Companies are Stockpiling Bitcoin. Why?

Have you heard about Bitcoin?

I’m guessing you’ve seen it in the headlines by now. What is it, you ask? We’ll keep it pretty simple and drop a link here if you’re interested in reading more about it. To keep it short, Bitcoin is a decentralized cryptocurrency that involves technology, economics, math, and social dynamics. It’s an anonymous currency that, quite frankly, is a bit risky.

Bitcoin has been the subject of many headlines as of late due to the drastic increase in value. On January 1st, 2017, it cracked the $1,000 threshold. By December 2017, it reached over $19,000. The demand has soared over the last 12 months because of millions of private investors across the world.

Earlier this year, nearly a third of NHS trusts were hit by a global strain of ransomware called WannaCry. This specific strain asked for the £230 equivalent of bitcoin per infected machine, or the virus threatened to wipe data for each computer (that number is in the thousands) if the ransom wasn’t received in a timely manner. Thousands were forced to pay up and if you didn’t know, opening a Bitcoin wallet oftentimes takes days so that your identity can be verified. Instead of waiting around, it appears that companies are stocking up on Bitcoin in case they were to be hit by a strain.

In the case of the NHS, their hardware was outdated and ultimately, backups were not a solution. Under normal circumstances, having backups of your data allow you to fully restore to an earlier point in time without having to pay the ransom.

With reevert, we’ve made it easy for you to recover from a ransomware attack. Unlike traditional backup methods, reevert can restore your data in a matter of seconds* depending on the amount of data you’re storing. So not only do you not have to pay the ransom, but you’ll also be back up and running in a matter of minutes; most backup softwares take hours (or days) to recover data.

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