AP Explains: What is bitcoin? A look at the digital currency

AP Explains: What is bitcoin? A look at the digital currency - ABC News

  • Bitcoin has a fuzzy history, but it’s a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
  • Here’s a brief look at bitcoin:

    ———

    HOW BITCOINS WORK

    Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously.

  • However, investigators might be able to track down the owners when bitcoins are converted to regular currency.
  • The currency has become popular enough that more than 300,000 daily transactions have been occurring recently, according to bitcoin wallet site blockchain.info.
  • A network of tech-savvy users called miners keep the system honest by pouring their computing power into a blockchain, a global running tally of every bitcoin transaction.

AP Explains: What is bitcoin? A look at the digital currency
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AP Explains: What Is Bitcoin? A Look at the Digital Currency

AP Explains: What Is #bitcoin? A Look at the Digital Currency

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It’s worth more than an ounce of gold right now, it’s completely digital and it’s the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.
Continue reading “AP Explains: What Is Bitcoin? A Look at the Digital Currency”

AP Explains: What is bitcoin? A look at the digital currency

  • It’s worth more than an ounce of gold right now, it’s completely digital and it’s the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.
  • Bitcoin has a fuzzy history, but it’s a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
  • (AP Photo/Mark Lennihan, File)

    NEW YORK (AP) — It’s worth more than an ounce of gold right now, it’s completely digital and it’s the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.

  • Bitcoin has a fuzzy history, but it’s a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
  • Here’s a brief look at bitcoin:

    Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously.

NEW YORK (AP) — It’s worth more than an ounce of gold right now, it’s completely digital and it’s the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.
Continue reading “AP Explains: What is bitcoin? A look at the digital currency”

AP Explains: What is bitcoin? A look at the digital currency

AP Explains: What is #bitcoin? A look at the digital currency #cryptocurrency #investing

  • It’s worth more than an ounce of gold right now, it’s completely digital and it’s the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.
  • Bitcoin has a fuzzy history, but it’s a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
  • (AP Photo/Mark Lennihan, File)

    NEW YORK (AP) — It’s worth more than an ounce of gold right now, it’s completely digital and it’s the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.

  • Bitcoin has a fuzzy history, but it’s a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
  • Here’s a brief look at bitcoin:

    Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously.

NEW YORK (AP) — It’s worth more than an ounce of gold right now, it’s completely digital and it’s the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.
Continue reading “AP Explains: What is bitcoin? A look at the digital currency”

AP Explains: What is bitcoin? A look at the digital currency

AP Explains: What is #Bitcoin? A look at the digital currency

  • Bitcoin has a fuzzy history, but it’s a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
  • Here’s a brief look at bitcoin:

    ———

    HOW BITCOINS WORK

    Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously.

  • The currency has become popular enough that more than 300,000 daily transactions have been occurring recently, according to bitcoin wallet site blockchain.info.
  • A network of tech-savvy users called miners keep the system honest by pouring their computing power into a blockchain, a global running tally of every bitcoin transaction.
  • An Australian entrepreneur last year stepped forward and claimed to be the founder of bitcoin, only to say days later that he did not “have the courage” to publish proof that he is.

AP Explains: What is bitcoin? A look at the digital currency
Continue reading “AP Explains: What is bitcoin? A look at the digital currency”

The SEC just dashed the Winkelvoss twins’ bitcoin dreams

The SEC just dashed the Winkelvoss twins #bitcoin dreams

  • The Winklevoss twins lost out on Facebook, and now they’ve lost out on bitcoin.
  • The Securities and Exchange Commission on Friday denied an application from brothers Cameron and Tyler Winklevoss — depicted by Armie Hammer in The Social Network — to create an exchange-traded fund for bitcoin.
  • An ETF would track the price of bitcoin and make investing in the cryptocurrency more attractive to Wall Street.
  • For weeks ahead of the SEC decision, the price of bitcoin soared on the expectation that major Wall Street interest could be ahead.
  • They created the Winklevoss Bitcoin Trust, and they first applied for approval of a similar product to what was rejected this week four years ago.

The Winklevoss twins lost out on Facebook, and now they’ve lost out on bitcoin.  The Securities and Exchange Commission on Friday denied an application from brothers Cameron and Tyler Winklevoss — depicted by Armie Hammer in The Social Network — to create an exchange-traded fund for bitcoin.  An
Continue reading “The SEC just dashed the Winkelvoss twins’ bitcoin dreams”

Bitcoin value surpasses gold for the first time

Bitcoin value surpasses gold for the first time

  • He told Marketwatch in a Facebook Live Q&A: “This is digital money; you know what happens sometimes with digital stuff, if you’re not careful it could evaporate or it could just as easily be tampered with.
  • “Many people have looked at it as a proxy to gold and silver, with bitcoins, they try to minimise the quantity of it because that’s what makes money valuable, that there’s a sense of rarity.
  • “Whereas people look at other currencies across the globe, even the US dollar, you could print trillions and it becomes this unlimited thing, but the more you make of it, the less valuable each individual unit is.”

A single bitcoin has surpassed the value of an ounce of gold for the first time as its price surged to an all-time high.
Continue reading “Bitcoin value surpasses gold for the first time”