‘WannaCry’ – the ransomware, asked users to pay a $300 ransom in bitcoins
Why is it a soft target? – When you pay something digitally, you use net banking, credit card or debit card. Now your information is attached to the card such as name, address, etc).
However, the case is different with bitcoin. The transactions you make using the currency are completely anonymous. According to a NDTV report, whenever customers trade in bitcoin, a private key associated with their wallet is used to generate a bit of code. That code is publicly associated with customer transaction but with no personal identifying information.
Thus, every transaction is recorded and securely signed in an open ledger that anyone can read and double-check.
Experts say that one of the probable reasons why hackers chose bitcoin as a form of payment was this – It protects identity.
Earlier, hackers used to ask for money from PayPal but due to stringent KYC (Know Your Customer) norms in PayPal, they have shifted to bitcoins.
You store it in an online “wallet.” And with that wallet, you can spend bitcoin online and in the physical world for goods and services.
According to Investopedia, Bitcoin price has undergone a price revision following the WannaCry cyber-attack. Bitcoin has enjoyed a phenomenal rally in the past few weeks, hitting a record high at $1,800 levels. However, now, the correlation between Bitcoin and criminals appeared to rapidly affect sentiment about the currency and Bitcoin’s price dropped.
The correlation between Bitcoin and criminals appeared to rapidly affect sentiment about the currency and Bitcoin’s price dropped.| read more…
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