Articles about Bitcoin

Bitcoin has significantly shifted from being a commodity traded by investors towards being used as an actual currency used to pay for goods and services. Exponentially growing transactions in the past year as well as increased involvement from businesses and government figures suggest that cryptocurrency adoption will only continue. The British Chancellor of the Exchequer, George Osborne, stated his desire for the UK to become a "global center of innovation for financial technology" before the end of 2015, and has taken steps to both regulate Bitcoin exchanges as well as provide guidelines for organizations who deal in the currency. On the business side, the number of merchants accepting Bitcoin have already hit 100,000 this year -- this number is expected to reach 140,000 by the end of this year.

It is common knowledge that there are clear business benefits and opportunities to utilizing Bitcoin and other cryptocurrencies. For example, any existing market currency can be converted to a cryptocurrency through the use of online portals. Once held, cryptocurrencies can be stored in an electronic "wallet" without the need for a bank account. If a company manages most of its assets in bitcoin, this will naturally result in a reduction of third-party costs, and represent an alternative to managing multi-currency risk -- however, this option is not without its own risks.

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Ransomware is one of the latest tactics used by cybercriminals to extract money from victims. CryptoLocker hit the headlines last year, encrypting the files on infected machines until a ransom was paid. Now the same idea has spread to the world of gaming thanks to Teslacrypt.

Teslacrypt works in much the same way as CryptoLocker, but its raison d'etre is seek out game saves and download content for dozens of popular titles and hold them to ransom. Until victims cough up $500 in Bitcoins, or make a $1,000 PayPal payment, there is no way to access the games.

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Sometimes it's easy to be swayed by what's being written online. At the moment there are lots of stories creeping out about the iPad Pro and Apple Watch, none of which are founded in any fact whatsoever. Still, making stuff up, popping it in quotes and attributing it to an anonymous source is great fun, right?

It may be fun, but it's not really fair on the reader. Another story which popped up on my radar today was about uTorrent -- the popular BitTorrent client that's loved and hated in equal measure. Stories on Trusted Reviews, Engadget and the Verge suggest a Bitcoin mining tool called Epic Scale is installed without permission, and is a tricky blighter to remove. There's an easy way to find out; let's just install it.

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Bitcoin exchange Bitstamp has been taken offline after a hack attack relieved its coffers of $5 million. A message on the Bitstamp homepage explains that some of the exchange's operational wallets had been compromised, and warned customer to stop making deposits to previously-used addresses.

The attack took place over the week, but details are only now starting to come to light. Although more than 19,000 BTC ($5.2 million) were "lost" as a result of this, Bitstamp assures its customers that any Bitcoins stored up to January 5 are safe, but says that service is suspended for the time being.

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We've already heard that 2015 is supposed to be the year of cryptocurrency, and Microsoft recently announced that Bitcoin is an acceptable form of payment. Now Reddit is getting in on the virtual currency action. Kind of. Well, perhaps. The details are vague at the moment, but the intriguingly-named Reddit Notes have been announced.

It comes just a few months after Reddit managed to secure $50 million in funding, and at the time "the investors in this round have proposed to give 10% of their shares back to the community". The birth of Reddit Notes is the start of this payback, but it's not yet clear who will receive them or what they will be used for.

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We've heard that 2015 could be the year of cryptocurrencies, and now it seems that Microsoft is getting in on the action ahead of the New Year. There is yet to be a formal announcement, but Microsoft now accepts Bitcoin as a form of payment for apps, games and other digital content.

The virtual currency can be used to make purchases in the Windows Stores, Windows Phone Store and the various stores that exist for Xbox. While Microsoft is yet to issue a statement about the acceptance of Bitcoin, a page has been added to its customer support site that gives some details.

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Coming to the end of 2014, it's time to start looking to what the year ahead may have to offer. After gazing into its crystal ball, Juniper Research has compiled a list of what it expects to be the biggest technology trends of 2015. Topping the list is a focus on security. Juniper Research predicts that there will be greater interest in encryption and tokenization, as cloud storage providers battle to regain customer trust.

The launch of Apple Pay will help to drive an increased interest in biometrics to help with security, but 2015 is also predicted to be the year that wearables really take off. Now that Apple has entered the arena, there should be a greater focus on aesthetics and smaller players will increase in popularity. Tied in with both security and wearables is a predicted jump in the use of NFC -- for payments, authentication, health and more.

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Thursday is finally here -- Happy Thanksgiving y'all! Later today, I, like many other Americans, will be eating a beautiful turkey dinner with friends and family. As is a tradition on Long Island, I drove to 711 this morning at 7 am to get a copy of our local paper, Newsday, to get all of the Black Friday circulars. While I am not planning to do any shopping today or tomorrow, I still enjoy looking through the advertisements.

While I am a huge proponent of capitalism and spending for the economy, it makes me sad to see so much commercialism on a family-focused holiday. Truth be told, one of my family members is in the hospital this week, and I have been visiting every day, but it is very sad to see the lonely sick people who have nobody visiting. While today is a day to be thankful for what you have, I hope you also take the time to reflect on what others don't have. Many of you, our readers, are very tech-oriented and probably own some Bitcoin. If you are feeling generous today, and want to help others, the American Red Cross is now accepting the virtual-currency for donations.

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The days of paying for everything with cash are slowly drawing to a close, and if you borrow or pay back money, there’s a very good chance wads of notes won't be involved in the transaction. I personally do a lot of online shopping, pay for goods in real shops using contactless cards, and send money and pay bills via an app, and I imagine a lot of people do the same. I still carry a wallet, but it generally doesn’t have much, if any, actual money in it.

Foreign exchange marketplace CurrencyFair.com has put together a very detailed, and great looking infographic covering the many different and innovative ways you can now make payments and exchange currencies -- from crowdfunding, through peer-to-peer payments, to cryptocurrency, like Bitcoin.

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Whilst virtual currency bitcoin has soared in popularity in recent times it still isn't an option when it comes to buying goods and services from many mainstream merchants.

That could be about to change thanks to a new partnership between SaaS mobile marketing and customer service provider Acromobile and ecommerce platform Bitnet.

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PandaLabs has discovered a new strain of ransomware which it is calling Trj/Crypdef.A. The new variant works like other forms of ransomware in that it locks infected computers and encrypts a user’s files before demanding a ransom to get control back.

The ransom demand says "By purchasing a license from us, we are able to rescue your files 100% guaranteed for a very low early bird price of only $300". Don’t think $300 is a bargain? Well, in five days the demand goes up to $600, and after ten days it will cost you $1,000 to unlock your system and restore your files.

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So you've flogged both your kidneys and sold your Apple shares to invest in Bitcoin -- congratulations on a worthy investment.

But how do you know when to cut and run? Bitcoin is still a young and fickle currency, so at what point do you bow out with your profits in tow?

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The US Marshals Service doesn’t normally make economic policy but this week they apparently did so by auctioning 30,000 Bitcoins, a crypto currency I have written about before. This auction effectively legitimizes Bitcoins as part of the world economy. Am I the only one to notice this?

My first column on this subject was a cautionary tale pointing out the two great areas of vulnerability for Bitcoin: 1) the US Government might declare Bitcoins illegal, and; 2) someone might gain control of a majority of Bitcoins in which case their value could be manipulated. While number two is still theoretically possible it becomes less likely every day. And number one seems to have been put to rest by the U.S. Marshals.

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A new piece of malware being traded on the criminal market aims to steal victim's BitCoin wallets. Damballa Threat Research, which identified the Pony Loader 2.0 malware, says it expects to see an increase in thefts.

Pony Loader, also referred to as Fareit, has been around for a few years and has the ability to steal sensitive information from a victim's computer and install additional malware. This may include taking stored credentials for email, web and FTP accounts. In the past, Pony has been used to distribute the P2P GameOver Zeus Trojan.

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Using a mobile device to mine for Bitcoin is hugely impractical. A recent experiment involving 600 quadcore servers managed to create just 0.4 Bitcoins over the course of a year, which makes mining with a mobile a lot like digging in a mostly-spent goldmine with a spoon.

But, in theory, if you could harness the power of enough mobile devices -- hundreds of thousands, or maybe millions -- you might be able to start generating Bitcoins. BadLepricon, a new piece of malware, takes that view and uses your phone’s processing power to mine for new coins. It’s disguised as a harmless wallpaper app, and several instances of it have already been found on Google Play.

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