Cyber attacks on bitcoin exchanges prove its value according to executive

During an interview with The Korea Times, BTCC CEO Bobby Lee told the newspaper that the recent cyber attack on one of the largest bitcoin exchanges, Bithumb, has proven to him the value of the currency and that it has a bright future.

The co-founder of the one of the oldest bitcoin exchange had this to say:

"Criminals are attracted to steal value. Theft of Bitcoin currency is no different than theft of any other asset, no one steals airline miles, credit cards or hotel reward points."

Ransomware has become a popular way for criminals to extort cash in the form of bitcoin from their victims, like the most recent LeakerLocker threat found in the Google Play Store. Bitcoin has surpassed the value of gold in a historic run this year, and the executive thinks that this is only the beginning, with him predicting the digital currency's value to reach $1 million.

When asked about his bold statement, Mr Lee said:

"It will get there in not much time. When people and society truly understand the value of digital currency, its value will go up. The price will not increase in a linear straight line. Normally, it will go up in a curve,"

Bitcoin is also about to face a major change in the way 'blocks' are issued to miners. The most recent suggestion called Segwit2x, that proposes a change to the Bitcoin Core software to increase the size of the block to 2MB from the current 1MB, have faced large pushback from the community. Since 87% of the world's exchanges have agreed to implement this change already, it remains to be seen how smoothly this transition will be. Bobby Lee noted that he believes the change has already been accepted by the majority of involved parties and that his company is fully behind it.

The change will also increase the number of bitcoins that will be issued per block, from one to two. This fork is expected to be fully implemented in November, and it is recommended that you limit your trading after August 1 as these changes can increase the likelihood of wipe-out attacks according to Medium until it is fully naturalized.

Source: The Korea Times | Image via Bitcoin-Gator