Last Friday, DC Forecast reported for the Bitcoin news section about the price of BTC dropping more than six percent against the US dollar and many believed that the drop was due to the email bomb threats in New York.
However, many crypto analysts beg to differ. One of the most popular misconceptions about bitcoin is that by nature, the cryptocurrency is anonymous and impossible to track. Bitcoin is a consensus currency and it is based on a decentralized network that operates on an open-source community of developers, node operators, and miners.
When a miner approves the transaction by placing it in a block, the transactions is broadcasted to the public blockchain via the nodes. This is why anyone on the network is able to track and trace and even analyze the wallets that receive a dubious transaction.
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In the case with the bomb threats, individuals were asked to pay a BTC ransom and if you don’t know by now, the transaction can be traced to the group that issued the bomb threats if they try to convert the obtained bitcoins into US dollars.
The NYPD explained:
“Please be advised – there is an email being circulated containing a bomb threat asking for bitcoin payment. While this email has been sent to numerous locations, searches have been conducted and NO DEVICES have been found.”
Also, it is highly unlikely that the bomb threats cause the price to decline because the closing of the investigation would lead for the value of BTC to rise since there were no devices discovered that were connected to the bomb threats.
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