Myself And The Bitcoin
Category: Opinion

The IT manager called me and said a disaster has occurred in our accounting systems, because someone was somehow able to penetrate the security system of our computers and steal all data.

This hacking will inevitably halt the business and we may reach a point when the business may be ruined if it becomes impossible to issue invoices or know the price of any item or commodity, or the balance of account of any customer. As a result hundreds of people will lose their businesses and shareholders will lose their money.

After long tiring hours, we received an e-mail from the man who stole our data and promised to return the data back to us if we agreed to his terms and conditions and paid a sum of money. He gave us a few hours to respond. He threatened to destroy all the data if we don’t respond within the specified time limit.

Despite the little glimmer of hope in his communication, I had many mixed feelings, and important questions arose. Should I inform the cybercrime department? How can I do this since the time was running out and the next day was a holiday? What if our programs were returned with a virus? How can one accept blackmail by a criminal? How can we get back to work? Many other questions hung in the air.

After a long hesitation, and after using local expertise and taking advantage of the experiences of those who had recently fallen into the same situation, I decided to respond to the pirate and accept his offer. He asked us to transfer money through the Bitcoin and gave us an encrypted account number.

Without prolongation, the necessary work was done, after taking the various necessary precautions, and the nightmare ended.

This hard experience has attracted my attention to the digital currencies, and how it has become a tool of payment for foggy operations, through which we can finance what is legal and what is not, and decided to look for more info on this currency.

The unit price of the Bitcoin now is approximately one dinar, which is a virtual currency, but it is accepted by many parties because of its advantages as it is not subject to any control and the source cannot be easily traced .

Many secrets have emerged since its appearance. One says that Satoshi Nakamoto was the Japanese who started releasing it in 2007 and that the name is a pseudonym. In August 2008, was registered as a currency trading platform, the first of which was launched in January 2009, and the exchange rate for its first issue was set at $1,300 to the dollar, which is currently approximately $6,500 per unit.

To create a Bitcoin unit it requires customs hardware and the software that decodes complex calculations, and although these programs are free and can be performed on any device, the device, no matter how powerful, will not withstand the tremendous pressure and will inevitably damage.

This is in addition to the high cost of power consumption and all this has to do with the scarcity of currency units, their relatively high price and their validity to carry out the suspicious payments, and therefore the process of their creation is called mining. Gold, for example, is a rare metal and the cost of extracting and removing impurities from it is very high, and so its price is high.   – To be continued



30 Oct, 2018 0 111
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