Recently Cryptocurrency has been receiving a lot of press coverage due to significant investment interest from across the globe.
Cryptocurrency is a form of digital money which in most cases is designed to be secure and even anonymous. The form of currency is used to make payments without using the banks and is made up by using un-crackable code which is used to help track purchases and transfers.
Bitcoin was the first to be introduced to the market in 2009 and since then more than 900 other cryptocurrencies have been known to enter the market, some other well-known ones include: Bitcoin Cash, Ethereum, DigitalNote, LiteCoin and PotCoin.
The cryptocurrency is run on a blockchain which is made available over a shared ledger across a network of computers, which can be accessed by cryptocurrency owners.
Every single transaction made, is available to view over the ledger and can be seen by all cryptocurrency owners. Crypto Miners are paid in physical minted crypto-currency for their services, by merchants and vendors.
The value of cryptocurrency does range depending on demand and supply.
However, January 2018 saw Bitcoin saw its worst monthly decline since January 2015, when the cryptocurrency reduced in value by over £42 billion, according to data website coinmarkecap.com. Apparently, this decline is not unusual for the currency which often shows a decline in the month of January when investment is low. There have been contributing factors to the recent decline such as its popular following in areas of South East Asia including South Korea and China who seemed to be selling off their cryptocurrency in order to raise money for the lunar year and rising issues around how safe Bitcoin really is following South Korea’s claims that its customs service, “had discovered £418million ($594.35million) in cryptocurrency crimes”.
Whatever your view on cryptocurrency – good or bad; it seems that digital money is something that globally, individuals are very much embracing. Whether it is indeed sustainable is of course, yet to be known.
For more information on any issues relating to cryptocurrency and its effects on your business through cyber security, please contact our team of cyber security experts. We supply cyber security insurance to those businesses who are operating across the cyber network, by offering a higher level of protection to ensure that they operate safely and securely.
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