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.

Popular cryptocurrency exchange EtherDelta announces a potential DNS attack and suspends service just days before Bitcoin hit a five-day drop.
Every major cryptocurrency suffered double-digit losses in the last 24 hours.
Finally, a browser is doing something to protect users from drive-by crypto-miners.
Google moved quickly to kick three fake bitcoin wallet apps from its Google Play marketplace after researchers discovered them earlier this month.

Beware of Fake Bitcoin Wallets

A security firm discovers that fake cryptocurrency wallets got into the Google Play store. How can users avoid the fraud and keep their Bitcoin where it belongs?
A security firm discovers that fake cryptocurrency wallets got into the Google Play store. How can users avoid the fraud and keep their Bitcoin where it belongs?
Breach bankrupts Seoul-based company after it reformed in wake of a previous heist.
Coinbase users will be able to buy and sell Bitcoin Cash.
This is your phone on mining software.

Any questions?