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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.

Two major players announced cross-border payment networks built on blockchain technologies Monday, and more financial services will follow soon, despite opinions about Bitcoin.
Manic miners don't even hack you - they just use default creds admins are too lazy to change Here's yet another reason to make sure you secure your cloud console: cryptocurrency mining.…

Bitcoin surges above $5,000

Bitcoin shrugs off Chinese regulations and bubble chatter to smash a new record.
The two countries are fighting over where the Russian national should have his day in court.
We want him! No, he's ours! Shut up! Russia doesn't want America taking one of its nationals accused of running a $4bn Bitcoin laundering ring – Moscow wants him more.…
Homero Josh Garzarsquo;s now-defunct companies must also pay $10 million.
Investors are pouring tens of millions of dollars into new cryptocurrencies.
Local security firm says 15 Bitcoin buys enough data to take down the Indian internet Indian antivirus and endpoint vendor Seqrite claims the nation's internet registry has suffered a data breach, but the registry's parent organisation says while it was attacked the information obtained was trivial.…
38-year-old said to be appealing Greek court's decision A Greek court has approved the US extradition of a Russian national accused of running a $4bn Bitcoin laundering ring on the now-defunct BTC-e exchange.…
Two-factor authentication by SMS? More like SOS Once again, it's been demonstrated that vulnerabilities in cellphone networks can be exploited to intercept one-time two-factor authentication tokens in text messages.…
Leaked regulation orders Chinese Bitcoin exchanges to shut down.