2021 Secure Your Digital Footprint Roadmap – Way Stop: Cryptocurrency & The Largest Ever Cryptocurrency Theft By Hackers!

Cryptocurrency like Bitcoin have become very popular and no doubt you have probably heard about it on the news or read about it in the news. So, what is cryptocurrency anyway? Why is it becoming so popular? This stop will consist of a short video that will instruct you on the very basics of what a cryptocurrency is. After the video we will discuss its popularity and then the LARGEST every theft of Bitcoin, $600 million dollars in cryptocurrency and why the hackers can’t spend it or turn it into cash.

What is Cryptocurrency?

Click the blue play icon to play What is Cryptocurrency? A simple Explanation by Blockgeeks . If you found that video interesting but still have questions this nine-minute video by Concerning Reality will give you a little more information .

Why is cryptocurrency so popular?

Cryptocurrency has been gaining in popularity in recent years. Obviously, a main factor in its popularity is the potential for profit (The World Financial Review 2020). People also like the decentralized nature of cryptocurrency and the build in transparency of the blockchain security technology (The World Financial Review 2020). In correlation with these factors’ investments have been made to increase access and use of cryptocurrencies which also is driving popularity.

Hackers steal a record breaking $600 billion dollars’ worth of Bitcoin and are unable to spend it or convert it to cash! How?

Due to the blockchain security technology at the heart of cryptocurrency a transparent receipt tracks the exchange of the coin from seller to buyer all the way back to the creation (mining) of the cryptocurrency. Thus, the hackers were able to trick the cryptocurrency exchange to take possession of them, but the true owners are clearly listed in the blockchain. The true owners of the Bitcoin still have the recorded special identifying name of the coin. All these Bitcoins were reported and flagged as stolen, and no exchange is willing to take the risk buying these obviously stolen Bitcoin.

References

Blockgeeks. (2018, November 8). What is Cryptocurrency? A Simple Explanation [Video]. YouTube. https://www.youtube.com/watch?v=6Gu2QMTAkEU

Concerning Reality. (2021, February 22). What is Bitcoin and How Does it Work? [Video]. YouTube. https://www.youtube.com/watch?v=L1HPU_i15Is

Tom Wilson,Tom Westbrook,Alun John. (2021, August 11). Hackers return $260 mln to cryptocurrency platform after massive theft. Reuters. https://www.reuters.com/technology/defi-platform-poly-network-reports-hacking-loses-estimated-600-million-2021-08-11/

The World Financial Review. (2020, December 17). Seven reasons why cryptocurrency is so popular. The World Financial Review | Empowering communication globally. https://worldfinancialreview.com/seven-reasons-why-cryptocurrency-is-so-popular/