“The day will come sooner rather than later when crypto matures to the point we wondered how we ever lived with out”— Paul Ebeling
The classic ransom is a suitcase full of unmarked US C-Notes (100$ bills). Bitcoin’s role in the Colonial Pipeline hack shows the global currency of crime has a rival. That is a sort of sign of bitcoin’s success.
Colonial’s predicament shows bitcoin’s ease of use.
A wk ago, the fuel transport company paid a ransom of nearly $5-M in the digital currency to regain access to its computer systems Thursday.
It reflects the acceptance of the 12-yr-old cryptocurrency. The market value of all the bitcoin in circulation, totaling almost 19-M, surpassed $1-T in February. It is now trading at around 50,360 each, according to digital currency exchange Coinbase.
Bitcoin has become more common in everyday transactions as well.
Last year, National Football League (NFL) player Russell Okung became the 1st in the sport to have at least part of his salary paid in bitcoin. More home sellers are accepting cryptocurrency, particularly in countries that have weak fiat (paper) currencies.
The anonymity is a legitimate concern of regulators.
The asset itself is not regulated so no personal information is needed to transfer or convert cryptocurrencies. Banks facilitating USD transactions have to adhere to so-called know your customer rules that require recording certain data about the parties involved.
Cryptocurrencies are not bound by such measures
US Securities and Exchange Commission Chairman Gary Gensler signaled more regulations around crypto activities.
Have a healthy weekend, Keep the Faith!