What Is Bitcoin, and How Does It Work?

#News via #NYTimes

  • The records of the Bitcoin network, including all balances and transactions, are stored on every computer helping to maintain the network — about 9,500 computers in late 2017.
  • Bitcoin mining refers to the process through which new Bitcoins are created and given to computers helping to maintain the network.
  • The computers involved in Bitcoin mining are in a sort of computational race to process new transactions coming onto the network.
  • Anyone can set his or her computer to mine Bitcoin, but these days only people with specialized hardware manage to win the race.
  • While several people have been identified as likely candidates to be Satoshi, as the creator is known in the world of Bitcoin, no one has been confirmed as the real Satoshi, and the search has gone on.

Growing in importance but still not well understood, Bitcoin is a virtual currency with a novel background.
Continue reading “What Is Bitcoin, and How Does It Work?”

What Is Bitcoin, and How Does It Work?

  • The records of the Bitcoin network, including all balances and transactions, are stored on every computer helping to maintain the network — about 9,500 computers in late 2017.
  • Bitcoin mining refers to the process through which new Bitcoins are created and given to computers helping to maintain the network.
  • The computers involved in Bitcoin mining are in a sort of computational race to process new transactions coming onto the network.
  • Anyone can set his or her computer to mine Bitcoin, but these days only people with specialized hardware manage to win the race.
  • While several people have been identified as likely candidates to be Satoshi, as the creator is known in the world of Bitcoin, no one has been confirmed as the real Satoshi, and the search has gone on.

Growing in importance but still not well understood, Bitcoin is a virtual currency with a novel background.
Continue reading “What Is Bitcoin, and How Does It Work?”

Accenture breaks blockchain taboo with editing system

  • The Phoenix pay system has been restored after a disruption in service that lasted several hours Tuesday morning and affected all federal government departments.
  • LONDON (Reuters) – Accenture is challenging a defining feature of blockchain, its immutability, by patenting a system that will allow data processed and stored using the technology to be edited.
  • Under the new system, data would not be editable by all users of the system, just by designated administrators.
  • The original blockchain underpinning digital currency bitcoin is kept secure by data being shared across a global network of computers, which are incentivized by competing to win new bitcoins in a system know as “mining”.
  • A small fishing town in southeastern Cape Breton is mourning the death of the founder of a world-renowned culinary school who considered the community “her family’s home village” and promoted its catch as a superb cooking ingredient.

By Jemima Kelly LONDON (Reuters) – Accenture is challenging a defining feature of blockchain, its immutability, by patenting a system that will allow data processed and stored using the technology to be edited. The consultancy said on Tuesday data would only be edited under “extraordinary circumstances
Continue reading “Accenture breaks blockchain taboo with editing system”

Accenture breaks blockchain taboo with editing system

Accenture breaks #blockchain taboo with editing system #tech #news

  • Opening statements are scheduled for Monday in federal court in Newark, New Jersey.
  • Donald Trump says there will be “more and more” bombings like those that occurred in New York and New Jersey over the weekend because the country’s “stupid” leaders have been “weak” on immigration.
  • Explosion in New Jersey as FBI Question Five People in Connection to New York Bombing the Injured 29 People
  • Starbucks Worker Delivers Coffee and Pastries to New York Officers After Explosion
  • Details about the suspect captured in connection with the terror bombing spree that left New York and New Jersey on edge over the weekend have come to light.

By Jemima Kelly LONDON (Reuters) – Accenture is challenging a defining feature of blockchain, its immutability, by patenting a system that will allow data processed and stored using the technology to be edited. The consultancy said on Tuesday data would only be edited under “extraordinary circumstances
Continue reading “Accenture breaks blockchain taboo with editing system”

Bitcoin scam charges made against companies in US

  • It is claimed that most were never able to recoup the value of their initial investments, while a few made some profit.
  • On occasion, a rogue exchange might shut down overnight and claim it was hacked, said Mr Howlett.
  • Bitcoin scam charges made against companies in US
  • “There are several high-profile Bitcoin exchanges I am aware of which appear to be Ponzi schemes,” he said.
  • Since 2014, Mr Howlett’s firm has been contacted by more than 1,000 people affected by rogue exchanges and mining companies.

Read the full article, click here.


@eva_ewhite28: “Bitcoin scam charges made against companies in US”


Two US Bitcoin mining companies have been charged with running a scheme that duped more than 10,000 investors.


Bitcoin scam charges made against companies in US