Hello Friends, How Are You All? I am Fine. Today I Am Going To Share With You About Bitcoin, Its Benefits and Why Hackers and Wannacry Ransomware Attackers Demand Payments Through Bitcoins? So just read this article from beginning to end…..hope This will surely help you.
What Is Bitcoin?
Bitcoin is the world’s first digital asset and a payment system. It is commonly called a decentralized digital currency. It is scarce, divisible, durable and portable. Bitcoin is the modern and smart way to send money peer-to-peer modern technology, that is, users can transact instantly without platforms like a bank, a credit card company or a clearing house. Bitcoin enables borderless, permission-less, fast and cheap access to the world of finance. Bitcoin stands out as perfect money. It was created by Satoshi Nakamoto as open-source software in 2009. Bitcoin is open-source software, that means its design is public, nobody, a company or country owns or controls the network of Bitcoin and everyone can take part, just like no person owns the Internet. All the transactions are strictly verified by network nodes and recorded in a public shared record called the Blockchain.
Being organized as a bonus for mining, Bitcoin can be exchanged for other currencies, products, and services in legal or black markets. Just like anyone can join the Internet, anyone can help to verify and record payments into the block chain. This process is called mining. In mining, users offer their computing power. Miners are rewarded with newly created Bitcoins and transaction fees. Now, miners receive 12.5 Bitcoins every Ten minutes. These halves are applied every 4 years. After 2016 the next halving will happen in mid-2020.
Benefits of Using Bitcoin?
Easy Way: – Sending the person to person Bitcoin from your PC, tablet, smartphone or other devices, to anyone, anywhere in the world, day and night are the smartest and easiest way.
Secure: – Bitcoin is a Strong cryptography. It verifies all the transactions with the same state-of-the-art encryption that is used in banking, military, and government applications. Transactions are verified by network nodes and recorded in a public shared record called the Blockchain.
Open Source: – Bitcoin is fully decentralized. It is an open source software, that means its design is public, no person, a company or country owns or controls the network of Bitcoin and everyone can take part, just like no person owns the Internet. It is the most popular client totally maintained by a community of open-source developers.
Fair: Bitcoin is Minimal Fees. That means using the Bitcoin network is free, except for a voluntary fee which helps you to speed up transaction processing.
Now the question is why do hackers demands payments through bitcoins? So before explaining that topic you have to know what is Wannacry Ransomware. I am not going to give you the description about it. You may follow my previous article about Wannacry Ransomware, Important Tips To Save Your Files From WannaCry Ransomware, How Does Ransomware Get into Your Computer?, What Can Be Done To Prevent Your PC From Ransomware?, What You Do If Your Computer Has Already Been Affected or Targeted By RansomeWare?and finally Tips To Get Your Data Back Without Paying WannaCry Ransomware. So, just read on.
How Much “WannaCry” – Ransomware, Ask Money From The Victim User:-
WannaCry” – the Ransomware, demands the victim users to pay a $300 payment in Bitcoins. The payment note shows the payment amount will be increased after three days. If payment is not made within 7 days, the hacked files will be deleted by them automatically. Security experts suggest there is no guarantee that access will be conferred after payment. Some ransomware that encrypts files ups the sticks after a few days, obliging more money and approaching to delete files collectively.
Why Do Hackers & WanaCry Ransomware Attackers Demand Payments Only In Bitcoins?
Earlier, The hackers used to charge payments from PayPal account but due to caustic KYC measures in PayPal, they have turned payment methods into Bitcoins. Now, Bitcoin has emerged as a favorite software for hackers. Why they change the payment process from PayPal to bitcoin and why they love Bitcoin for their payment transactions is shortly given below.
There is a lot of benefits using bitcoin transactions. The case is different with Bitcoin. The deals you make using the currency are completely anonymous. It is the soft targeted process. When we pay something online, we use credit card net banking or debit card. Your information is added to the card such as name, address, etc. But using Bitcoin always protects identity. Experts say that one of the seeming reasons why hackers accepted bitcoin as a form of payment was this – It protects identity. It will hide their identity.
The only record of transactions is an online record created into blockchain technology, which is secret and can be managed in a secure way without the help of any third party, different a bank’s entries is attached to a centralized network.
The another reason is hackers or ransom attackers may well take your money and disappear without releasing the encrypted files. It will be very troublesome to bring them. There is no tool to track take any action against them through their bitcoin transactions.
Last Word | Conclusion:-
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