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Companies Stockpiling Bitcoin in Anticipation of Ransomware Attacks

19 May 2017

There are many types of cyber attacks, but the one which prevents users form accessing their device until a certain amount of money is paid in digital currency are called ransomware. But sometimes, he said, the offenders make as obvious a mistake as withdrawing money from a bitcoin wallet directly into their bank accounts. The coins are created by users who "mine" them by lending computing power to verify other users' transactions.

"In the initial days of bitcoin, people...didn't realize they were recording for posterity on the blockchain every financial transaction that ever took place", said Emin Gun Sirer, a computer science professor at Cornell University. The coins also can be bought and sold on exchanges with USA dollars and other currencies. That makes it more valuable than an ounce of gold, which trades at less than $1,230.

The value of bitcoins fluctuate swiftly. But its price doesn't always go up.

A bitcoin's value plunged by 23 per cent against the dollar in just a week in January. It fell by the same amount again in 10 days during March. Thus bitcoins, basically lines of computer code, are not issued by a bank or a government. Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators and criminals. Transactions and accounts can be traced, but the account owners aren't necessarily known. Bitcoin is still not very widely accepted, and can only be spent at online vendors, or converted to a local-base currency for withdrawal.

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The amount paid so far is still a small amount despite the global nature and scale of the attack.

Elliptic is already monitoring the funds in the three bitcoin accounts linked to the WannaCry cyberattack.

Some businesses have jumped on the bitcoin bandwagon amid a flurry of media coverage. In this case, the hackers asked for $300 worth of bitcoin. More and more internet-based casinos are accepting Bitcoin as a banking method.

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The bitcoin network works by harnessing individuals' greed for the collective good.

Bitcoin was set up in 2008 by someone - or some group - calling themselves Satoshi Nakamoto, and was the first digital currency to successfully use cryptography to keep transactions secure and hidden, making traditional financial regulation hard if not impossible.

The transactions are anonymous but traceable, because all the transactions are stored in databases called blockchains and people can monitor bitcoin addresses and see how the "money" moves. Bitcoin was then adopted by a small clutch of enthusiasts.

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Companies Stockpiling Bitcoin in Anticipation of Ransomware Attacks