Why Do Hackers Use Bitcoin? And Other Cybersecurity Questions Answered (2024)

Computer technology is an ever-changing field where today’s hottest innovation is tomorrow’s doorstop. When it comes to keeping up with cybersecurity, the pace is even faster. In the cybersecurity world, it’s not just technology that experts have to keep up with. It’s also the hackers who are trying to break into these machines.

Here are some facts and trivia tidbits about cybersecurity to inspire you to learn more about cybersecurity and the education it takes it be one of those who keep people on the internet safe.

Why do Hackers Use Bitcoin?

Bitcoin is a digital currency that can be transferred from one person to another without the use of a bank. Because it’s unsecured it could easily be lost or stolen and is not insured by any government bodies. You might have heard about bitcoin because of the WannaCry ransomware. Victims would load their computers to find a screen telling them their files have been encrypted and would only be released if they sent the hackers a certain amount of money in bitcoin.

Hackers like to use bitcoin because of its anonymity. Converting your money to bitcoin, sending, and receiving it doesn’t even require the use of a legal name or address. When it comes to a method of acquiring untraceable funds, it’s a criminal’s dream come true.

Why Do Hackers Use Bitcoin? And Other Cybersecurity Questions Answered (1)

What are Ethical Hackers?

You might think of hackers as the baddies who break into systems, you’d be right. But hackers, ethical ones, can be hired to do just that for a company who needs their security measures tested. A company might hire an ethical hacker to attempt to break into their system and, in the process, expose vulnerabilities that the bad hackers might exploit. An ethical hacker helps a company become safer.

It sounds contradictory, but hacking can sometimes be helpful. Hackers are sometimes classed through a hypothetical hat color. Black hats are the baddies who break in without permission and steal money or information. White hats are the ethical hackers who are hired by companies to help protect their data.

How Can I Create a Strong Password?

Password protection is a very hot topic as accounts can be compromised through easily guessed passwords. You might think an easily guessed password is something like “Password123”. But it can also be something like “Pa55w0rd123!”. There are a lot of different theories and ideas on how to build strong passwords (and remember them). There are also password generators for those who really want to keep their passwords secure.

How Do I Know if Cybersecurity is Right for Me?

If you’re waiting for the clouds to part, birds to sing, and the words, “You should study cybersecurity” to waft past you in the breeze, you might want to rethink your strategy. There are many great reasons to study cybersecurity and all of them are unique to the individual.

Some might include wanting to help people, loving the challenge of keeping hackers at bay, or enjoying working with cutting edge technology. Whatever your reasons are, if you’re considering cybersecurity, now is a great time to learn more about the field and see if this is truly where you belong.

Why Do Hackers Use Bitcoin? And Other Cybersecurity Questions Answered (2)

Are you ready to take the next step and see if cybersecurity is right for you? If you want to earn a Bachelor of Science Degree in Computer and Information Science with a Major in Cyber and Network Security - Cybersecurity Track, consider ECPI University for the education you’ll need to make a difference in the field. For more information, speak to a friendly admissions advisor today.

It could be the Best Decision You Ever Make!

Why Do Hackers Use Bitcoin? And Other Cybersecurity Questions Answered (3)

DISCLAIMER – ECPI University makes no claim, warranty, or guarantee as to actual employability or earning potential to current, past or future students or graduates of any educational program we offer. The ECPI University website is published for informational purposes only. Every effort is made to ensure the accuracy of information contained on the ECPI.edu domain; however, no warranty of accuracy is made. No contractual rights, either expressed or implied, are created by its content.

For more information about ECPI University or any of our programs click here: http://www.ecpi.edu/ or http://ow.ly/Ca1ya.

Why Do Hackers Use Bitcoin? And Other Cybersecurity Questions Answered (2024)

FAQs

Why Do Hackers Use Bitcoin? And Other Cybersecurity Questions Answered? ›

Cyber criminals and hackers love cryptocurrency because it's off the books and is perfect for moving illegal payments and demanding ransom. Ransomware is a type of malicious software designed to block access to a computer system or data, typically by encrypting it, until a ransom is paid.

Why do hackers use Bitcoin? ›

Hackers like to use bitcoin because of its anonymity. Converting your money to bitcoin, sending, and receiving it doesn't even require the use of a legal name or address. When it comes to a method of acquiring untraceable funds, it's a criminal's dream come true.

Why are hackers important to cybersecurity officers? ›

In short, ethical hackers help to protect websites, networks, and other digital systems from data breaches, ransomware, blackmailing, and other harmful cyberattacks. They can also help organizations and their employees understand the risks of hacking and keep them one step ahead of unethical hackers.

What do hackers want in cyber security? ›

Financial Gain

Stealing sensitive financial information, conducting fraudulent transactions, or demanding ransoms (such as with a ransomware attack) helps them achieve their goals.

Is Bitcoin easily hacked? ›

The concepts behind blockchain technology make it nearly impossible to hack into a blockchain. However, weaknesses outside of the blockchain create opportunities for thieves. Hackers can gain access to cryptocurrency owners' cryptocurrency wallets, exchange accounts, or the exchanges themselves.

Why use Bitcoin? ›

If used correctly, Bitcoin can be used as an anonymous currency free from spying governments. When you use Bitcoin, you don't need to provide your email, name, social security number, or any other identifying information. Bitcoin is just numbers, 1's and 0's, traveling through the internet.

What is the main reason for Bitcoin? ›

What Is the Point of Bitcoin? Bitcoin's original design was to be a replacement for traditional money systems and take control of money away from centralized governments and third-parties.

Why are hackers useful? ›

But often due to life-changing events, gray-hat hackers now apply their skills to help users and organizations find vulnerabilities in their systems. They help others to protect against cyberattacks and cyber threats such as national security breaches. Black-hat hackers focus on breaking the law through their actions.

Why do people use cyber security? ›

Cybersecurity is the protection to defend internet-connected devices and services from malicious attacks by hackers, spammers, and cybercriminals. Companies use the practice to protect against phishing schemes, ransomware attacks, identity theft, data breaches, and financial losses.

What is the difference between a hacker and a cybersecurity professional? ›

A hacker will tend to know a few ways to make a system vulnerable, a cyber security expert will tend to know many ways to protect a system FROM vulnerabilities.

What do hackers want the most? ›

Think: Name, birthday, SSN, phone number. If it can identify, locate, or contact you, it's PII. Odds are, this is what hackers are looking for.

What do hackers want from me? ›

1> Financial Gain: Many hackers engage in cybercrime to make money. They may steal financial information such as credit card numbers or login credentials to sell on the dark web, engage in ransomware attacks, or conduct fraudulent activities like identity theft.

Can Bitcoin be scammed? ›

Within the cryptocurrency industry, phishing scams target people using crypto software wallets. Specifically, scammers need a crypto wallet's private keys—a string of letters and numbers that act like a password and are required to access cryptocurrency.

Can the government shut down Bitcoin? ›

Since Bitcoin does not have any particular central authority, the government could just require every node that operates in the U.S. to have a license, effectively rendering the use of Bitcoin illegal since presumably most individuals would be incapable of going through such an arduous process.

Does Bitcoin track you? ›

Understanding Bitcoin traceability

All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. Bitcoin addresses are the only information used to define where bitcoins are allocated and where they are sent. These addresses are created privately by each user's wallets.

How does Bitcoin convert to cash? ›

Yes, you can convert cryptocurrency to cash (like USD or INR) using various methods. Popular options include cryptocurrency exchanges, peer-to-peer marketplaces, and Bitcoin ATMs. Always choose a reputable platform and be aware of potential fees and withdrawal times when converting your crypto holdings to cash.

Can a Bitcoin scammer be tracked? ›

Blockchain ledgers that record cryptocurrency transactions use a unique address of numbers and letters to identify each user. The lack of personal details makes it extremely challenging, if not impossible, for victims of fraud to hunt down offenders alone in some cases.

Can police track Bitcoin wallet? ›

With blockchain forensics, law enforcement can: Identify exchange accounts receiving proceeds of crime to request account freezing. Issue subpoenas to exchanges armed with specific wallet addresses and transaction details. Trace funds moved to derivative platforms like DeFi protocols.

Why does the hacker usually ask for Bitcoin as the method of paying ransom? ›

Additionally, Bitcoin provides the hacker with anonymity since the ransom payment can easily be laundered. A criminal's dream. Because of these benefits, 98% (Cryptocurrency fuels ransomware payments) of ransomware attacks demand Bitcoin as the payment method.

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