Hackers’ Demand For Ransom Changed: Bitcoin Is Now More Popular Than Dollars
The fact that international hackers now demand Bitcoin instead of the US dollars in ransom demands is interpreted as an indication that the digital currency has entered our lives permanently.
Colonial Pipeline, an oil transportation company whose computers were hacked last week, had to stop all its operations and pay a ransom of 5 $ million worth of Bitcoin to hackers, Bloomberg reports.
According to cybersecurity firm PurpleSec, more than half of the hacking incidents since 2018 require ransom in Bitcoin.
The reason why Bitcoin transfer transactions are easy, fast and less costly is that it does not require authentication. Only one ‘wallet address’ is needed to transfer digital money between two ‘Bitcoin wallets’ and the transaction takes a few minutes at most.
This is also the feature that causes the most concern for governments’ regulatory agencies.
The fact that Bitcoin is unsuitable for inspection means that it can be easily used in financing terrorism and money laundering. For this reason, giant cryptocurrency markets such as Binance are under scrutiny in the USA.
The daily use of Bitcoin and other digital currencies is becoming widespread. American Football player Russell Okung was the first to buy some of his salary in Bitcoin last year.
In developing countries and countries with fragile economies, digital currencies are seen as a safer investment and shopping tool, despite extreme fluctuations in prices.
For example, in Argentina, more and more homeowners are selling their homes for digital currencies.
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