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Bitcoin Hack

03.08.21

Some of you may have heard of Cryptocurrency but are still asking what exactly Cryptocurrency is? Cryptocurrency is digital money. That means there’s no physical coin or bill, it’s all online. You can transfer Cryptocurrency to someone online without

March 8, 2021

Some of you may have heard of Cryptocurrency but are still asking what exactly Cryptocurrency is? According to the Federal Trade Commission’s Bureau of Consumer Information, “Cryptocurrency is digital money. That means there’s no physical coin or bill — it’s all online. You can transfer Cryptocurrency to someone online without a go-between, like a bank. Bitcoin and Ether are well-known cryptocurrencies, but new cryptocurrencies continue to be created.” Some investors see Cryptocurrency as a new way of innovating how we use currency.

 

In what scenarios would you use Cryptocurrency? The Federal Trade Commission’s Bureau of Consumer Information states that the use of Cryptocurrency may include “… quick payments and to avoid transaction fees. Some might get cryptocurrencies as an investment, hoping the value goes up. You can buy Cryptocurrency with a credit card or, in some cases, get it through a process called “mining.” Cryptocurrency

is stored in a digital wallet, either online, on your computer, or on other

hardware.” Cryptocurrency presents itself as an answer to multiple problems.

 

According to Bitcoin, using cryptocurrency and specifically Bitcoin, “Any business that accepts credit cards or PayPal knows the problem of payments that are later reversed. Chargeback frauds result in limited market reach and increased prices, which in turn penalizes customers. Bitcoin payments are irreversible and secure, meaning that the cost of fraud is no longer pushed onto the shoulders of the merchants.Bitcoin also boasts its cryptocurrency uses in international payments saying, “Sending bitcoins across borders is as easy as sending them across the street. There are no banks to make you wait three business days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount you can send.” However, there is reason to still be concerned about cryptocurrency and your business’ safety.

 

Bitcoin gained fame in its early years when it became international news that the dark web website Silk Road, a website known to be associated with the illegal sale of drugs, sex trafficking, and the sale of stolen goods. Cryptocurrency’s link to illegal trade is a concern for many. Even the creator of Silk Road, Ross Ulbricht, who amassed billions of dollars worth of Bitcoin was the victim of an anonymous hacker losing the majority of his illegally obtained wealth.


The role of the cybersecurity specialist is one of the most crucial positions in the modern business world, especially if you’re interested in innovative technologies like bitcoin and blockchain. The decentralization of cryptocurrency is an excellent opportunity for cybercriminals. Cybercriminals can hack into cryptocurrency trading platforms and steal funds. Cryptocurrency is already the most preferred form of exchange in cases of ransomware attacks. Synergy Infosec is here to consult your needs in helping you feel secure. To read more about Cryptocurrency and how to stay safe, please visit: Is Cryptocurrency Safe? Here Is What You Should Know.


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