Aug 12 2013, 4:19am CDT | by Sumayah Aamir
The discovery of a fault line in Android has left digital wallets open to the threat of theft. This loophole in the system was found by Bitcoin developers. They are quite concerned over the consequences of this glitch in the system. Each single Bitcoin wallet is affected by this system failure. Blockchain.info wallet, BitcoinSpinner and Mycelium Wallet are three other entities that have felt the seismic shock of this major upheaval. Android is basically meant to come up with strongly coded strings of random numerals. These of course allow your Bitcoins to remain secure. There are services like Mt. Gox and Coinbase that won’t undergo an iota of change. They are exchange front-end facilities and their personal keys are not created on the contraption. But Bitcoin has felt the brunt of the burden.
One of the solutions offered by the developers is to set up a new address via an iron-clad random number generator. The next step would be to parcel all the cash in your wallet back to your own address. Meanwhile, updates for the apps that have been hit hard by this phenomenon are already in the pipeline. Like every person has his weakness, there is vulnerability in Bitcoin too. And it has left the financially secure dazed and confused. Since the original problem lies in the system itself, it has left every Bitcoin digital wallet open to security threats from prying intruders.
Source: Fast Company
Source: IBTimes UK
Source: IBTimes UK
Source: Daily Mail
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