With highly acclaimed twitter accounts like former US president Barack Obama, Elon Musk, Bill Gates etc. compromised, all eyes are turning towards Bitcoin and cryptocurrency. The hack eventually used the famous twitter accounts to scam crypto investors by asking them for bitcoin deposits. The cryptocurrencies due to their pseudonymous nature have been a payment choice for hackers in past.
Andreas Antonopolous Defends Bitcoin
There’s a reason they used Segwit. These addresses are likely to get a lot of smaller amounts. Aggregating all that UTXO will cost fees, but a lot less in fees with native Segwit addresses. Worth the reduced target zone (fewer victim wallets will work) to save fees.
— Andreas ☮ 🌈 ⚛ ⚖ 🌐 📡 📖 📹 🔑 🛩 (@aantonop) July 15, 2020
The famous educator also said that the choosing cryptocurrencies by the hackers as a mode of payment is actually a compliment and not something to look down. This in a way validates the high liquidity and usability of cryptocurrencies like Bitcoin and proves their suitability as digital money.
Is Bitcoin Really To Be Blamed?
If a kidnapper asks for uncut diamonds and swiss bearer bonds do you blame the diamonds and the bonds?
The incident merely proves Bitcoin usability just any other asset and its validation as a better digital money. Other crypto developers like Muneeb, co-founder at Blockstack, also voiced Andreas’s concern to not use this as a reason to give cryptocurrencies and bitcoin bad name.
The Twitter hack will give Bitcoin and cryptocurrencies a bad name.
That’s the exact opposite of what’s going on: Crypto is the solution, it’s the exit from Wall St and Big Tech.
— Muneeb (@muneeb) July 15, 2020
Meanwhile the incident has surely brought cryptocurrencies and bitcoin in limelight and in next few hours we might receive mixed reactions on the same. This may even impact the price of cryptocurrencies like never before.