Want to stop ransomware? Ransomware has been so successful, largely due to cryptocurrencies like Bitcoin. The hacker that knows what they are doing is able to remain anonymous to extort large sums in exchange for the key to your data, or more recently in exchange for a promise to not reveal secrets. Cyber-extortionists only receive their ransom because as a society we allow these cryptocurrency exchanges to exist.
In theory, digital currencies that are not so anonymous (like Ripple or some sort of government coin) could exist if we wanted to have some of the global commerce features without anonymity/extortion/terrorism-funding/crime-funding. Crypto means “hidden,” folks. Anonymity is the fundamental basis of the cryptocurrency movement and coins like Bitcoin. So, perhaps we could keep certain “not so crypto” cryptocurrencies.
What kind of world do we want to build? Is ransomware acceptable in our world or do we want something better? If you are curious about cryptocurrencies and best practices if you are thinking about investing, consider reading Dave Kinsey’s book The Blockchain Code, found on Amazon.