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Global Issues Cryptocurrency Project - Video
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Read More..A cryptocurrency is a digital medium of exchange and thus a special form of a digital currency. The first cryptocurrency to begin trading was Bitcoin in 2009. Since then, numerous cryptocurrencies have been created. Fundamentally, cryptocurrencies are specifications regarding the use of currency which seek to incorporate principles of cryptography to implement a distributed, decentralized and secure information economy.
When comparing cryptocurrencies to fiat money, the most notable difference is in how no group or individual may accelerate, stunt or in any other way significantly abuse the production of money. Instead, only a certain amount of cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is bounded by a value both prior defined and publicly known. In centralized economic systems such as the Federal Reserve System governments regulate the value of currency by simply printing units of fiat money or demanding additions to digital banking ledgers. However, governments cannot produce units of cryptocurrency and as such, governments cannot provide backing for firms, banks or corporate entities which hold asset value measured in a decentralized cryptocurrency. The underlying technical system upon which all cryptocurrencies are now based was created by the anonymous group or individual known as Satoshi Nakamoto for the purpose of creating an economy within which the practice of fractional reserve banking would be fundamentally impossible.[1][2][3]
Hundreds of cryptocurrency specifications now exist; most are similar to and derived from the first fully implemented cryptocurrency protocol, Bitcoin.[4][5][6][7][8] Within cryptocurrency systems, the safety, integrity, and balance of all ledgers is ensured by a swarm of mutually distrustful parties, referred to as miners, who are, for the most part, general members of the public, actively protecting the network by maintaining a high hash-rate difficulty for their chance at receiving a randomly distributed small fee. Subverting the underlying security of a cryptocurrency is mathematically possible, but the cost may be unfeasibly high. For example, against Bitcoin's proof-of-work based system, an attacker would need computational power greater than that controlled by the entire swarm of miners in order to even have 1 / (2^(# authentication rounds for this cryptocurrency) - 1) of a chance, which means directly circumventing Bitcoin's security is now a task well beyond even a technology company the size of Google.[9]
Most cryptocurrencies are designed to gradually introduce new units of currency, placing an ultimate cap on the total amount of currency that will ever be in circulation. This is done both to mimic the scarcity (and value) of precious metals and to avoid hyperinflation.[10][11] As a result, such cryptocurrencies tend to experience hyperdeflation as they grow in popularity and the amount of the currency in circulation approaches this finite cap. [12] Compared with ordinary currencies held by financial institutions or kept as cash on hand, cryptocurrencies are less susceptible to seizure by law enforcement.[10][13] Existing cryptocurrencies are all pseudonymous, though additions such as Zerocoin and its distributed laundry feature have been suggested, which would allow for anonymity.[14][15][16]
Early attempts to integrate cryptography with electronic money were made by David Chaum, via DigiCash and ecash, which used cryptography to anonymise electronic money transactions, albeit with centralized issuing and clearing.[17]
The first cryptocurrency was Bitcoin, which was created in 2009 by pseudonymous developer Satoshi Nakamoto, and used SHA-256 as its proof-of-work scheme.[18][19][20] Later, other cryptocurrencies, such as Namecoin (an attempt at a decentralized DNS, which would make internet censorship very difficult), Litecoin (which uses scrypt as a proof-of-work, as well as having faster transaction confirmations), Peercoin (which uses a proof-of-work/proof-of-stake hybrid, and has inflation of about 1%) and Freicoin (which implements Silvio Gesell's concept of Freigeld by adding demurrage) were also created.[21] Many other cryptocurrencies have been created, though not all have been successful, especially those that brought few innovations.
For the first two years of existence, cryptocurrencies gradually gained attention from the media and public.[22] Since 2011, interest has rapidly increased, especially during the rapid price rise of Bitcoin in April 2013.
The most widely used proof-of-work schemes are SHA-256, which was introduced by Bitcoin, and scrypt, which is used by currencies such as Litecoin.[21] Some cryptocurrencies, such as Peercoin, use a combined proof-of-work/proof-of-stake scheme[21][23] and one Nxt[24] , exclusively use proof-of-stake.
This is a list of notable cryptocurrencies. By December 2013 there were more than 60 cryptocurrencies available for trade in online markets.[25]
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Cryptocurrency - Wikipedia, the free encyclopedia
Read More..BitAccess To Demonstrate Their Bitcoin ATM Before Canadian Senate Eric Calouro
While Robocoin was this week busy demonstrating their bitoin ATM on Capitol Hill, a similar occurrence is taking place up North in Canada. BitAccess, Canadian bitcoin ATM manufacturer, is demonstrating their kiosk before the CanadianSenate Standing Committee on Banking today. READ THE FULL STORY
Major French retail chain Monoprix is making plans to start accepting bitcoin payments on its merchant website this year, according to the companys director of e-commerce,Patrick Oualid. Oualid made his comments in aninterviewpublished yesterday (8th April) on French news siteJDN. READ THE FULL STORY
byKadhim Shubber| Published on April 7, 2014 at 10:39 BST UPDATE (7th April 13:40 GMT):GSM Solutions Managing Director Alan Donohoe has responded to our email, explaining that the employees who are receiving part of their pay in bitcoin work in the head office: We believed it best to start with our head office where we have fiveemployees who work with bitcoin on a daily basis, so they understood theimportance of this step in the evolution of bitcoin in Ireland. READ THE FULL STORY
ByAaron SankinonApril 06, 2014 These days, there are plenty of ways to acquire virtual currency. You can buy it on anexchange. You can withdraw it from aBitcoin ATM. You canmineit yourself. You canstealit in a massive, complex, multimillion-dollar heist. Now theres a new addition to that list: You can buy it oneBay.Without going out of its way to court much publicity, the online auction Goliath has quietlyadded a new categoryto its United States site where users can buy and sell virtual currencies likeBitcoinandDogecoin. READ THE FULL STORY
ByRichard Dunlop-WaltersonApril 03, 2014 TheBitcoincommunity has been beset by horror stories almost since day one.Mt. Gox, a Japanese Bitcoin exchange that filed for bankruptcy protection earlier this year, may go down as the most infamous. But its also triggering a long-needed attitude adjustment. One of Bitcoins core principles is that it negates the need to trust major financial institutions. But Bitcoin exchanges, where customers trade currency for Bitcoin, have always rendered that advantage moot. From the moment fiat currency is deposited on an exchange until its exchanged for Bitcoin and relocated to a privately-controlled wallet, the customers trust is placed entirely with the exchange. READ THE FULL STORY
But it can kill Mt. Goxs bankruptcy protection ByTim SampsononApril 02, 2014 A U.S. judge has ordered the embattled CEO ofMt. Goxto appear on American soil to answer questions related to the firms ongoing bankruptcy case. Despite the judges wishes, however, her order likely wont bring the French Bitcoin magnate to the United States. Mt. Goxs Mark Karpeles faces intense scrutiny overthe collapseof his company, once the worlds leadingBitcoinexchange, which lost more than $300 million worth of its customers digital currency before suddenly closing its doors in February. READ THE FULL STORY
Apr 1st 2014, 12:55 by G.F. | SEATTLE ONE does not often find $100m in ones tatty old wallet. But thats just what Mt Gox, the shuttered Bitcoin exchange, says happened a few days ago. While Mt Gox has filed for bankruptcy in Japan and America, and initially said that it had lost 850,000 Bitcoins (valued then at nearly $600m), it uncovered 200,000 (about $100m at todays rates) in a disused wallet that it thought was empty. It seems as though Bitcoins are being plundered continuously. Flexcoin, a smaller service, had a significant theft following Mt Goxs initial announcement, and opted to shut downalthough most of its coins were secured. Poloniex suffered a similar fate to a larger percentage of its customer holdings but remains in operation. China-based Vircurex last week exhausted its reserves following thefts in 2013 and froze withdrawals from older accounts as it attempts to produce new revenue to repay lost coins. READ THE FULL STORY
By Adi Robertson on April 1, 2014 02:40 pm Ross Ulbricht, who stands accused of running the Silk Road black market under the name Dread Pirate Roberts, says that new federal bitcoin laws make the charges against him invalid. In a filing over the weekend, Ulbrichts lawyers defended him against charges of hacking, narcotics trafficking, operating a criminal conspiracy, and money laundering. The first three charges, his lawyers argue, are unconstitutionally broad and cant be applied to the normal operation of a website, even one whose business is illegal goods. And the last charge, they say, makes no sense if there isnt actual money involved a possibility implied by a recent IRS decision. Ulbrichts defense against the first three charges largely amounts to an abdication of responsibility over what users did on the site: any actual drug trafficking would have been done by users of Silk Road, not the sites operator. Using the comparison of a landlord whose tenants operate a crack den, or a search engine that allows users to find illegal content, they argue that only civil penalties should apply, not the criminal ones federal prosecutors are seeking. At worst, Mr. Ulbricht allegedly acted as a conduit or facilitator for those engaging in illegal activity, not as a drug kingpin. And a hacking conspiracy charge, they say, is based only on the sale of malicious software through the site, not anything Ulbricht himself did. READ THE FULL STORY HERE
Ross Ulbricht, the alleged mastermind behind Deep Web black marketSilk Road, is broke. In an interview recently posted to YouTube, Lyn Ulbricht, Rosss mother, describes the tough time shes had raising money for her sons legal defense fund. Its been very slow, Lyn Ulbricht says. We are way behind. READ THE FULL STORY
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Read More..Currencies designed to fix perceived flaws in Bitcoin could lead to competition that makes the idea of digital cryptocurrency stick.
In recent weeks, the digital currency Bitcoin has soared and then dipped in value, along the way attracting more public attention than ever before and speculation as to whether it could become an established and widely accepted way to pay for goods and services.
But Bitcoin isnt the only cryptocurrency out there. Several others are also surging in popularity and value, and they claim to offer technical improvements that make them better suited to mainstream use.
Some of these competing currencies already represent significant stores of value. The value of a single bitcoin on the most popular exchange was $93.70 at time of publication, and the total value of all bitcoins in circulation just over $1 billion (it was over $2 billion at the markets high point last week). The largest alternative cryptocurrency, litecoins, were worth $2.31 each and $38 million in total; the next largest, PPCoin, were worth $0.22 each adding up to a total value of $4 million.
Bitcoin is based on mathematical techniques that control the production of new bitcoins, make it possible for a person to verify money sent to them is genuine, rule out counterfeiting, and limit the maximum number that can ever exist (to 21 million) (see What Bitcoin Is, and Why It Matters).
The Bitcoin alternatives are inspired by that design, which is published openly, and try to offer improvements.
One of Litecoins most significant claimed improvements over Bitcoin is that it allows transactions to be confirmed as legitimate much more quickly, says Charles Lee, who designed the currency, which is now maintained by him and a small group of other enthusiasts.
Bitcoin transactions are verified by the work of software run by other people using the currency, a process that takes on average 10 minutes and can be much longer, an hour in the case of many exchange sites. Lee says that hinders operators of online stores from using the currency. With Bitcoin, sometimes merchants are forced to accept unconfirmed transactions because confirmations are way too slow, he says. Faster confirmations lead to a more useful currency. Litecoin transactions are confirmed on average every 2.5 minutes, which Litecoins developers say is more practical for businesses.
Both Litecoin and the third most-popular cryptocurrency, PPCoin, also generate new coins in a way intended to be more practical than Bitcoins design. New bitcoins are created through a process known as mining, in which people run software that competes to solve a computational puzzle. Each time a puzzle is cracked, new coins are awarded and a new challenge is set. In a neat twist, the process of solving a puzzle also confirms the validity of recent transactions made with bitcoins.
However, because more powerful computers are more likely to solve these puzzles, an arms race between bitcoin miners has resulted. Today only those with very powerful, customized machines have a chance of profitably mining bitcoins and miners are still racing to build ever more powerful mining rigs.
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As Bitcoin Soars in Value, Alternative Cryptocurrencies ...
Read More..New York, NY (PRWEB) April 08, 2014
Bitcoin Center NYC, the citys only brick-and-mortar Bitcoin institution dedicated to the further adoption of Bitcoin, announced today that the center is supporting the one-day CryptoCurrency Convention on Wednesday, April 9th by sponsoring the events official after-party.
The party will take place at Bitcoin Center NYC starting at 6:00 p.m. on Wednesday, April 9th. It will showcase the live open outcry of bitcoin trading activity of Satoshi Square. Refreshments will be provided courtesy of Bitcoin Center NYC.
CryptoCurrency Convention is a one-day conference that takes place the day after the MediaBistro Inside Bitcoins conference. The mission of the CryptoCurrency Convention is to bring awareness and acceptance to all cryptourrency and provide the necessary education and exposure for adoption. New York being the financial center of the United States, it is only a matter of time before a live virtual currency exchange becomes a reality.
If the Internet were its own country, it would have its own currency. Now it does, said CryptoCurrency Convention organizer Teddy Dupay of Florida. Cryptocurrencies such as Bitcoin are the future, and their possibilities are both endless and unimaginable.
In addition to Bitcoin Center NYCs sponsorship of the CryptoCurrency Convention through holding an after-party, the centers founder Nick Spanos is scheduled to speak at the convention from 2:30-3:30 p.m.
Were excited to have Nick speak at the CryptoCurrency Convention and want to thank Teddy and digital currency developers and promoters by offering them hospitality, said James V. Barcia, Communications Director for Bitcoin Center NYC. Bitcoin Center NYC often supports Bitcoins peers by maintaining close ties with Joseph Fiscella of FlorinCoin, Reggie Middleton of UltraCoin, and Payu Harris of MazaCoin, to name only a few such relationships.
Bitcoin Center NYC is also a key supporter of the MediaBistro Inside Bitcoins conference through its sponsorship of the events Bitcoins Trading Caf located at Booth #409.
Event details are as follows. Time is Eastern.
Wednesday, April 9, 2014
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Bitcoin Center NYC To Support Wednesday's CryptoCurrency Convention By Hosting After-Party
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