BitcoinThieves

If Bitcoin is So Secure, Why Have There Been Dozens of Bitcoin Bank Robberies and Millions in Losses?

(SFGate/Business Insider) One of the most powerful myths about Bitcoin — the encrypted, independent online currency that’s become a huge trend in recent months — is that Bitcoin is “secure.”

Bitcoin.org, the semi-official voice of the Bitcoin community, says “the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.”

But Bitcoin is not secure. There have been dozens of robberies of Bitcoin banks and exchanges, and millions of dollars have been lost.