Why hackers demand the ransom in bitcoins?

The hackers behind the biggest computer attack in history do not want a ransom in euros or dollars: they demand BITCOINS. But…why? We are going to just simply list a few reasons why this currency is so popular between hackers:

Why hackers demand the ransom in bitcoins?
Why hackers demand the ransom in bitcoins?
  • The main reason is the perfect cover up for thieves: it is a non-nominative currency, it can not be detected and the person who purchases it or the place where they are buying it is not known.
  • There are not intermediaries; the cryptocurrencies are not controlled by any financial institution or entity: they are decentralized; this little control facilitates their manipulation.
  • They are made in P2P networks (safer than usual channels) and the encryption of transactions, which are public, are so complex that it is very difficult to trace between who are taking place the exchange.
  • This means that this currency keeps the offender anonymous, which is the perfect escape route, allowing them to charge through these currencies and not having any type of tracking.

So is Bitcoin transfer impossible to trace?

 Yes and no. Bitcoin is certainly harder to trace than a credit card payment, but at the same time, the public nature of the Bitcoin ledger means that you can see the payments themselves. Now, you don’t necessarily know who owns the wallet, and people can “wash” the coins to throw off tracking using services called “tumblers”, that basically make a lot of trades back and forth, with Bitcoins from lots of different sources.

  • Besides these, while the victims of credit card theft can cancel a card or reverse fraudulent transactions, with bitcoin its transactions are irreversible, what  can also be appealing to thieves.
  • It has also been able to attract the delinquent the fact that it is a very volatile market, as it happens with the currencies to the use, the value of the bitcoin fluctuates daily, so its value can register large oscillations in a short time, which can be quite dangerous. At the moment it is in historical maximums, reason why its change to currency of traditional use can lead to a great extra profit and a great temptation for hackers and criminals. (To get an idea of how much a bitcoin is worth, a simply date is enough: one bitcoin worth  more than one ounce (28.70 grams) of gold).

Users using cryptocurrencies indicate that their interest lies in the freedom they have to make instant payments that are not subject to the established circuit of taxes and fees of different countries and a very secure network that ensures total anonymity.

On the other hand, the main disadvantages are that it is a very volatile market and above all due to their intrinsic characteristics (before mentioned) are used for criminal activities as we saw with the money laundering by the Italian mafias or currently to request rescues to carry out criminal activities that affect in a global way to companies around the world.

In light of governments raiding savings in this way, the prospect of a currency free from government regulation and interference suddenly becomes much more enticing. However, the US Treasury has previously made moves to apply laundering rules to virtual currencies such as bitcoin.

So yes, the hacking disease is quite present nowadays, but so is the cure. Bitcoin wallet security and safety measures will be heightened to be a step or two ahead of the dangers.

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