Bitcoin volatility is driven in large part by varying perceptions of the value of the cryptocurrency. Bitcoin.org gives this warning, “The price of a bitcoin can unpredictably increase or decrease over a short time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point.”
One of the initial attractions of bitcoin was that it seemed anonymous. However, the United States government has announced in recent weeks that ransomware, which can involve bitcoin, is an urgent national security threat. Ransomware occurs when an actor locks a victim’s data with encryption until a ransom demand is met for their release, typically with digital currency like bitcoin. Bitcoin accounts for approximately 98% of ransomware payments.
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If you’re interested in learning more about bitcoin and how it could affect your business, please call Edwin Pear, Ann Arbor business attorney at 734-665-4441 or email him at epear@psedlaw.com.
