I admit, like a lot of others, I’ve found myself with a bit of a bitcoin obsession lately. I find the vast amount of effort it takes to create something that doesn’t actually exist, completely fascinating.
Thanks to bitcoin, it's about to become a lot easier to move money in Africa. M-Pesa, a successful mobile money platform in Sub-Saharan Africa, is embracing bitcoin. The service will give rise to transactions with negligible fees (~$0.04), and could dramatically slash revenues of existing money transfer services like Moneygram, Western-Union and Paypal. That is, if the famed untraceable digital currency catches on.
A few months ago an extension to Bitcoin called Zerocoin was proposed. The big news is that Zerocoin is now talking about moving forward as it’s own alt-coin, perhaps as early as a few months from now. This is a radical chagne from the “road ahead” published on the Zerocoin website, it still reads, “Get someone [to] integrate it into bitcoin/litecoin/*coin.”
Bitcoin is the first e-cash system to see widespread adoption. While Bitcoin offers the potential for new types of financial interaction, it has significant limitations regarding privacy. Specifically, because the Bitcoin transaction log is completely public, users’ privacy is protected only through the use of pseudonyms. In this talk we discuss Zerocoin, a cryptographic extension to Bitcoin that augments the protocol to allow for fully anonymous currency transactions. Our system uses standard cryptographic assumptions and does not introduce new trusted parties or otherwise change the security model of Bitcoin. We detail Zerocoin’s cryptographic construction, its integration into Bitcoin, and examine its performance both in terms of computation and impact on the Bitcoin protocol.
ZeroCoin allows the one who knows one particular number to prove he knows it without having to reveal the number itself. Or if you do have to reveal it, it's still impossible to know which particular addition to the accumulator had put that number there, thus creating no link between the addition and the revealing of the number.
Basically a few months ago an extension to Bitcoin, called Zerocoin, was proposed, Zerocoin would make Bitcoin anonymous. The problem was that the proofs needed for Zerocoin took a lot of processing power and too much storage space to be practical. The 98% reduction in size means that Zerocoin is now lightweight enough to be implemented into Bitcoin (or any other cryptocurrency).
Bitcoin, an online-only currency scarcely four years old, is breaking out to new highs this week and now sports a total value of $2.8 billion. Just a few months ago, it looked like this economic experiment as the world’s first decentralized...
Mr. Green may believe that he is democratizing online transactions, but what he is really doing is creating an anarchic system of payments. Democracies have rules, and rules have to be enforced. We attach identities to transactions so that law enforcement can deter bad people from making money off things that we deem impermissible, like sex slavery and rhino poaching.
Those bitcoins that made you gasp at $300 just a couple of weeks ago? They were a bargain — the value of 1 BTC has now passed $500. Prices hit this record and landmark figure at 11.50am GMT on 17 N...
Suggestions of a bubble will probably continue to increase and it’s wise to not get to carried away simply by a rising price. It might be equally prudent to stay ready to pounce on another price drop to $65.
The opportunities for Bitcoin in China are “boundless” as the Chinese, famous for their big saving, are now using the cryptocurrency to save and invest, according to the co-founder of country’s largest exchange.
Though it has no intrinsic value and isn’t backed by a government or bank, Bitcoin has become a hot commodity to trade, similar to gold as it’s a way to save and hedge against normal FOREX currencies.
BTC China, China’s leading exchange, recently surpassed Japan-based Mt. Gox in terms of global trading volume.