The infamous HBO hackers have decided on the mode of their ransom – $6 million worth Bitcoins. Yes you heard that right. Such is the magnanimous presence of this cryptocurrency that even hackers are trying to benefit from the same. With digital currency bagging headlines with its massive global acceptance, news of the same is spreading like wildfire. But just in case you have been late to this party, we have got you covered with holistic details of the massive Bitcoin phenomenon
Working Mechanism of Bitcoin
Unlike other currency forms, Bitcoin is not regulated yet by any government or bank. Rather such coins are created by miners using the power of computer for verifying the transactions of other users and receive bitcoins in exchange. These coins can then be bought and sold in various digital currency platforms.
According to Coinbase, one of the leading Bitcoin Exchange globally, was recently valued at $3385 which makes it more valuable in comparison to the yellow metal. Presently Bitcoin may be going through its dream run thanks to surging prices but extreme volatility can also make the price swing downwards.
Although accounts and transactions can be traced, identity of the account owners remain hidden. This is the main reason behind more and more hackers choosing Bitcoin as the payment medium.
Amid mass media coverage, various businesses have already jumped into the Bitcoin rally. Business houses like Overstock.com has already started accepting Bitcoin as a payment medium. However it is still a long way ahead for this revolutionary cryptocurrency before getting recognition on a bigger scale.
Various tech-savvy miners from across the globe maintain the security of this system running on Blockchain platform. Rogues are prevented from exploiting the functionality of Bitcoin by miners who are gifted occasionally for the service rendered. Counterfeiting Bitcoin will not be a tough task as long as its security is looked after by miners.
With miners having second thoughts over system upgrade, the Bitcoin system faced bigtime threat. Refusal to proceed with the fork would have caused widespread chaos. However miners finally decided to proceed in sync with the deadline.