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Preferred Blog

Preferred has been serving the Tinley Park area since 1991, providing IT Support such as technical helpdesk support, computer support, and consulting to small and medium-sized businesses.

65 Bitcoin Ransom Paid by Florida City

65 Bitcoin Ransom Paid by Florida City

65 of any currency doesn’t seem like a lot of money, but when you are dealing in the cryptocurrency Bitcoin, it adds up quick. One city on Florida’s Atlantic coast is finding that out the hard way after getting hit with a ransomware that stymied the city of 35,000 government’s ability to function. Let’s take a look at the situation that made the city’s leaders agree to pay hundreds of thousands of dollars to scammers.

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The Rise, and Fall, and Rise of Bitcoin

b2ap3_thumbnail_bitcoin_resurgence_400.jpgYou might remember Bitcoin, the cryptocurrency known for increasing the anonymity and privacy of transactions on the web. Bitcoin was gaining ground for a while, but a couple of key events left it in the dust, sinking to seeing use only as a currency used by hackers and criminals in online black markets. Now, however, it seems that Bitcoin is being used again, and with a few key innovations in how it’s spent, Bitcoin will continue to grow more popular as a payment option.

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