For quite some time now, Bitcoin has been the center of attention every time a new form of ransomware is discovered. Albeit that scenario will not come to change anytime soon, the fight against this malware is in full effect. But it is very well possible these anti-ransomware efforts will impact Bitcoin in a negative way.
Bitcoin Is A Target In The Ransomware Sector
Truth be told, the sheer number of popular ransomware strains is not doing Bitcoin any favors. A lot of people are convinced Bitcoin is a currency only used by criminals, as it provides anonymity. After all, otherwise these malware creators would accept gift cards or wire transfers, which are far more common to deal with.
Although technology is not biased nor tob lame for the evil things human do with it, the success of ransomware is very disconcerting. Several initiatives are being launched to counter this threat, and the developers will need to be apprehended. Following the money trail is the obvious solution, and Bitcoin seems to make that job even easier.
It is interesting to note how many banks around the world are stockpiling Bitcoin just to pay off the ransom demand. This is sending a very wrong signal to the world of Internet users as a whole. Companies – and especially banks – should use that money to tighten their security, instead of meeting the demands.
Former DOJ AG David S. Kris sees the future as follows:
“I personally would not be surprised to see over the next few years increasing regulation that maybe makes it more challenging for these kinds of anonymous, substantially untraceable – I don’t want to say it’s completely untraceable – payments to be made. I think probably where you’re going to see legal change is in the area of the payment scheme. That may be wrong, but that’s sort of what I expect.”
This message does not bode well for the future of Bitcoin and cryptocurrency. Companies dealing with Bitcoin are already scrutinized more thoroughly than the average bank. It appears the US government wants to go after individual users moving forward. Right now, it is unclear as to what the future may hold, but it may not be overly positive for Bitcoiners around the world.
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