Blockchain, the digital ledger underpinning Bitcoin, is perhaps the cryptocurrency’s most interesting (and intelligent) feature, with its ability to securely and publicly record transactions. Given that stock trading is a confusing mishmash of property trading hands, blockchain-powered trades seems like a surprisingly…
In the heart of downtown Montreal, between a boarded-up bar and a poutine shop, there’s a three-story glass building. It looks for all the world like realtor’s office — that is, until you spot the sign swaying in the wind: “Bitcoin Embassy.”
Cryptocurrency expert and guy who continually denies he’s Satoshi Nakamoto, Nick Szabo, is probably Bitcoin founder Satoshi Nakamoto, according to the New York Times. “I’m not Satoshi,” Szabo told reporter Nathaniel Popper. He probably is, though.
It’s going to unshackle us from the oppressive dungeon of fiat currency! But also criminals and rogue cops use it to do nefarious drug stuff! Digital currency is often defined by its volatile hype cycle. And yet its most promising feature is incredibly mundane-sounding: a bookkeeping system called “the blockchain.”
Bitcoin devotees and other cryptocurrency fans say that math gives their radical ideas so much potential. But starting a new value system also requires a level of faith in the people using the math. As “shitcoin” scams pile up, it’s becoming clear that new currencies need trust, too. And they don’t have it.
Auroracoin, the digital currency given as a free hand-out to every resident of Iceland, was supposed to be a a salvo for a country rankled by a broken financial system. It was heralded as the beginning of hyper-localized cryptocurrencies; it became the second-largest cryptocurrency before it even launched, valued at
If you've always wanted to dabble in cryptocurrency speculation but you were just waiting until you could acquire some Bitcoin that you knew was FOR SURE used in digital drug deals, I have some good-ass news for you: the United States Marshals Service is auctioning off 50,000 Bitcoins seized from Ross Ulbricht's…
It doesn't matter if the payments are in crumpled, wet $1 bills or casual swipes of a black Amex: New York City makes a shitload of money from fees and fines, and it's looking for new ways to get people to pay up. And that includes cryptocurrency. NYC councilman Mark Levine has proposed a bill allowing Bitcoin as a…
My dealer was 15 minutes late.
Bill Gates has high hopes for digital currency as an important banking tool for the poor. But Bitcoin isn't one of those currencies, he said in a Reddit AMA today. At least not in its current form.
Most Americans have no idea what Bitcoin is. A survey from Bitcoin organization Coin Center using Google Consumer Surveys showed 65% of respondents call themselves "not familiar at all" with Bitcoin.
The bitcoin service provider Coinbase is set to make history later today: it's going to launch the first licensed U.S. exchange for the currency, approved in 24 jurisdictions around the country.
Trying to shut down Silk Road, and any of its many-headed hydra reiterations, seems to be the ultimate lesson in futility. According to Motherboard, a new version of the online black market, called Silk Road Reloaded, launched today on the I2p anonymous network, dealing with several altcoin currencies.
Just a few days after reports emerged that the infamous Mt. Gox meltdown was an inside job, one of the biggest, oldest, and most trusted bitcoin exchanges—Bitstamp—just went offline after a security breach. Bitcoin exchanges come and go all the time, but this is different. Bitstamp is supposed to be the reliable one.
When the FBI shut down illegal online marketplace the Silk Road, it seized a stash of 30,000 Bitcoin from the underground website and announced plans to auction the supply off. This week, venture capitalist and would-be California-splitter-upper Tim Draper won all of it, gaining an estimated $17.7 million in illicit…
In the time-honored tradition of giving people things they otherwise do not want for free, the MIT Bitcoin Project will be handing every undergrad $100 in Bitcoin next semester. The campus, the project's creators hope, will become a giant social and economic experiment for Bitcoin.
Over the weekend, Ross Ulbricht's lawyer, Joshua Dratel, filed a motion asking the court to dismiss all charges against the Silk Road kingpin. It's largely what you'd expect from a bullish defense attorney. But here's the twist: Dratel throws bitcoin under the bus.
With April 15 looming, plenty of bitcoin barons have been wondering how to treat their newfound crypto-fortunes. Does it count as capital gains? Is it taxed like a currency? Is it taxed at all? Well, on Tuesday, the Internal Revenue Service announced definitively that Bitcoin is property, and will be taxed as such.
Bitcoin, like all great fantasies, has a compelling creation myth: one Satoshi Nakamoto existed on the internet just long enough to give birth to everyone's favorite cryptocurrency before disappearing for six years. Theories abounded as to the man's true identity. No one could track him down. That is, until Newsweek…