Bitcoin is a digital currency that is an exciting new prospect for many. People are attracted to the cryptocurrency for its easy setup, small transaction fees and its fast payment processing. But it does not come without risks.
Bitcoin has made headlines for being associated with cyber attacks recently and it is no surprise that a currency that has been designed with anonymity can be easily used for criminal activity. Those easy transactions that make purchases hassle-free also make it incredibly difficult to track down thieves. Bitcoin is not equipped with tracking mechanisms like big banks are. It is possible for hackers to ‘wash’ the coins through a service called a tumbler that thwarts tracking efforts.
The fact that Bitcoin has no regulation with governments, and is not tactile, makes it just lines of code that can be manipulated by any computer whiz. It also does not require extensive financial details or login information in order to get started, so criminals can get in and out quickly before getting caught. They can simply start up another account with another email and continue their thievery.
Online extortion known as ‘ransomware’ has spiked in popularity since Bitcoin burst onto the scene. One notorious ransomware campaign used a form of digital money laundering, passing coins through a multitude of cyber wallets in order to go undetected.
As Bitcoin and other cryptocurrency rates rise, hackers become more inclined to strike. However, as this new form of ‘digital gold’ becomes more commonplace, measures are being taken to make it more efficient, more secure and more trusted. Developers hope that the bad reputation Bitcoin has begun to form will soon be a thing of the past. Despite its flaws, it is still scene as an attractive solution to our current systems of currency.
If you are interested in using Bitcoin and want to remain safe, it should be known that the platform is just not user friendly yet. One must ask if the gamble is really worth the reward, or if waiting until cryptocurrency holds up more strongly to cyber-crime threats is the best option.
For those already entrenched in Bitcoin, it is important to always have a good backup. USBs, external hard drives and even offsite backups are essential tools for keeping your coins safe. Use strong passwords and encrypt your virtual wallet for added security. Remember, you would want to know that your bank is using top-of-line-technology to protect your money. You are the bank now so you must do the same.
If you have been hit by a malicious computer attack feel free to contact us today to talk with one of our certified technicians! 1-855-841-2005