Join our Telegram Channel!Get Bitcoin News stories in Telegram × Dismiss(BTC Keychain / Flickr) Bitcoin is in the news again after Friday's worldwide ransomware attack.The malicious software locks down victims' computers and refuses to grant them access to their files unless they agree to pay at least $300 in bitcoin.Which may have you wondering: What is bitcoin?And why do the attackers want payment in that currency?Here's a refresher on bitcoin and how it's connected to the ransomware threat.Bitcoin is a kind of digital currency.You can buy it with dollars or euros, just like you can trade any other currency.You store it in an online “wallet.” And with that wallet, you can spend bitcoin online and in the physical world for goods and services.Even PayPal supports bitcoin.And, of course, bitcoin has a valuation, which you may have heard about because bitcoin's price has fluctuated up and down.[How to protect yourself from the global ransomware attack] Usually, if you pay for something on the Internet, you use a credit or debit card.

That card is connected to information about you, such as your name and billing address.bitcoin crash japanYou can use bitcoin the same way, but unlike with a credit card, the transactions you make with the currency are completely anonymous.litecoin youtubeThey can't be used to identify you personally.bitcoin calculator btcInstead, whenever you trade in bitcoin, you use a "private key" associated with your wallet to generate a bit of code — called an address — that is then publicly associated with your transaction but with no personal identifying information.bitcoin silver walletIn that way, every transaction is recorded and securely signed in an open ledger that anyone can read and double-check.buy litecoin on coinbase

So you can use bitcoin to protect your privacy.Is that why the WannaCry attackers picked it as a form of payment?bitcoin solo vs poolBitcoin has certainly gained prominence in the news media as a technology that can facilitate crime.litecoin make moneyBut even though the identities of people in a bitcoin transaction may be hidden, the public ledger has increasingly helped law enforcement trace the movement of bitcoins from place to place.ganar bitcoin 2014The Justice Department has successfully prosecuted online criminal operations that used bitcoin.bitcoin canada poolIn 2013, the government arrested Ross Ulbricht, the founder of a major underground drug market, and seized more than $3.5 million worth of bitcoin.

Two undercover FBI agents associated with the investigation were later accused of stealing some of that currency.Could law enforcement wind up doing something similar with WannaCry?The government is already investigating.On Monday, White House homeland security adviser Tom Bossert told reporters that “attribution” — the process of figuring out who was responsible for the crime — is generally pretty tough in computer attacks.Often, the attackers are located beyond the reach of U.S.law enforcement or have shrouded their activities behind multiple layers of security.But, Bossert said, “I don't want to say that we have no clues.” How much money have the attackers collected?So far, it looks to be about $55,000, according to a bot designed by the news site Quartz that is tracking the amount of money in the attackers' wallets.The three bitcoin wallets tied to #WannaCry ransomware have received 209 payments totaling 33.03734055 BTC ($55,512.6 USD).— actual ransom (@actual_ransom) May 15, 2017 Considering that Europol, the European Union law enforcement agency, has said that more than 200,000 computers have been infected with the malware, that doesn't seem like a lot of money.

Still, the value of a single bitcoin has risen steadily in recent years.Hours before WannaCry began spreading last week, the price of one bitcoin hit an all-time high of $1,830.Some analysts predict that it could break $3,000 by year's end — although the price fell by $200 after the attack was revealed.In light of how cheaply and easily hackers can push out ransomware, winning even a handful of bitcoins and holding onto them for a while could make the cyber-thieves a large sum of money.Over 20 attackers have so far been part of the terrorist cell that planned the deadly Paris attacks, with seven suicide bombers dead, seven attackers under arrest and a total of six people on the run.Also Read: NO, We Can't Blame Edward Snowden and Encryption for Terror Attacks.Following the bloody terror attacks, the hacktivist collective Anonymous declared war on the Islamic State (IS, formerly ISIS/ISIL) saying, "We will launch the biggest operation ever against you."TheAnti-terrorism group of ethical hackers, Ghost Security Group (GSG), said that ISIS regularly uses cryptocurrencies to fund its terrorist operations.The anonymous member of GSG has uncovered several Bitcoin addresses that they said, might be used by ISIS.

One of the accounts they analyzed was found to contain $3 Million in US dollars worth of Bitcoins.Also Read: ‪Anonymous‬ Just Leaked list of 1000 ‎ISIS‬ Twitter Accounts."TheIslamic State does use cryptocurrencies as a form of income to fund their ongoing operations, and we have managed to uncover several Bitcoin addresses used by them," a member of Ghost Security Group said in an interview with NewsBTC.…it had uncovered several Bitcoin funding sites utilized by the ISIS on the dark web and successfully shut them down to limit the funding extremists receive through the use of cryptocurrencies.Also Read: ISIS Calls Anonymous "IDIOTS" in response to their "Total war" Cyber ThreatAt the recent G20 summit, Russian President Vladimir Putin said that ISIS is financed by individual businessmen from 40 countries, including some G20 members.However, Putin hopes that the work with the G20 members in the fight against terrorism will continue."I think that cooperation in fighting terrorism is very important," Putin told reporters.