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The Risks and Benefits of Digital Currency

The first heard the term “Bitcoin” I was sitting in the middle of my local mall waiting to get the rest of my shopping done. I overheard someone say they had completed a payment using some sort of digital currency. I laughed to myself: That’s definitely not going to catch on. Now, years later, I’m eating my words as digital currencies

Why You Can't Afford to Ignore Cryptocurrencies and Blockchain Anymore

Though cryptocurrency and its underpinnings — blockchain technology — have gone through tough times over the last eight years, they have evolved to the point where they pose a serious threat, not only to banks, but also to other centralized control systems, such as payment systems, insurance companies, law firms, and even governments. We cannot blame top bank officials for

Someone in 2010 Bought 2 Pizzas With 10,000 Bitcoins -- Which Today Would Be Worth $20 Million

On May 22, 2010, a developer bought two pizzas using 10,000 units of a then-little-known digital currency called bitcoin. Today, 10,000 bitcoins are worth more than $20 million. Bitcoin is going nuclear. Its price is tearing upward, with each bitcoin worth $2,128 — a little shy of its all-time-high of $2,185 reached earlier Monday morning. Just a year ago, it was trading at just

6 Cryptocurrencies You Should Know About (and None of Them Are Bitcoin)

In the 21st century, money is no longer limited to bills, coins and credit cards. In fact, some money is truly international — not owned by any particular government — and regulated “by the people” instead of a central entity. It also exists wholly on the internet. This type of money is called cryptocurrency. You may have heard of or

Billionaire Investor Draper Leads $4.2 Million Funding in Blockchain Startup

Texas-based Factom Inc., a blockchain technology company that secures data, said on Wednesday it has raised $4.2 million in financing from a slew of global investors led by billionaire investor Tim Draper. Blockchain technology powers the digital currency bitcoin and enables data-sharing across a network of individual computers. It has gained worldwide popularity due to its perceived usefulness in recording and

5 Ways to Participate in the Bitcoin Revolution

Bitcoin is the most successful digital currency to date. It is a new form of crypto-currency in which encryption techniques are used to control the creation of new bitcoins and to verify transactions. Enthusiasts for bitcoin include Bill Gates, the founder and ex-CEO of Microsoft; Sir Richard Branson, founder of the Virgin Group; ex-US vice president Al Gore; and Eric

Digital Currency Firm Co-founder Gets 10 Years in Prison in Cash-Laundering Case

A co-founder of Liberty Reserve, which operated a widely-used digital currency, was sentenced to ten years in prison on Friday after agreeing to help authorities prosecute his ex-partner for helping cyber criminals launder hundreds of millions of dollars. Vladamir Kats, 44, was sentenced by U.S. District Judge Denise Cote in Manhattan, a week after she imposed a 20-year prison term

Coinbase, Ripple Close to Landing New York Bitcoin Licenses, Sources Say

New York state’s financial regulator is close to approving licenses for bitcoin companies Coinbase Inc. and Ripple Labs Inc., which would allow them to offer digital currency services in the state, a person familiar with the matter said on Thursday. The New York State Department of Financial Services received applications from both companies, according to an April 28 notice published

Craig Wright Will Not Give Further Evidence He's Bitcoin's Creator

Australian tech entrepreneur Craig Wright, who earlier this week said he would provide “extraordinary proof” that he was the creator of digital currency bitcoin, will not provide any further evidence, according to a post on his blog on Thursday. Wright did not say his earlier claims were false, however. He said he had not deceived lead developer Gavin Andresen and

Australian Man Tells BBC He Created Bitcoin, Skepticism Remains

Australian tech entrepreneur Craig Wright told the BBC that he was the creator of controversial digital currency bitcoin, but some scepticism remained about the identity of a person who until now has gone by the name of Satoshi Nakamoto. The BBC reported on Monday that Wright gave some technical proof demonstrating that he had access to blocks of bitcoins known