What is Bitcoin and Why Does It Matter?

What is Bitcoin and Why Does It Matter

If you have a social media account, you’ve likely seen several posts from friends or acquaintances about bitcoin. Some of you might have been interested enough to click on attached articles; but most people keep scrolling. Who has time to read all the nonsense that’s posted online anyway?

Well, if you’re a business owner, it’s time to pay attention.

Let’s start with the basics

Bitcoin is a digital currency that is exchanged via cryptography. This means users can cover their tracks and complete transactions anonymously. While it sounds sketchy, it is not only used by criminals. Since bitcoin can be used without banks, businesses can accept payment of goods without the associated credit card fees. It is for this reason that there is a growing list of vendors that are accepting it as a form of online payment.

However, because a user doesn’t need to disclose their name or location while making a transaction, it has become a goldmine for hackers; both figuratively and literally.

How can you exchange money for Bitcoin?

There are several websites where people can purchase this digital currency, which the buyer then keeps in a digital wallet. There’s also bitcoin mining, which involves using software to solve complex mathematical problems in exchange for coins. The upside is that the better you are, the more bitcoins you get; and this currency’s value has increased substantially in the past several months. The downside is that it uses up large amounts of electricity.

Why you should care

During the second half of 2017, bitcoin’s value skyrocketed, making it a hot commodity. As a result, hackers are stealing information from businesses and holding it hostage more often, demanding high bitcoin payouts for its return. This is yet another reason why it makes good business sense to hire managed security services for your cybersecurity needs.

Soaring Eagle Database Consulting can do a comprehensive health check of your database and offer solutions for optimal performance and cybersecurity. At a time where there is so much risk of hacking, protecting your business data should be a priority. Call us and let’s talk about what we can do for you.