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Bitcoin is the first and most widely recognized cryptocurrency; digital money and network that enables a new payment system.

Bitcoin was invented by an anonymous group called Satoshi Nakamoto who released the software which supported it January 2009. It is the first peer-to-peer payment network that is powered by its users with no central authority or middlemen. In simple terms, Bitcoin is basically ‘cash for the Internet’. Bitcoin is independent of any government, state or financial institution that can be transferred globally without the need for a centralized intermediary.

Cyber criminals and ransomware

Although it is not designed for this purpose, cybercriminals use this system to scare people by saying they have control of their accounts or devices and want them to send them money to release them, they will then give them their bitcoin account details so the money they’re demanding from the victim will go straight into there. This is because bitcoin payments are harder to trace than normal transactions so the cyber criminals have less chance of being caught.

How do you buy Bitcoin?

You have to find a reliable broker. They are widely available online so once a form of cash payment has been transferred to them, they will add the bitcoins to your account or wallet. A single bitcoin is currently worth £2101.27 but it divisible which means smaller amounts are available to buy as well. Each bitcoin can have a fractional part of up to 8 digits so 1 bitcoin can be divided into 100 000 000 units. 

Bitcoin can sound a bit strange at first to people who aren’t all that technical and some don’t even believe it’s real money but rest assured it most definitely is real money that can buy real things, a few popular online stores that accept Bitcoin are Overstock, Microsoft and Dell. In-person stores include Reeds Jewellers, One Shot Hotels and Holiday Inn along with a few restaurants.

If you would like any more information on Bitcoin, interested in renewing your cybersecurity or would like to inquire about any of our other services, please contact us via email or phone at 01329 888444.

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