What is cryptocurrency and why hackers love it?

Image by Pete Linforth from Pixabay
Do you know what is hackers favorite mode of transaction?  CRYPTOCURRENCY!
Let's know in this article, why hackers use it and whats their favorite cryptocurrency.

WHAT IS CRYPTOCURRENCY?
A cryptocurrency is a virtual or digital currency designed and used as a medium of exchange. It is a newer form of digital asset that is secured by cryptography techniques, which makes it nearly impossible to create fake or double-spend. Cryptocurrency serves as an electronic cash system that isn’t owned by any one party. It is based on a network and distributed across a huge number of computers. Many Cryptocurrencies based on blockchain technology to gain transparency, immutability, and decentralization.

DIFFERENT TYPES OF CRYPTOCURRENCY EXCHANGES:-
  • Centralized exchanges:- Centralized exchanges are run by companies that manage and earn revenue from transactions on the platform. They fulfill trade orders and can purchase bitcoin from you at the end of the process.
  • Decentralized exchanges:- Decentralized exchanges run through a blockchain relying on a peer-to-peer protocol. So, trading is done through hundreds of independent and master nodes. Transactions happen only when the nodes come to a consensus-based on the exchange’s verification rules.

WHAT IS BLOCKCHAIN?
Blockchain is a chain of blocks that is essentially a digital ledger of transactions. it is duplicated and distributed across the overall network of computer systems on the blockchain. Blockchain is a type of (DLT) Distributed Ledger Technology in which blocks store a unique cryptographic code called a “hash” of the previous block and information series of immutable records of data. This data is managed by a cluster of computers not owned by any single entity which makes it difficult or impossible to change, hack, or cheat the system. Blockchain network has no central authority and it is a simple way of passing information from A to B in a fully automated and safe method.

WHAT IS BITCOIN?
Bitcoin is a type of cryptocurrency that offers the promise of lower transaction fees because bitcoins are not tied to any country or subject to regulation and It is the world's largest and earliest cryptocurrency to meet widespread popularity and success. Bitcoin's decentralized nature means that it is stored decentrally on a blockchain using "wallet" stored on an app or on the computer and also it is created, distributed, traded, and stored with the use of a blockchain.  there are many marketplaces called bitcoin exchanges that allow people to buy or sell bitcoins using different currencies and also it can be used to buy merchandise anonymously. It works like traditional currency and is traded globally.

WHY HACKERS USE BITCOINS?
  • Bitcoin is an all-digital currency
  • There is no mechanism to track attackers through their bitcoin transactions
  • Anyone can exchange regular money for bitcoins at certain marketplaces called bitcoin exchange with a process called "mining"
  • Bitcoin transactions are recorded with a digital I.D. sometimes its buyers and sellers don't even use real names. Everyone stays anonymous
  • Dark web accept bitcoin as a method of payment because of its anonymous characteristics.
  • There's no central location where bitcoins are stored. 
  • There's no middle-man like a bank.
  • In traditional banking, you can see where your money went, who received it, and what you bought but the use of bitcoin and blockchain it's completely anonymous. And that makes bitcoins so attractive to hackers, terrorists, and criminals.
Conclusion:- This article is all about hackers favorite cryptocurrency. feel free to ask in the comment section if you have any queries.