Prominent Attacks, Scammers, And Bottlenecks in Bitcoin Users

The cryptographic code for Bitcoin is virtually impossible to crack. That brings all the focus for hackers to use more basic brute force methods of shutting down exchanges and getting Bitcoins.

Image Source: zerohedge.com

A DDoS is a Distributed-Denial-of-Service attack that sends huge numbers of bot data visitors that overload servers. When an exchange gets hit, inevitably the value of Bitcoins tumbles. This alone would provide enough profit to motivate hackers to crash exchanges for cleaning up the now devalued BTC's. When the exchange gets back up and running, the value of BTC's climb and the hackers have their pay day- possibly. It is also possible that the hackers simply want to crash the service.

InstaWallet was crashed by a similar attack and never recovered.

Read More: How to Multiply or Double Your Bitcoins hundredfold in a day? SCAM!

Other possible attacks:

Government regulations attempt to restrict access to exchanges, label it an investment, or that it is trying to be a currency that threatens the government monopoly. All these fall under Financial Crimes Enforcement Network (FinCEN):

This black boot agency putting a damper on our monetary freedom is saying:
Users of Bitcoins do not fall under FinCEN rules, but any exchange or wallet services do! They are known as MSB's or money services businesses. This means that any service that transfers, exchanges, stores, or interacts with Bitcoins on a per fee basis, could eventually be the target of the U.S. treasury, FBI, IRS, and any other agency that chooses to participate.

This represents the greatest threat against Bitcoin. Our mystery developers behind Bitcoin saw this attack coming. Their answer was to distribute the ability to exchange Bitcoin. They built in a “black market.” What they really built in - was freedom for free people to transact without anyone else knowing about it, taxing it, or being able to stop it.

There is no way short of taking down the Internet and/or power grid for the government to fully stop Bitcoin. That won't necessarily stop them from trying, however.

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