#10. The ups and downs of cryptocurrencies - how the Bitcoins rule the world

“Bitcoin: A Peer-to-Peer Electronic Cash System”, is a de-centralized financial payment system with no transaction fees. Bitcoin is constantly gaining strength surpassing $400 in November 2013. Bitcoins provide an almost anonymous and secure means of paying for goods and is popular with cybercriminals, who are looking at ways to evade the law. Bitcoin mining botnets, as well as malware designed to steal Bitcoin wallets have emerged.

In a joint operation between the FBI and the DEA, the infamous Silk Road “a hidden website designed to enable its users to buy and sell illegal drugs and other unlawful goods and services anonymously and beyond the reach of law enforcement” was shut down. It was operating on Bitcoins, which allowed both sellers and customers to remain unknown. As Bitcoin becomes more and more popular, it will be interesting to see if there is any government crackdown on the exchanges in a bid to put a stop to their illicit usage.

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