Tracking Bitcoin over the Past Year

The rising price of a bitcoin has been breaking records and making headlines consistently since the price rally began back in December around Christmas time, 2016.

Bitcoin price SolidTrust Pay past year august 2017

Over the past year, Bitcoin prices have increased over 600% in total and the current price at press time is an all-time high of $3585 on Coindesk’s Bitcoin Price Index (BPI).

We’re going to go over some of the particular successes Bitcoin has had over the past year, as well as many of the big hurdles it has had to overcome, in order to give you a better view of what the future might hold for the popular cryptocurrency.

January 2017

bpi aug 11 1The first hiccup faced by Bitcoin enthusiasts came in January 2017, after briefly rising to near all-time-high prices during its most impressive run since 2013. On January 5th, the average price of a Bitcoin across most trading platforms sharply fell around $200 in one hour. This specific price drop was speculated to be linked to rumors of increased regulation on the digital currency by the Central Bank of China, and the free fall continued for a full week.

March 2017

bpi aug11 2

The next hurdle in our incredible story of Bitcoin over the past year is still fresh in the memory of many Bitcoin traders and enthusiasts. After hitting record highs, and even surpassing the price of gold for the first time ever, an unfavorable decision by the SEC regarding the eligibility of  a Winklevoss Bitcoin Trust to be traded on the stock exchange put the entire future of Bitcoin at risk. But this is not what caused the rapid loss in value of nearly $300 in just 3 days. The cause of this hurdle came from within the Bitcoin community itself (along with more rumors of Chinese regulations), as Bitcoin miners and thought-leaders debated over complicated software and tech issues.

Shortly after the decision by the SEC rejecting the Winklevoss proposal, it was reported that the SEC had issued a statement agreeing to review their decision.

April-May 2017

bpi aug11 3

As a new law was passed in early April in Japan categorizing Bitcoin as a legal payment option within the country, demand for the currency began to steadily rise — the price followed. Increased Japanese and Russian demands are responsible for the rise we see from early April to May 25th, when the price of the cryptocurrency dropped sharply in order to correct itself. This reminded traders and enthusiasts how volatile the market can be.

June 2017

bpi aug11 4

On June 15 Bitcoin underwent a significant market correction. Dropping nearly $700 in about a week, this was one of the most significant corrections to date. In a great article written by Joseph Young, it is explained that Bitcoin markets seem to be cyclical, climbing and then sharply dropping, but reliably climbing to back to its previous peak and beyond.

July 2017

bpi aug11 5.png

Confusion and uncertainty plagued the month of July as miners, traders and enthusiasts speculated over the impending bitcoin split (hard fork). As a general consensus was reached, confidence returned to the community and Bitcoin returned to previous price levels, though many were still unsure how the split was going to happen or what it might mean for the future. Volatility persisted until the split happened in early August.

August 2017

bpi aug11 6

On August 1st the hard fork happened and Bitcoin split into two separate cryptocurrencies. Nobody knew what was going to happen, but many expected some short term downward pressure on bitcoin prices. The exact opposite happened as Bitcoin began to sore to new all-time highs and continue its upward trend over the past year.

Time will tell if the popular digital currency will continue to hike, though analysts have indicated a major upswell in confidence and a broad consensus that the upward march of bitcoin’s price could continue.

Click here to learn how to buy Bitcoin with SolidTrust Pay

If you aren’t comfortable investing your own money, there are plenty of ways you can earn some around the web. Check out our comprehensive guide for earning free Bitcoin online to get started!


Online Business/Merchant Accounts with SolidTrust Pay: Reliable and Secure

Does your business need a fast and reliable way to make online transactions and accept payments from customers? SolidTrust Pay has eWallet and payment processing solutions for you. Click to apply for a SolidTrust Pay business/merchant account now!

STPay Merchant Account Business SolidTrust Pay

We often work 1-on-1 through dedicated merchant support with individuals to provide a more tailored experience for business models that require special attention. We welcome new online merchants who are interested in working with a payment processor that prides itself on top-notch customer support and high security standards, and encourage entrepreneurs with new, innovative and even higher-risk business models who are turned away by other processors to apply for a merchant account with us.

We offer a number of tools to facilitate online business, including payment buttons (which allow other SolidTrust Pay members to make purchases directly through a merchant’s website), as well as direct credit card purchases for customers who do not have SolidTrust Pay accounts and our recently added Bitcoin payment buttons.

Integration with SolidTrust Pay is incredibly simple. Add a snippet of code to your website in the customer purchase area and you’re done! Clients are redirected to our secure checkout page and their transaction is completed in seconds. If you have an SSL secured website, you may choose our non-redirect “invisible API” option, giving your customers a seamless purchasing experience.

Because online accountability and security is our business, we verify all of our SolidTrust Pay merchants to maximize their account and create a secure experience. All we require is the following:

  • The name of your company.
  • Your business model: An overall explanation of the business you have.
  • Website URL: The address of your business website.  We do not allow merchants to operate through social networking sites, instant messaging applications, forums, or other media.
  • Company documentation: Any corporate papers (for example, certificate of incorporation or other business registration documents), business registration number, or EIN (employer identification number).

It’s simple. It’s functional. It’s trusted worldwide. When money matters, choose SolidTrust Pay for all your merchant account, eWallet and payment processing needs.

For more information please see our support centre or contact us directly.


#NotPetya Hackers Demand $250,000 for Ransomware Decryption Key

The hackers responsible for last week’s globe-spanning ransomware attack have made a public statement for the first time since the attack.

The group responsible for #NotPetya have allegedly surfaced on the deep web with a statement offering the decryption key to all files encrypted by the ransomware they unleashed from Ukraine last week.

The post was first picked up by Motherboard after the group used the Bitcoin wallet associated with the ransomware to make a small donation to the Tor-only announcement service DeepPaste, which is where the message appeared.

The message makes a request for 100 bitcoins, which is over $250,000 in today’s market.

NotPetya hacker demands for 250000 on deeppasteAccording to The Verge, “the message includes a file signed with Petya’s private key, which is strong evidence that the message came from the group responsible for Petya. More specifically, it proves that whoever left the message has the necessary private key to decrypt individual files infected by the virus.”

There was also a link to a chatroom included in the messages. During an interview conducted in the chatroom, someone claiming to be one of the malware authors told Motherboard that the price was so high because it’s for the key “to decrypt all computers.”

Motherboard offered the unknown group an individual file that had been decrypted by the malware and asked them to send it back decrypted as proof that they had the decryption key. The unknown individuals in the chatroom were unable or unwilling to decrypt the file.

Some are still convinced that this attack has nothing to do with money or ransomware.

“This is a fear, uncertainty and doubt case,” claimed the founder of Comae Technologies Matt Suiche in an online chat with Motherboard. “This is a clear attempt from the attackers to try to further confuse the audience by changing the wiper narrative into a ransomware one again.”

cyber security internet safety privacy software malware network access apps secure logs

 

 


Newest Global Ransomware Outbreak and how to Protect your Data

Biggest Ransomware in History Petya GoldenEye EternalBlue

A massive ransomware campaign has been identified on June 27, 2017, and is currently unfolding worldwide. The attack has been dubbed “NotPetya” by Kaspersky Lab and other experts in the field who state that, in comparison to earlier versions of the Petya malware, this new variant has major differences in its operations. Bitdefender Labs confirmed in an update earlier today that the ransomware uses the NSA’s EternalBlue exploit to propagate.

If you’re unfamiliar with ransomware, it’s a pretty simple concept. Cyber-criminals and hackers develop a tool or program which, upon gaining access to a targeted PC, will close off access and encrypt the files of the target. The administrator of the infected target will not be able to access anything unless they pay a ransom in Bitcoin, which is the USD equivalent of $300 in this case. If the ransom isn’t paid, the malware may destroy all of your files — or at least never allow you to regain access to them again.

If your computer has been affected by this most recent ransomware, your screen will look something like this:

Petya GoldenEye Virus Maleware Ransomware attack image bitcoin wallet

While Ukraine’s government, National Bank, transportation services and largest power companies are bearing the brunt of the attack right now, and some experts have speculated that this might be a politically motivated attack against Ukrainian infrastructure, there are also notable reports of the virus springing up across Europe and even in parts of the US.

This is just seven weeks after one of the largest ransomware outbreaks in history, WannaCry, swept the globe and wreaked havoc on airports, hospitals, schools, businesses and personal laptops in nearly 100 countries.

As mentioned by CNET, “WannaCry was supposed to be a wake-up call for people to update their computers with the latest software. But it appears people just forgot about the attack and went on with their lives.”

As described by Microsoft, some of the ways your PC can be infected by ransomware include:

  • Visiting unsafe, suspicious, or fake websites.
  • Opening emails and email attachments that you weren’t expecting or from people you don’t know.
  • Opening malicious or bad links in emails, Facebook, Twitter, and other social media posts, or in instant messenger chats, like Skype.

At SolidTrust Pay, one of our top priorities is security. While we are at very little risk of being affected by this recent outbreak as a business, we are certainly concerned for our users and merchants.  We encourage anybody who is reading this to follow the steps laid out by Microsoft on protecting your PC against ransomware attacks.

cyber security internet safety privacy software malware network access apps secure logs