The Internet Development Institute (ID Institute) reveals the potential for evolving crime in Cryptocurrency-based payment systems.
"Crime in Cryptocurrency system there are three, which is related to stealing private key, ransomware, and physical threat to the owner of the wallet," said Researcher from ID Institute Alfons Tanujaya, yesterday.
According to him, the vulnerability aspect of the Blockchain system used by Bitcoin, is in the potential of a very large malware insertion. To create a block of Bitcoin, resources are not cheap. In that aspect, the Miner can work around this by spreading the ransomware that attacks thousands of computers to work under his control.
"The example we found, is from the LK21 site," he said.
He added that the development of ransomware suddenly increased due to the anonymity in the Internet system, a thing that also exists on Blockchain. Plus, when Cryptocurrency is "stolen" will not be refunded due to Blockchain technology, unless the Owner can create thousands of other Crytocurrency owners to approve his search. "So there is no return on any theft," he described.
CEO of Bitmastery.id swin Tanzil revealed the main goal of Mining is to invest and earn.
"Personally I only do trading, while Mining is done in Desktop and CPU (mining farm) .Making is solving mathematical puzzle activity in a certain degree of difficulty that depends on the complexity of the algorithm," he said.
He explained that the Miner function is to: perform transaction validation, look for new block and look for Proof of Work.
Bitcoin has value because to produce it required electric power, Computers, and Time. Because of its sophisticated technology, Bitcoin can not be duplicated as other digital files. This is the high value of Bitcoin. Bitcoin is a new fintech era that we do not know will take us anywhere. He is the most important discovery after the internet, "he said.
While Oscar Darmawan from Bitcoin Indonesia explains in Act No. 10 of 2011 on Trade, states that commodities are all goods and rights which can be subject to agreement or activity on goods or services either tangible or intangible. Thus, Cryptocurrency can be interpreted as a commodity class.
"The legislation is insufficient, and there is a need for follow-up regulation," he said.
According to him, Cryptocurrency will push the Industrial Revolution 4.0 in Indonesia. Crypto will increase tax revenue efficiency if properly regulated.
"If Indonesia is well behind, the bad components of Cryptocurrency utilization such as money laundering and other will be very minimal, if it is prohibited, it will not be controlled, that is why G7 set Crypto positively" he said.
Reminded, Bitcoin is a cross-cutting product that can not be avoided by the world community. "Consumers only follow the market, so if not the market in Indonesia, other countries will open the market so that our money will be taken out Indonesia," he concluded.