Falsely Vilifying Cryptocurrency in the Name of Cybersecurity

Falsely Vilifying Cryptocurrency in the Name of Cybersecurity

Falsely Vilifying Cryptocurrency in the Name of Cybersecurity

Cryptocurrency is not the enemy of society or innovation.

Digital currencies will eventually improve cybersecurity, reduce cybercrime, and support the digital ecosystem that the world is rushing to embrace. Let's stop unjustly vilifying digital currency and instead look at how it will be transformative.

I get frustrated by shortsighted perceptions, which are misleading and dangerous is far easier to vilify something people don’t fully understand.

Here is another article, titled Bitcoin is Aiding the Ransomware Industry, published by Coindesk, implying cryptocurrency is the cause of digital crime.

This is one of many such pieces littering the Internet. I am a cybersecurity expert and have spent over 30 years fighting theft, fraud, and misuse of computers. I find such articles to be shortsighted and lacking the strategic picture which must consider both the benefits and drawbacks of any technology.

Correlation is not Causation

022019 BurrusBlog

One small negative aspect is not the whole picture and shouldn’t be used to undermine great innovation (such tactics also tried to stop the automobile, electricity, and the Internet).

Let’s not only focus on skewed statements but instead, think critically about how technology can be leveraged for the greater benefit.

If narrow viewpoints, like attributing Bitcoin is aiding ransomware, are considered, then it would be equally logical to contemplate the following absurdities:

  • Email is aiding the Phishing Industry
  • Web browsers are aiding Online Fraud Industry
  • Operating Systems are aiding the Malware industry
  • Networks are aiding the Denial-of-Service industry
  • Cash is aiding every Crime industry
  • Communications are aiding the Disinformation Industry
  • Credit cards are aiding fraudulent purchasing

Is it justifiable to blame digital technology for every societal issue? Technology innovation can be greatly beneficial and should not be flatly vilified for a small negative contribution.

For the record, less than 1% of crypto transactions are related to crime. Percentage-wise, cash is used more often in criminal activities, as it is the preferred monetary instrument and store of value. If impacting crime is the motivator, then perhaps the conversations should be about eliminating cash. From a cybersecurity perspective, moving to a digital system has far more merits than moving away from cryptocurrency.

Fear of the Unknown

Fear or a lack of understanding is the key to this line of false-logic being perpetuated. Nobody is advocating the elimination of the Internet, computers, electricity, automobiles, or credit cards because society already understands their value. They are willing to accept the accompanying risks because they want the benefits.

Most of the people I encounter, who are quick to shun digital currency, often are unable to describe the long-term benefits to themselves or the global community. Only knowing the downsides makes for a highly biased position. History repeats itself. Years ago, people rallied to outlaw the emergence of automobiles, favoring a world reliant on animal power. They only saw the obnoxious sound, smell, and mechanical dangers but failed to see the benefits of a global transportation and logistics network that fueled massive economic growth, social liberties, preservation of freedoms, and expansion of personal independence.

We All Must Look Beyond the Hype

Bitcoin 5

Crime, fraud, and theft existed long before cryptocurrency, digital networks, and computers. Crypto and digital currencies also bring tremendous benefits, including the amplification of innovation, presently and especially in the future.

Tech is a tool and it can be used for good or bad. See both sides before making a judgment.

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  • Jason Watkinson

    Crypto is a revolution that big banks fear.

  • Rebecca Woods

    Bitcoin is unstoppable but they will find a way to break it !

  • Ian Russell

    Excellent article

  • Connor Gabbitus

    Hackers are the real villains not crypto

  • Jamie Davies

    The cyber police is weak.... They are doing nothing to prevent crypto attacks...

  • Adam Williamson

    Bitcoin is the most profitable investment online

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Matthew Rosenquist 

Cybersecurity Expert

Matthew Rosenquist is an industry-recognized pragmatic, passionate, and innovative strategic security expert with 28 years of experience. He thrives in challenging cybersecurity environments and in the face of ever shifting threats. A leader in identifying opportunities, driving industry change, and building mature security organizations, Matthew delivers capabilities for sustainable security postures. He has experience in protecting billions of dollars of corporate assets, consulting across industry verticals, understanding current and emerging risks, communicating opportunities, forging internal cooperation and executive buy-in, and developing practical strategies. Matthew is a trusted advisor, security expert, and evangelist for academia, businesses, and governments around the world. A public advocate for best-practices, and communicating the risks and opportunities emerging in cybersecurity. He delivers engaging keynotes, speeches, interviews, and consulting sessions at conferences and to audiences around the globe. He has attracted a large social following of security peers, is an active member on advisory boards, and quoted in news, magazines, and books. Matthew is a recognized industry expert, speaker, and leader who enjoys the pursuit of achieving optimal cybersecurity. Matthew Rosenquist is experienced in building world class teams and capabilities, managing security operations, evangelizing best-practices to the market, developing security products, and improving corporate security services. 

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