In the unprecedented global ransomware attack that spread across 150 nations and thousands of organizations – the hackers demanded payment in nothing other than Bitcoin.
There has long-been a known criminal element behind the “success” of Bitcoin, but this level of criminal hunger for the cryptocurrency goes to new levels.
As the New York Times reports, Bitcoin is the ideal currency for ransomware attackers because “you can start accepting Bitcoin anywhere in the world without having to reveal your identity.”
The very nature of Bitcoin – it is anonymous without a known central governing or managing entity – makes it perfect for criminals.
There is no doubt that cryptocurrencies have a role in the future of the world’s financial system – the benefits are too great – faster, more secure transactions, without having to pay a bank or other financial institution to act as a middle man.
But Bitcoin is far too attractive to the criminal element. At some point, the world’s governing bodies – be they law enforcement or central banks – will begin to feel pressure to rein in the freewheeling use of Bitcoin to get around the authorities.
OneCoin – The Future of Cryptocurrencies
The future of cryptocurrency will rely on a more transparent system like that employed by OneCoin – one in which the blockchain utilizes Know Your Customer protocols – so that parties to a transaction are known – and one in which there is a central management responsible for managing the cryptocurrency. As the latest ransomware attack demonstrates, Bitcoin is just too dangerous a tool to be left unchecked. Too many people are getting hurt. It is time to look elsewhere for cryptocurrencies that do not allow criminals to transact online without detection.