Tuesday, 23 May 2017

Rapid recovery of the Bitcoin: A true feat in economy

About a year ago there was a case of which not all were informed, it was a complete fall of the price of the Bitcoin before a situation that had not come to hearing of the users, and that all then we understood that it was impossible: A theft of Bitcoins.

But, how did the robbery happen around May 2016? What I did not get to the public light was that the theft produced by a group of hackers did not directly attack the cryptocurrency because of the difficulty with which it is encrypted, if not through different means, they managed to access the database of the Company (it was assumed that it was an internal job and not a breach in the server) and for a few seconds they took control of the transactions, taking everything that was being done at that time to the pockets. Result? By then, for just 5 seconds, $ 65,000,000 was stolen.

What brought this as a consequence?

Most people began to doubt the ability to keep themselves safe from Bitcoin and, above all, the security of that currency. Only the biggest investors decided to stay while there was a crash in the market: a 20% drop in price for that moment, which would make any currency virtually disappear, taking into account the speed at which it happened.

But, big investors were informed of this fact before they started selling, and in response they started to buy: Bitcoin's design is currently impossible to cheat, therefore, it had been an internal mistake of a company, not a theft that Forever compromising the durability and strength of this currency, and taking advantage of the low exchange rates of the moment, were made with an unequaled amount of Bitcoins.

Results? Currently, Bitcoin has demonstrated its strength and security in the market, 1 year later it has almost tripled its price and is much more used worldwide than it was for when such an attack. Given the speed that happened that fact is given to understand something clear: It is not a common currency, it is a true wonder of investment technology.

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