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Cybercriminals are increasingly moving away from bitcoin as their preferred digital currency in favor of lesser-known cryptocurrencies because of prolonged transaction delays, surging transaction costs and general market volatility, experts tell CyberScoop.
Although cybercriminals have been slowly moving away from bitcoin for months, researchers say a noticeable shift towards alternative coins — such as Monero, Dash and ZCash — occurred when bitcoin's value skyrocketed over $19,000 for one bitcoin in mid-December. The price has drastically fluctuated between $12,000 and roughly $19,000 since then.
"Many cybercriminals emulate the operational best practices of legitimate businesses in order to minimize their overhead costs and maximize returns, and in the case of high transaction costs with bitcoin, it makes perfect sense to look at other coins with smaller overheads," said Richard Henderson, a global security strategist with endpoint cybersecurity firm Absolute.
(Score: 4, Interesting) by rigrig on Friday January 05 2018, @01:24PM
This goes for all currency: if tomorrow everybody decides they only accept bitcoins, our banknotes are just a pile of paper. (Not to mention the few bits in some computer at a bank which we somehow trust)
Chances of this happening to traditional currencies are much lower, but I'll take one bitcoin over 200 quintillion Zimbabwe Dollars...
No one remembers the singer.