Ransomware Attack Reinforces Need for More Transparency in Bitcoin

Ransomware Attack Reinforces Need for More Transparency in Bitcoin

Ransomware is currently in the news, and for good reason – recent attacks have led to at least four billion dollars in losses, and the final toll could be even higher. As more sophisticated methods of cyber-crime touch on the lives of individuals, it’s become apparent that something must be done. One such action that must be taken is making it harder for those who commit these crimes to hide from the law. While privacy is important, it’s also important that the global economy not be held hostage. As such, it’s time for more transparency in the places where these criminals hide – in the world of BitCoin.bitcoin ransomeware

 

Bitcoin Ransomware – A Worrying Trend for Bitcoin

 

BitcoinOne of the reasons that BitCoin is so popular is also the reason it is so dangerous: anonymity. It’s obvious that BitCoin is declining. There’s really no way for one party to know who the other party is with one of these transactions, unless one party chooses to reveal his or her identity. For some, this is the appeal – after all, an untraceable currency is the perfect way to commit illegal acts and be paid. That’s why BitCoin has become so popular among people who launch cyber-attacks and who commit crimes. It carries with it all the essential utility of traditional currency with none of the danger.

If BitCoin was to become more transparent, one could expect that the criminal elements that use it would move on. The value and ubiquity of the currency makes it useful in ransomware attacks, but if it lost popularity and anonymity it’s likely that those who hide behind facades of privacy would have to find another avenue of attack. While a more transparent BitCoin would be unlikely to bring an end to all cyber-crime, it would definitely help to make some targets less attractive. This, in turn, might help to reduce the overall number of attacks that take place.

Perhaps the best solution is the one used by OneCoin – privacy, but with an element of responsibility. There’s no reason privacy needs to be invaded, but those who commit crimes should not able to do so with impunity. By maintaining a certain level of transparency in all transactions, one can responsibly make use of the blockchain. Cryptocurrency deserves its place in the economy, but it shouldn’t shouldn’t function as a shadow currency that can be use to destabilize the world. Finding a good middle ground is the best way for these currencies to survive.

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