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How cryptocurrency has allowed cybercrime to thrive
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Why criminals love bitcoins? Cyber criminals are the ones who made the most out of Bitcoins. The rate of cyber crimes has steadily increased after the existence of bitcoins. Cyber criminalsbecome financially motivated and malware versions like Ransomware were invented after the establishment of Bitcoin.
Criminals love Bitcoins because of its open and simple authentication process. With very fewer credentials to process and the guarantee of being untraceable makes Bitcoins a very suitable option for anonymous bad actors. How long criminals can hide behind Bitcoins? The recent turn of events shows that the reliability of bitcoins to the criminals is not going to last longer. With the recent progress made in tracing blockchain transactions, the abuse of the anonymity feature of Bitcoins will be stopped, hopefully.
The academic researchers who assisted in the encryption and deployment of software systems of Bitcoin are now aiding law authorities to tackle the criminals. Let us hope that their efforts will yield results and the criminals will stop taking advantage of Bitcoins.
The future of Bitcoins. Despite the bad reputation of being the currency of the criminals, the popularity of Bitcoins is increasing among the general users. Bitcoin mining is getting more popular each year as its acceptance as a currency has increased. It is a wonderful technology, but it is the primary reason crimes like ransom have proliferated over the last couple of years. If you look at the old mafia verses the new mafia, the results are so close in terms of the old mafia, you know, laundering money, drugs.
The new mafia, ransomware and being able to actually use cryptocurrency to do that. Patterson:So, lets talk about the anonymity behind cryptocurrency. Some is more than others. Not all crypto is built the same. Help me understand.
Help us understand the differences between say Bitcoin and a more anonymous form of currency. Kleczynski: I think the difference between many of these cryptocurrencies is simply implementation detail, how the network is architected, how the transactions and ledgers is architected.
There is a good degree of being anonymous using these cryptocurrencies.
