Everyone wants a slice of the Bitcoin pie, especially because it reached its highest value in a short period of time. The drastic increase in Bitcoin value shows excellent promise for cryptocurrencies all around, which certainly has given birth to the new range of crypto coins on today’s markets.
However, its recognition has also literally attracted some threatening behaviour, and as cryptocurrencies are digital currencies, the rising fears of cybercrimes regarding crypto have shown the darkside of cryptocurrency. The covid-19 pandemic has taken the planet deeper into the digital world. The convenience of using online and also the desire for owning crypto has led to ransomware attacks. The pandemic fueled the attacks and became a major money-maker for cybercriminals, increasing the amount of attacks in 2020 absolutely displayed the darkside crypto world.
Here lets see various different aspects in the same regard:
The Rise Of Ransomware And Cybercrime:
The work from home movement, during the covid he pandemic, has undoubtedly opened the floodgates for cybercrime and ransomware. As workers get out of the firewalls and securities during lockdown by their employers, criminals have gained more approachable access to data. Cryptocurrencies have also not helped the case. Although cybersecurity and ransomware have posed a threat to companies and their infrastructures as well a long time ago, yet their rise in the crypto world has made them more exposed in recent years.
Criminals, especially over the pandemic, have found a lucrative path in ransomware, leading to hackers breaking into crypto payment and seeing data from government to cooperate levels, demanding payment as we already have witnessed so many times from news. Employees working remotely mean they're at more risk, which is why their use of VPNs has increased. VPNs are the foremost secure ways for workers to attach to corporate networks from home, which could save businesses some time and money.
The Danger Behind Decentralized Coins:
Although cryptocurrencies are so appealing, this also makes them dangerous as well. Because they are decentralized and that they don't need any financial institution. This is a prominent feature of anonymity in them. Due to this, the digital world has become a passage for concealment and financing of terrorism.
Many crypto marketplace experts have exchanged billions through it. These parties take good things about the decentralized feature and lots of illegal products have sold out through these digital assets. Another dark side is financial stability. The enhancement of assets and rapid decline in centralization of these assets has caused major effects. Moreover the rise in crypto assets, the fluctuations in prices of trade and ill-defined connections to the standard financial world could create new vulnerabilities.
A Threat For Growing Economies:
Many economists have voiced their opinions over the impact of cryptocurrencies on the world economy. Cryptocurrencies can be utilized anywhere and cannot be easily traced, they can be used in the so-called deep web for activities like drugs, human trafficking, buying weapons, and much more.
But today, it has certainly become a criminal offense where it actually carries a great danger to the economy of countries as a huge amount of money could be easily laundered from one nation to another via illegal modes. Thus, the economy from where it has been laundered could suffer huge economic losses.
Further, as we already know this fact that cryptocurrencies were worth a few cents during their initial release but now they are worth thousands and hundreds of dollars and literally have developed their own separate crypto ecosystems. This scenario is indicating the massive possibility of speculation. Apart from this, there is another possibility of buying cryptocurrencies in parts or fractions as well worth even a cent has also made it an easy target of speculative gains.
We know that digital currencies are traded across the borders too. So, here we suggest there should be some regulatory team that has got to be reliable enough to confirm peaceful and verified transactions across the planet. Currently, there is just a debate moving among those who wonder whether the cryptocurrency could be a bubble or a turmoil that will revolutionize everything digitally. However, there are many others who are curious to learn whether it might disrupt the already existing financial sector or go along with it to achieve other milestones. The truth is between the extremes. Here we are certainly required to trust as well as accept these digital currencies and moreover recognize their risks in advance. Further, we should always look forward to the implementation of technologies to make protection within the crypto assets. Because the longer term belongs to the present virtual world! So, when are you attending to dive into it!