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Is BitCoin’s SHA-256 bit encryption safe from NSA?

September 24, 2013

Bitcoin is a cryptocurrency where the creation and transfer of bitcoins is based on an open-source cryptographic protocol that is independent of any central authority. The integrity of Bitcoin depends on a hash function called SHA-256, which was designed by the NSA and published by the National Institute of Standards and Technology (NIST).

While there is no known evidence, recent reports revealed that the NSA has worked with industry partners to insert vulnerabilities into security products. This makes the possibility that Bitcoin is vulnerable plausible, according to cryptography researcher Matthew D. Green of Johns Hopkins University. http://alrt.co/18ecqH3

Takeaway: While thousands of Bitcoin miners and users swear by its powerful encryption and lack of government control, in the future another Snowden may reveal that a backdoor into Bitcoin really did exist. And though Bitcoin itself may not be compromised yet, there is Android-based malware in the wild that can steal Bitcoins from digital wallets.

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