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tralized implementations had invested trust explicitly in numerous components outside the bitcoin blockchain, such as hot wallets, centralized ledger databases, vulnerable encryption keys, etc. Worse yet, in most cases those trusted components lacked even the most rudimentary security controls. User Security Best Practices Humans have used physical security controls for thousands of years. By comparison, our experience with digital security is less than fifty years old. Modern general-purpose operating systems are not very secure and not particularly suited to storing digital money. Our computers are constantly exposed to external threats via always-on Internet connections. They run thousands of software components from hundreds of authors, often with unconstrained access to the user’s files. A single piece of rogue software, among the many thousands installed on your computer, can compromise your keyboard and files, stealing any bitcoin stored on wallet applications. The level of computer maintenance required to keep a computer virus-free and trojan-free is beyond the skill level of all but a tiny minority of computer users. Despite decades of research and advancements in information security, digital assets are still woefully vulnerable to a determined adversary. Even the most highly protected and very restricted systems, in financial services companies, intelligence agencies, and defense contractors are frequently breached. Bitcoin creates digital assets that have in‐ trinsic value and can be stolen and diverted to new owners instantly and irrevocably. This creates a massive incentive for hackers. Until now, hackers had to convert identity information or account tokens - like credit cards, bank accounts, etc. - into value after compromising them. Despite the difficulty of fencing and laundering financial infor‐ mation, we have seen ever escalating thefts. Bitcoin escalates this problem because it doesn’t need to be fenced or laundered, it is intrinsic value within a digital asset. Fortunately, bitcoin also creates the incentives to improve computer security. Whereas previously, the risk of computer compromise was vague and indirect, bitcoin makes these risks clear and obvious. Holding bitcoin on a computer serves to focus the user’s mind on the need for improved computer security. As a direct result of the proliferation and increased adoption of bitcoin and other digital currencies we have seen an escalation in both hacking techniques and security solutions. In simple terms, hackers now have a very juicy target and users have a clear incentive to defend themselves. Over the last three years, as a direct result of bitcoin adoption, we have seen tremendous innovation in the realm of information security in the form of hardware encryption, key storage and hardware wallets, multi-signature technology, and digital escrow. In the following sections we will examine various best practices for practical user security. 238 | Chapter 10: Bitcoin SecurityPDF Image | Mastering Bitcoin
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