Parade interviewed Tony Yazbeck, co-founder of The Bitcoin Way, for some insight into Bitcoin as it relates to the Guthrie case.To begin, we asked Yazbeck the significance of a person requesting ransom in Bitcoin.
"Another big factor is that Bitcoin feels anonymous to most people, which gives the person making the demand confidence that they are harder to identify and stop."
"A Bitcoin transfer works peer to peer. You are not asking a bank, company, or any middleman for approval. You can send Bitcoin anytime, anywhere, and in any amount. You prove the coins are yours by using your private key to sign the transaction and then you broadcast it to the Bitcoin network. Miners all over the world independently verify it by checking that you actually own the coins and that they have not already been spent. Once confirmed, it becomes permanent and at that point it cannot be reversed, frozen, or changed by anyone," Yazbeck says.
Another question we've seen is whether or not the person who demanded the Bitcoin may have lived outside of the U.S. This concern surfaced after it was reported that the note sender demanded money in "USD." According to Yazbeck, it doesn't."Mentioning Bitcoin in USD terms doesn't really change anything. Bitcoin itself isn't denominated in dollars. USD is just a reference point to help the victim understand the rough value at that moment. The actual payment still happens in Bitcoin, and the exact dollar value can change by the hour. So legally and technically, the USD reference has no force. It's just a pricing explanation, not a separate currency requirement," he explains.
Yazbeck says that the person making the demand is likely "someone who understands what Bitcoin is and is thinking in Bitcoin terms, not dollars, and wants a clean, round amount that's easy to communicate."
As Parade understands, in order to obtain cash from Bitcoin, one would need to utilize a crypto exchange (think Coinbase or Kraken). Once that exchange is complete (in whichever denomination the user wants—USD, EUR), they would then use a crypto debit card for spending or they would need to find a Bitcoin ATM to get cash.
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