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What is cryptocurrency? Why are Twitter hackers asking for Bitcoins?

Why are the hackers looking for Bitcoins, which is a type of a cryptocurrency? Here's everything you need to know about cryptocurrencies.

India TV Tech Desk India TV Tech Desk
New Delhi Published on: July 16, 2020 9:28 IST
Twitter hack, what is crypto, what is cryptocurrency, what is bitcoin, btc, how to use bitcoin, Twit
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Bitcoin is one of the most popular cryptocurrencies. 

Twitter got hacked on Thursday where accounts of the world's top leaders, celebrities, famous businessmen and companies were compromised. Using these Twitter accounts, the hackers kept demand for Bitcoins forward. But why? Why are the hackers looking for Bitcoins, which is a type of a cryptocurrency? Here's everything you need to know about cryptocurrencies. 

What is Cryptocurrency?

Cryptocurrency has been seeing a hype lately as the cost of the popular Bitcoin started to grow. A cryptocurrency is a digital or virtual currency that aims to change the world in terms of the ways the money is handled. While there are plenty of advantages of this type of a currency, there is its fair share of cons too. Depending on the way you look at it, it can be the deciding factor behind you using the virtual currency.

The Cryptocurrency is popularly used on the darknet as it does not leave any trace behind. A normal bank transfer can easily tell you where the money has been transferred and who the account belongs to. In cryptocurrency's case, the address cannot be traced to the actual owner. Just like Bitcoin, there are also other cryptocurrencies available, which include Ether, Ripple, Libra and more.

What is Bitcoin?

Bitcoin, as mentioned above, is a type of cryptocurrency. It is not being controlled by any bank or government. In India, the currency has not been recognized by the Reserve Bank. However, the transactions through the Bitcoin are allowed in many countries including India.

Why hackers asked for Bitcoins?

Hackers used high-profiled Twitter accounts including Apple, Elon Musk, Kim Kardashian and more to ask for Bitcoins. These accounts not only have millions of followers but a lot of people trust them and would hand over the asked in a minute. Also, the hackers asked for BTC or Bitcoins to make sure there is no trace left behind when users are sending money. And of course, the hackers are not planning to send the double amount back. 

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