What is cryptocurrency?July 28, 2022
What is cryptocurrency? Can you use it? There are many types of crypto coins on the market. But, probably the most famous ones you have heard of are Bitcoin and Ethereum. Some companies and countries will take Bitcoin as it has been around the longest.
The problem with cryptocurrency is its volatility. For example, Bitcoin was around 60K in January and is currently around 20K. So, if you invested in Bitcoin when it was high, you have a crazy loss now. But, of course, it goes both ways. So, when it goes up, you can use that.
Governments do not regulate or do not allow the use of cryptocurrency for specific transactions. That is why criminals and hackers love these coins. You cannot trace it. It is tough to track cryptocurrency.
So, should you invest in cryptocurrency? It depends on how comfortable you are with volatility. Could crypto be the future of money? That remains to be seen. The various exchanges are trying to get a footprint and talk to the government to legalize it.
Cryptocurrency is democratized coin. There is no government control. That is what makes it so popular. But, if you want to use it, we need some government control. These same reasons make it a popular choice for ransomware hackers.
Ransomware hackers will often ask you to pay with cryptocurrency. That can be expensive and a hassle to set up. You can’t just go to the bank and buy it. You need to create a wallet, buy the cryptocurrency, and then use that to transfer money. It’s a pretty messy problem. But that’s why cyber criminals love it.
If you have any questions about how to protect your business, schedule a call with us.