The crust of wonders had its rays inflicted on the face of mortals some couples of hours after the east was caged (sunset) on Wednesday, July 15th, 2020 when one of the most secured social media (perhaps the most secured) was hacked by a Bitcoin enthusiast .
The hacker after gaining access to the verified Twitter accounts of influential personalities like Bill Gates, Kanye West, Elon Musk, John Biden and others, carved Ponzi oriented tweets on their verified Twitter account, promising the public to return double of whatever quantity of Bitcoin they send to a specific wallet address as the tweets claims the opportunity will last for 30minutes. Unfortunately, lots of people were victims of the dubious plot. The bad thing is blockchain technology cannot be hacked, although transactions can be tracked but receiver details are usually kept private. This is why some cyber criminals prefer to receive their ransom through Bitcoin.
Another reason why many carry out transactions through Bitcoin is because millions of dollars can be moved from one country to another alongside low charges unlike the fiat currencies that require a lot of charges and policies before huge transactions can be done.
THE FATE OF THE HACKER
Do you know that the hacker can get away with his fraudulent act ?, the big hurdle is hacking Twitter, getting away with all the money is really not a big deal especially with Bitcoin. The returns from the lovely hack may be converted to “Flash drive” Bitcoins, 1million each. So he can buy Cars with Flash drive. This technology is termed "cold storage".
WHAT IS BITCOIN ITSELF?
Bitcoin is a crypto currency which was created by a group/ person known as Satoshi Nakamoto. Although Bitcoin is not the only crypto currency as there are hundreds of these digital money across the world. However, Bitcoin is the most popular and most sorted after crypto currency.
In the Japanese context, Satoshi means clear-thinking, quick-witted, wise. Naka means inside or relationship, Moto means 'the foundation'. According to some conspiracy theorists, Bitcoin was created by four (4) tech giants and the name (Satoshi) was derived from the names of these tech companies.
Others believe that NAKAMOTO was derived from "Nato amonk"
NATO: North Atlantic Treaty Organization
Amoic: To behave disruptively.
However,a lot held onto the later because of the disruptive nature of Bitcoin.
To financial market analysts and digital market traders, Bitcoin is the backbone for crypto trading, many people use Bitcoin to buy other coins with lesser value at 'dip' to sell them off after they 'pump-up'. This is done after looking at chart Patten and candle-stick structures. Bitcoin has thrived on the surface of objections as many people now save their possessions as Bitcoin due to its complex security.
Although Bitcoin is defined as a decentralized medium of exchange, some arguments negate this since 50% of the hashrate (amount of computing power needed to mine it) is controlled by 4 major entities (BTC.com, Antpool, Connect BTC BTC.top). However, this is not 100% true as competitors are not relenting.
Bitcoin is known to be the future of money due to its worth and safety mode of transaction. However, the rate at which fraudsters harness this digital currency is becoming alarming and as a result inflicts its position in the future with some atoms of probability.
Content created and supplied by: Penseal (via Opera News )
Opera News is a free to use platform and the views and opinions expressed herein are solely those of the author and do not represent, reflect or express the views of Opera News. Any/all written content and images displayed are provided by the blogger/author, appear herein as submitted by the blogger/author and are unedited by Opera News. Opera News does not consent to nor does it condone the posting of any content that violates the rights (including the copyrights) of any third party, nor content that may malign, inter alia, any religion, ethnic group, organization, gender, company, or individual. Opera News furthermore does not condone the use of our platform for the purposes encouraging/endorsing hate speech, violation of human rights and/or utterances of a defamatory nature. If the content contained herein violates any of your rights, including those of copyright, and/or violates any the above mentioned factors, you are requested to immediately notify us using via the following email address operanews-external(at)opera.com and/or report the article using the available reporting functionality built into our Platform See More