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”

For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold

For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold  #bitcoin

  • According to a CNNMoney report, the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228.
  • First, high demand for the digital coin helped push the price of a bitcoin higher throughout the year, although it did suffer a major setback.
  • The price of a bitcoin tumbled 30 percent earlier this year after authorities in China increased their scrutiny of bitcoin exchanges.
  • But some experts are finding it hard pressed to explain why bitcoin is more valuable than gold — a commodity that has existed for centuries as opposed to the digital currency that few have heard of in the late 2000s

    Related Link: Gartman: Bitcoin Is Nearly Incomprehensible At This Point

    Charles Hayter, the CEO of the digital currency comparison website CryptoCompare, told CNNMoney that there is no direct correlation between gold and bitcoin.

  • Hayter also said that the issue in China that plagued bitcoin earlier this year has now been “brushed under the carpet,” and any short-term woes will be erased over the longer term.

For the first time ever, one bitcoin is worth more than an ounce of gold. According to a CNNMoney report, the price of one bitcoin traded above $1,290 on Friday while an ounce of gold costs $1,228. There …
Continue reading “For The First Time Ever, One Bitcoin Is More Valuable Than One Ounce Of Gold”