? Are they beneficial to the Bitcoin ecosystem? Let us know in the comments below!

Source: CNN Money

Images credit 1,2,3