Open Source Technology In favor Or Against Bitcoin Safety?

Bitcoin Safety

How much secure is it to hold Bitcoin is a subject open to debate. People are apprehensive when it comes to safety and security of the open source software.

The debacle of Heartbleed, have instigated many to question the intrinsic openness of open source is too crumbly for such application set-ups. However, some of the spectators state that contrary to the belief, open source technology is comparatively well managed and monitored than proprietary, making it safer.

Is this open source technology in favor of or against the system, while dealing with cryptocurrency safety for Bitcoin wallets?

Since, general public has very little knowledge about cryptocurrency since its introduction, people have very little faith in it and it leads to unaccounted fear while using it.

This week in TechWeekEurope, Steve McCaskill stated, Cryptocurrency is still new for the citizens of Swiss City Zug and to do businesses Bitcoin payments of 200 Swiss Francs (which equates roughly to US$200) is put to test to check the feasibility and impact of virtual currencies on finance sector.

Open source susceptibilities

One of the issues related to ‘open source’ arises when software application operations are divided amid various teams. IT operations team, generally scans susceptibilities within a single company workshop. When different open programmers having communication gap do the job in an incongruent manner then there is a possibility of attracting more vulnerabilities.

Software developers at Samourai proclaim to have constructed a discrete Bitcoin wallet to embrace user’s cryptocurrency digital assets and manage transactions. Bitcoin from its very beginning has been an open source project and many wallets have also pursued the same.

MultiBit HD state, a firm dealing with developing bitcoin wallets advocated- “Developers can always check the working of Bitcoin wallets and validate that there is nothing doubtful going on, since, these wallets are ‘open source’.”

Bitcoin Advice

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