The Bitcoin hack
Cryptocurrency is a concept that not a lot of people understand, let alone use. But the people that use it, really use it. Basically, it’s a digital currency that uses encryption security measures, and is independent of a normal bank. There’s no physical, tangible money. You might ask, “but that doesn’t seem like it’s real,” and we would probably agree.
Nonetheless, many people online have fallen for adopted cryptocurrencies like Bitcoin, though those numbers may have dipped since a major hack in 2018 by cyberthieves. A major Bitcoin company in South Korea lost about 30 percent of its virtual money holdings, which led to about a 30 billion dollars loss for cryptocurrency overall in just seven hours of trading. It caused the price of Bitcoin itself to drop around 7 percent almost instantly. This is all interesting, in that the very idea of cryptocurrency is its inherent safety, which is paramount online. The fact that an encrypted digital currency can be undone in a day of hacking raises strong concerns about its longevity.