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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.

Sindri Thor Stefansson had been arrested over theft of 600 Bitcoin mining computers.
'We can see you everywhere and so can our friends in the UK', says Border Force Australia’s Border Force (ABF) has warned that “people shouldn’t assume the dark web is invisible to Australian agencies” after cuffing a woman who bought illicit drugs usi...
Outfit loses 438 bitcoin in security snafu Indian Bitcoin exchange Coinsecure has mislaid 438.318 BTC belonging to its customers.…
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"I do not want to become instantly rich.
I do not ask for forgiveness."
The ROI of 'cryptojacking' has never been higher, making bitcoin and other cryptocurrencies a more attractive target for cybercriminals. Here's why.

Pocket cryptofarms

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These include hacked exchanges, Bitcoin and Monero ransoms, and, of course, hidden mining.
ID on a blockchain? Maybe.
ID on Bitcoin? Forget it Too many cryptocurrency people are trying to force-fit blockchain technology into identity solutions, when ID needs its own solutions.…
Wersquo;re looking for a rock star. Know any?