Bitcoin security features need improvement

Technology is reaching new heights with new inventions made every day. But, the dark side of this technological revolution is the rise in cyber crime. People are increasingly storing their sensitive data online which are prone to hacks and thefts.

To ensure consumer safety, there is a provision of using passwords. But what often happens is that people use the same password for a number of accounts which can compromise all the accounts at once.

However, an improvement over the traditional password system has been made. These days some mobile companies are providing the facility of using fingerprint scans to unlock mobile phones. Facial recognition takes security feature a step further. However, not many mobile devices support these features.

A recent article on Bitcoin.com points out that even advanced and disruptive technology, such as Bitcoin and the underlying blockchain, do not escape the inevitability of weak customer passwords.

For accessing any bitcoin service, user authentication is needed in some form. More often than not username and passwords are used, while bitcoin wallets can be accessed through a passcode or a swiping pattern on the device. But these are not very effective solutions to ensure customer safety.

The bitcoin community has to make some efforts to incorporate security features such as facial recognition and fingerprint scans. It will be highly beneficial as Bitcoin transactions cannot be reversed or refunded, and once funds are sent to a different address, it is gone forever.

The report concluded saying, "Bitcoin companies and developers should be leading by example, and offer more secure methods of protecting customer data and funds. Taking care of the software side of things should be priority number one, as consumer electronics will evolve on the hardware side at an accelerated pace in the next few years. In fact, most devices will support either facial recognition or fingerprint scans within the next five years."