A few days ago a severe vulnerability in the Android implementation of the Java SecureRandom random number generator was discovered. The result of this vulnerability is that private keys used in transactions on Android devices can be determined. All bitcoins in addresses used on Android devices need to be immediately rotated to a new address. Bitcoin uses public/private key cryptography to sign bitcoin transactions. The security of the system relies on each address having it’s own private key that is only known by the owner of the address. If a malicious party were to gain control of the private keys …

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“I don’t have a background in cryptography, and get a little confused when looking through what actually happens in a bitcoin transaction. How do I know that no one else can spend my bitcoins? Is there any way someone just use my address to figure out my wallet?” – Eric from Norway Trusting an emerging financial technology can be difficult without having at least a high level understanding of what security measures are involved. Most people trust their banking system because there’s a brand standing behind transfers and insurance such as FDIC backs up deposits. Because of bitcoin’s decentralized nature, …

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