Now I Get It: Bitcoin [Video]

Now I Get It: Bitcoin by @Pogue

  • This arrangement has some stunning advantages over traditional currency or credit cards:

    There’s a whole lot of really cool, really complicated math involved in Bitcoin, designed to keep it secure and to prevent Bitcoin inflation.

  • There’s no government to decide when to print new money in this case, so new bitcoins are “mined”—created—through a complex scheme you can read about here.
  • When you get a Bitcoin address—something like an email address—you also get a complex password known as a private key, which you need to access your stash.
  • At that point, you can transfer money to other people by sending it to their Bitcoin addresses.
  • Or if your Bitcoin exchange goes out of business, which has happened plenty; in fact, 18 of the first 40 exchanges had gone under as of 2013, taking all their clients’ money with them.

Man, if anything needs the “now I get it” treatment, it’s Bitcoin. You hear about it all the time in financial and technical circles—but most people really don’t grasp it.
Continue reading “Now I Get It: Bitcoin [Video]”

Blockchain: the answer to life, the universe and everything?

  • The answer to that question, first proposed by bitcoin’s pseudonymous creator, Satoshi Nakamoto, was to create a decentralised digital ledger, keeping track of every transaction made, and with its accuracy guaranteed through the combined honesty of the entire network.
  • Bitcoin was the first technology to use the blockchain, but the currency is now starting to look a bit like the steam pumping engines invented in the 17th century.
  • A permissionless, distributed, trust-free network has the power to revolutionise not just financial technology, stock markets and banking, but also the music industry, digital access in some of the world’s poorest nations, and could even ensure your Italian extra-virgin olive oil really is from Italy.
  • For a long time, the ability to use the blockchain in this way was treated as an interesting side-effect of bitcoin’s role as a currency, but the tenfold collapse in the currency during 2014 prompted many who had invested in the bitcoin ecosystem – whether financially or intellectually – to seek other uses for the underlying technology.
  • Instead, there are many blockchains, as companies are born with different needs from a distributed ledger than those of Bitcoin.

Bitcoin hasn’t lived up to the salvation rhetoric, but the digital engine behind the currency may be about to change the world
Continue reading “Blockchain: the answer to life, the universe and everything?”

Bitcoin is taking off after China’s biggest exchanges allow withdrawals

#Bitcoin is taking off after China's biggest exchanges allow withdrawals

  • The cryptocurrency trades up 4.1% at $2,407 a coin following news that China’s three largest bitcoin exchanges are allowing customers to withdraw bitcoins from their accounts.
  • The news follows months of uncertainty for customers of the exchanges, who back in February were told they would be unable to take bitcoin out of their accounts.
  • At the time, bitcoin was threatening its record high of $1,161 a coin before plunging more than 10% on the news.
  • Aside from the US Securities and Exchange Commission rejecting two bitcoin ETFs, bitcoin has seen a steady stream of good news.
  • Additionally, Russia’s largest online retailer, Ulmart, began accepting bitcoin despite Russia’s saying it wouldn’t consider the use of the cryptocurrency until 2018

    Last week, the Digital Currency Group, representing 56 companies in 21 countries, reached a scaling agreement at the Consensus 2017 conference in New York.

Bitcoin is back to its old ways after a few quiet sessions. The cryptocurrency trades up 4.1% at…
Continue reading “Bitcoin is taking off after China’s biggest exchanges allow withdrawals”

Now I Get It: Bitcoin [Video]

Now I Get It: #Bitcoin

  • This arrangement has some stunning advantages over traditional currency or credit cards:

    There’s a whole lot of really cool, really complicated math involved in Bitcoin, designed to keep it secure and to prevent Bitcoin inflation.

  • There’s no government to decide when to print new money in this case, so new bitcoins are “mined”—created—through a complex scheme you can read about here.
  • When you get a Bitcoin address—something like an email address—you also get a complex password known as a private key, which you need to access your stash.
  • At that point, you can transfer money to other people by sending it to their Bitcoin addresses.
  • Or if your Bitcoin exchange goes out of business, which has happened plenty; in fact, 18 of the first 40 exchanges had gone under as of 2013, taking all their clients’ money with them.

Man, if anything needs the “now I get it” treatment, it’s Bitcoin. You hear about it all the time in financial and technical circles—but most people really don’t grasp it.
Continue reading “Now I Get It: Bitcoin [Video]”

Blockchain: the answer to life, the universe and everything?

  • The answer to that question, first proposed by bitcoin’s pseudonymous creator, Satoshi Nakamoto, was to create a decentralised digital ledger, keeping track of every transaction made, and with its accuracy guaranteed through the combined honesty of the entire network.
  • Bitcoin was the first technology to use the blockchain, but the currency is now starting to look a bit like the steam pumping engines invented in the 17th century.
  • A permissionless, distributed, trust-free network has the power to revolutionise not just financial technology, stock markets and banking, but also the music industry, digital access in some of the world’s poorest nations, and could even ensure your Italian extra-virgin olive oil really is from Italy.
  • For a long time, the ability to use the blockchain in this way was treated as an interesting side-effect of bitcoin’s role as a currency, but the tenfold collapse in the currency during 2014 prompted many who had invested in the bitcoin ecosystem – whether financially or intellectually – to seek other uses for the underlying technology.
  • Instead, there are many blockchains, as companies are born with different needs from a distributed ledger than those of Bitcoin.

Bitcoin hasn’t lived up to the salvation rhetoric, but the digital engine behind the currency may be about to change the world
Continue reading “Blockchain: the answer to life, the universe and everything?”

Now I Get It: Bitcoin [Video]

  • This arrangement has some stunning advantages over traditional currency or credit cards:

    There’s a whole lot of really cool, really complicated math involved in Bitcoin, designed to keep it secure and to prevent Bitcoin inflation.

  • There’s no government to decide when to print new money in this case, so new bitcoins are “mined”—created—through a complex scheme you can read about here.
  • When you get a Bitcoin address—something like an email address—you also get a complex password known as a private key, which you need to access your stash.
  • At that point, you can transfer money to other people by sending it to their Bitcoin addresses.
  • Or if your Bitcoin exchange goes out of business, which has happened plenty; in fact, 18 of the first 40 exchanges had gone under as of 2013, taking all their clients’ money with them.

Man, if anything needs the “now I get it” treatment, it’s Bitcoin. You hear about it all the time in financial and technical circles—but most people really don’t grasp it.
Continue reading “Now I Get It: Bitcoin [Video]”

Thieves holding Pictou County sports hall of fame photos for bitcoin ransom

Thieves holding Pictou County sports hall of fame photos for bitcoin ransom

  • More than half of the photos painstakingly collected by the Pictou County Sports Heritage Hall of Fame are being held for ransom by online thieves.
  • Scammers also wanted the hall of fame to pay them in bitcoin, a kind of digital currency and payment system.
  • Trenhold said the hall of fame does have hard copies of many of the photos that are on the computer.
  • Trenhold isn’t sure how the scammers managed to discover the Pictou County Sports Heritage Hall of Fame.
  • She recommends people avoid suspicious links, keep their computer’s software up to date, and back up important files to an external hard drive just in case.

Many of the thousands of photos stored on the organization’s computer are now encrypted by a program called server ransomware.
Continue reading “Thieves holding Pictou County sports hall of fame photos for bitcoin ransom”