Bitcoin Has Yet To Outgrow Its Reputation As A Tool For Criminals

Bitcoin enthusiasts say the cryptocurrency represents an important opportunity to offer financial services to unbanked populations across the world. They claim its benefits are far reaching and allow seamless cross-border transactions at a fraction of the cost. However, critics say the coin is plagued by volatility and has become a tool for criminal operations. Despite the cryptocurrency's endorsement from major banks and financial service operations, it is still plagued with a reputation tarnished by crime, and a rash of bitcoin ransom scandals appears to be further perpetuating that image. Demands Are Changing Criminals appear to be warming to bitcoin as more and more instances of bitcoin ransom crimes have been surfacing. Hackers have taken control of computers across the world and demanded large bitcoin payouts in order for users to gain access to their own data. The scam has proven to be a lucrative one, with criminals targeting computers ranging from personal laptops to entire organizations' networks. Why Bitcoin? Instead of demanding unmarked bills, the hackers have resorted to demanding bitcoin payouts. Many believe the anonymity that bitcoin wallets provide is one of the main reasons bitcoin is gaining popularity among criminals. Online payments also give hackers the ability to target any computer in the world as bitcoin payments can be easily sent from one country to another. Fighting Back While there is no good way to stop the ransom attacks from happening yet, many believe that as bitcoin continues to develop, protection against these kinds of crimes will evolve. As bitcoin exchanges gain popularity and more and more big name companies back the development of blockchain, most expect that new tech that is able to identify illegal transactions will emerge.