Full Form of BIPS

What is BIPS Full Form?

BIPS is full form Bitcoin Internet Payment System

What is Bitcoin Internet Payment System?

Bitcoin is a digital asset and a payment system that is used as a form of Internet currency. It allows for anonymous payment from one person to another and is therefore a preferred payment method for criminal actions on the Internet. It is, however, important to note that many traditional businesses are beginning to accept bitcoins.

Bitcoins are unregulated and the value of a bitcoin can fluctuate significantly. However, the anonymity of the transaction makes it a preferred tool for criminal endeavors, especially by Internet-based criminals.

A stereotypic example of bitcoin usage is the use of paying ransoms to unlock ransomware, as will be discussed later. Criminals exchange bitcoins with each other as payments for services, information, extortion, or any other monetary use. If you want to know how to make your own transactions using bitcoins, the reader is referred to the Internet. For the purpose of this book, it is sufficient to understand that bitcoins have tangible value and are widely used throughout the adversary infrastructure.