Cryptocurrency is now a household term that we hear all the time. Many people don’t fully understand what it is and how it works. In this blog we hope to provide some understanding of what cryptocurrency is and how it can help you in business.  

If you are ever a target of a ransomware attack, this form of currency could very likely be how the hacker demands payment. Getting familiar with cryptocurrency can help you understand how these cybercriminals can demand this and not get caught. 

So, what is cryptocurrency? 

Sometimes referred to as ‘crypto’, cryptocurrency is a digital currency. It is used as a form of payment online in exchange for goods and services.  They are much like a casino chip or arcade token that represents real currency that you’ve used to pay for the chips or tokens. 

Cryptocurrencies work by using something called blockchain. Blockchain is a decentralized form of technology that allows many computers to manage and record transactions, according to Breach Secure Now. There are thousands of different cryptocurrencies in the world that are publicly traded. The one that most people are familiar with is Bitcoin.  

Despite not being something many people are familiar with, using cryptocurrency is legal in the United States.  You can purchase it on different apps.  These apps act as trading exchanges for your money to be converted into cryptocurrency. If you do decide to venture into this as an investment, do your due diligence and research this as thoroughly as possible. 

Why Is It Popular? 

There are a few reasons that this new form of currency is so popular.  Some people like the technology that is used when dealing with cryptocurrency because it is decentralized in its processing and recording system. Therefore, it is more secure than traditional payment processing options. 

Because banks aren't involved, this provides the availability to be anonymous in transactions. This means that hackers can receive ransomware payment without ever having to give up their identification.  Converting your cash to crypto currency doesn’t require a legal name or address – and neither does sending or receiving it.  The only time personal identifying factors come into play are when the cybercriminals steal yours and require you to pay them to get it back.  

So yes, it is important to know even a little bit about cryptocurrency, but even more important to know about how to be smart when it comes to your personal and professional cybersecurity so that you never have to send it to strangers. 

To read more about cyber security visit our blog here: www.imediatech.com/category/cyber-security/