Home Tags Bitcoin

Tag: bitcoin

Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto introduced the idea on 31 October 2008 to a cryptography mailing list, and released it as open-source software in 2009. There have been several high profile claims to the identity of Satoshi Nakamoto; however, none of them have provided proof beyond doubt that back up their claims.

The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value.

Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners.

In February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees in the range from 0% to less than 2%. Despite the fourfold increase in the number of merchants accepting bitcoin in 2014, the cryptocurrency did not have much momentum in retail transactions. The European Banking Authority and other sources have warned that bitcoin users are not protected by refund rights or chargebacks. The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media. Criminal activities are primarily centered around darknet markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services.

Bitcoin rise fuels social media scams

The price of a single bitcoin passed that of an ounce of gold for the first time this month, and scammers were quick to...

Bitcoin scams: Beware of crooks trying to steal your cryptocurrency with...

Cybercriminals are successfully taking advantage of social media and naivety to steal Bitcoin and distribute malware.

Executive’s guide to implementing blockchain technology

The technology behind bitcoin is one of the internet's most promising new developments. Here's how businesses can use it to streamline operations and create...

Gift cards or the iPhone gets it: Hackers threaten Apple with...

'Turkish crime family' says Bitcoin's also OK Hackers who claim to have gained access to over 300 million iCloud and Apple email accounts are threatening...

IBM announces enterprise-ready blockchain services that go beyond currency

IBM Blockchain will be used to try to track carbon allowances in a pilot program in China later this year. (credit: Vintage Architecture) On Monday,...

The priest, the coder, the Bitcoin drug deals – and today’s...

What would Jesus do? Jump on Tor and blow cryptocurrency on blow, apparently A New Jersey pastor and a Florida software engineer were today...

Cybercrooks charging more than the price of a new car for...

If you've got 40 Bitcoin burning a hole in your pocket...Cybercriminals are attempting to flog a supposedly undetectable Mac malware strain on the dark...

Ransomware ‘customer support’ chat reveals criminals’ ruthlessness

Ransomware criminals chatting up victims, offering to delay deadlines, showing how to obtain Bitcoin, dispensing the kind of customer support that consumers lust for...

Would killing Bitcoin end ransomware?

Ransomware is running rampant.The SonicWall GRID Threat Network detected an increase from 3.8 million ransomware attacks in 2015 to 638 million in 2016.According to...

How it works: Blockchain explained in 500 words

If electronic money is just data, nothing physically stops a currency holder trying to spend it twice.Enter the Bitcoin blockchain.

Hedge funds reportedly want to buy Mt. Gox bankruptcy claims

Enlarge / Bitcoin trader Kolin Burges from London speaks to reporters as he protests against Tokyo-based bitcoin changer Mt.Gox in front of the company's...

JPMorgan Breach: New Witness Delays Trial Of Bitcoin Exchange Suspects

Trial proceedings of pastor Trevon Gross and Yuri Lebedev has been delayed; jury selection will take place Feb. 14.