Manafort Discussed Deal With Ecuador to Hand Assange Over to …

WASHINGTON In mid-May 2017, Paul Manafort, facing intensifying pressure to settle debts and pay mounting legal bills, flew to Ecuador to offer his services to a potentially lucrative new client the countrys incoming president, Lenn Moreno.

Mr. Manafort made the trip mainly to see if he could broker a deal under which China would invest in Ecuadors power system, possibly yielding a fat commission for Mr. Manafort.

But the talks turned to a diplomatic sticking point between the United States and Ecuador: the fate of the WikiLeaks founder Julian Assange.

In at least two meetings with Mr. Manafort, Mr. Moreno and his aides discussed their desire to rid themselves of Mr. Assange, who has been holed up in the Ecuadorean Embassy in London since 2012, in exchange for concessions like debt relief from the United States, according to three people familiar with the talks, the details of which have not been previously reported.

They said Mr. Manafort suggested he could help negotiate a deal for the handover of Mr. Assange to the United States, which has long investigated Mr. Assange for the disclosure of secret documents and which later filed charges against him that have not yet been made public.

Within a couple of days of Mr. Manaforts final meeting in Quito, Robert S. Mueller III was appointed as the special counsel to investigate Russian interference in the 2016 election and related matters, and it quickly became clear that Mr. Manafort was a primary target. His talks with Ecuador ended without any deals.

There is no evidence that Mr. Manafort was working with or even briefing President Trump or other administration officials on his discussions with the Ecuadoreans about Mr. Assange. Nor is there any evidence that his brief involvement in the talks was motivated by concerns about the role that Mr. Assange and WikiLeaks played in facilitating the Russian effort to help Mr. Trump in the 2016 presidential election, or the investigation into possible coordination between Mr. Assange and Mr. Trumps associates, which has become a focus for Mr. Mueller.

Mr. Manafort and WikiLeaks have both denied a recent report in The Guardian that Mr. Manafort visited Mr. Assange at the Ecuadorean Embassy in London in 2013, 2015 and 2016.

But the revelations about Mr. Manaforts discussions in 2017 about Mr. Assange in Quito underscore how his self-styled role as an international influence broker intersected with the questions surrounding the Trump campaign.

And the episode shows how after Mr. Trumps election, Mr. Manafort sought to cash in on his brief tenure as Mr. Trumps campaign chairman even as investigators were closing in.

The Ecuadoreans continued to explore the possibility of Chinese investment, but with the United States Justice Department and intelligence agencies stepping up their pursuit of Mr. Assange and WikiLeaks, Mr. Morenos team increasingly looked to resolve their Assange problem by turning to Russia.

In the months after Mr. Moreno took office, the Ecuadorean government granted citizenship to Mr. Assange and secretly pursued a plan to provide him a diplomatic post in Russia as a way to free him from confinement in the embassy in London. (That plan was ultimately dropped in the face of opposition from British authorities, who have said they will arrest Mr. Assange if he leaves the embassy.)

Jason Maloni, a spokesman for Mr. Manafort, said that it was Mr. Moreno not Mr. Manafort who broached the issue of Mr. Assange and his desire to remove Julian Assange from Ecuadors embassy. Mr. Manafort listened but made no promises as this was ancillary to the purpose of the meeting, said Mr. Maloni, adding, There was no mention of Russia at the meeting.

Late last year, Mr. Muellers team charged Mr. Manafort with a host of lobbying, money laundering and tax violations in connection with his consulting work for Russia-aligned interests in Ukraine before the 2016 election. Mr. Manafort was convicted of some of the crimes and pleaded guilty to others as part of an agreement to cooperate with prosecutors. But prosecutors said last week that he violated the deal by repeatedly lying to them. Mr. Manafort remains in solitary confinement in a federal detention center in Alexandria, Va., waiting for a judge to set a sentencing date.

The trip to Ecuador was part of a whirlwind world tour that represented the last gasps of Mr. Manaforts once lucrative career.

In those final months, Mr. Manafort pitched officials from a range of governments facing a variety of challenges, from Puerto Rico to Ecuador to Iraqi Kurdistan to the United Arab Emirates. Mr. Manafort, who served on the board of the Overseas Private Investment Corporation in the Reagan administration, presented himself as a liaison to the new Trump administration and, in some cases, as a broker for arranging investments from a fund associated with the state-owned China Development Bank.

In Quito, he told Mr. Morenos team that he could arrange a major cash infusion from the Chinese fund in the Ecuadorean electric utility, and could ease any potential concerns from the Trump administration about such an investment, according to people involved in arranging the meetings.

The week after the Quito trip, Mr. Manafort traveled to Hong Kong to meet with representatives from the China Development Banks fund to discuss the possible investment in Ecuador, as well as a proposal being pushed by Mr. Manafort to buy Puerto Ricos bond debt, possibly in exchange for ownership of the islands electric utility.

In both cases, Mr. Manafort assured the Chinese he could win support from Washington, despite Mr. Trumps oft-expressed qualms about China.

Brokering a deal to bring Mr. Assange to the United States could have been even more complicated. Not only had Mr. Assange not been charged at the time of Mr. Manaforts trip, but Mr. Assanges work was and remains a particularly fraught matter for Mr. Trump and his team.

Mr. Trump and his allies had cheered on WikiLeaks during the campaign, when it released troves of embarrassing internal emails and documents stolen from the Democratic National Committee and Hillary Clintons campaign chairman. Since then, though, the United States intelligence agencies and Mr. Muellers team have made the case that the documents were stolen by Russian government agents, 12 of whom were charged by Mr. Mueller.

Mr. Assange had been pursued by Swedish prosecutors on a rape accusation from 2010. The Ecuadorean Embassy in London granted him asylum in the summer of 2012. That was under Mr. Morenos predecessor, Rafael Correa, whose political identity was based partly on his antagonism toward the United States. Swedish authorities abandoned their attempt to extradite him last year, which invalidated the warrant for his arrest.

During Mr. Correas last day in office, the Ecuadorean government wrote a letter repeating its requests to Britain to accept Mr. Assanges asylum status. The letter asserts that United States officials had left no doubt about their intention to persecute Mr. Assange with the aim of punishing him for alleged offenses.

Mr. Moreno had signaled during his campaign that he would like to wash his hands of Mr. Assange. And last December, Ecuador began carrying out the plan to move Mr. Assange to Russia as a diplomat, which would require him to become an Ecuadorean citizen.

In a citizenship interview at the embassy in London, Mr. Assange explained that he wanted to become a citizen because Ive been welcomed here for the last five years and I feel practically Ecuadorean, according to a written summary of the meeting.

Within 10 days, Mr. Assange was granted citizenship, according to documents released by Paola Vintimilla, an Ecuadorean lawmaker who opposes Mr. Assanges presence in the embassy. But a subsequent effort to grant Mr. Assange diplomatic status, and the immunity that would come with it, was rejected by the British government.

Go here to read the rest:
Manafort Discussed Deal With Ecuador to Hand Assange Over to ...

Next Generation Encryption – blogs.cisco.com

A transition in cryptographic technologies is underway. New algorithms for encryption, authentication, digital signatures, and key exchange are needed to meet escalating security and performance requirements. Many of the algorithms that are in extensive use today cannot scale well to meet these needs. RSA signatures and DH key exchange are increasingly inefficient as security levels rise, and CBC encryption performs poorly at high data rates. An encryption system such as an IPsec Virtual Private Network uses many different component algorithms, and the level of security that it provides is limited by the lowest security level of each of those components. What we need is a complete algorithm suite in which each component provides a consistently high level of security and can scale well to high throughput and high numbers of connections. The next generation of encryption technologies meets this need by using Elliptic Curve Cryptography (ECC) to replace RSA and DH, and using Galois/Counter Mode (GCM) of the Advanced Encryption Standard (AES) block cipher for high-speed authenticated encryption. More on these algorithms below, but first, some good news: the new ISR Integrated Services Module brings these next-generation encryption (NGE) technologies to IPsec Virtual Private Networks, providing a security level of 128 bits or more. These technologies are future proof: the use of NGE enables a system to meet the security requirements of the next decade, and to interoperate with future products that leverage NGE to meet scalability requirements. NGE is based on IETF standards, and meets the government requirements for cryptography stipulated in FIPS-140.

NGE uses new crypto algorithms because they will scale better going forward. This is analogous to the way that jets replaced propeller planes; incremental improvements in propeller-driven aircraft are always possible, but it was necessary to adopt turbojets to achieve significant advances in speed and efficiency.

The community that needs a new technology most leads its adoption. For instance, the transition from propellers to jet engines happened for military applications before jets were adopted for commercial use. Similarly, governments are leading the transition to next generation encryption. The U.S. government selected and recommended a set of cryptographic standards, called Suite B because it provides a complete suite of algorithms that are designed to meet future security needs. Suite B has been approved for protecting classified information at both the SECRET and TOP SECRET levels. Suite B sets a good direction for the future of network security, and the Suite B algorithms have been incorporated into many standards. (Cisco supported the development of some of these standards, including GCM authenticated encryption and implementation methods for ECC.) NGE uses the Suite B algorithms for two different reasons. First, it enables government customers to conform to the Suite B requirements. Second, Suite B offers the best technologies for future-proof cryptography, and is setting the trend for the industry. These are the best standards that one can implement today if the goal is to meet the security and scalability requirements ten years hence, or to interoperate with the crypto that will be deployed in that timescale.

A network encryption system must meet the networks requirements for high throughput, high numbers of connections, and low latency, while providing protection against sophisticated attacks. Cryptographic algorithms and key sizes are designed to make it economically infeasible for an attacker to break a cryptosystem. In principle, all algorithms are vulnerable to an exhaustive key search. In practice, this vulnerability holds only if an attacker can afford enough computing power to try every possible key. Encryption systems are designed to make exhaustive search too costly for an attacker, while also keeping down the cost of encryption. The same is true for all of the cryptographic components that are used to secure communications digital signatures, key establishment, and cryptographic hashing are all engineered so that attackers cant afford the computing resources that would be needed to break the system.

Every year, advances in computing lower the cost of processing and storage. These advances in computing accrue over the years and make it imperative to periodically move to larger key sizes. Because of Moores law, and a similar empirical law for storage costs, symmetric cryptographic keys need to grow by a bit every 18 months. In order for an encryption system to have a useful shelf life, and be able to securely interoperate with other devices throughout its operational lifespan, it should provide security ten or more years into the future. The use of good cryptography is more important now than ever before, due to the threat of well-funded and knowledgeable attackers.

A complete crypto suite includes algorithms for authenticated encryption, digital signatures, key establishment, cryptographic hashing. I touch on each of these below, to explain the need for technology changes. The Rivest-Shamir-Adleman (RSA) algorithms for encryption and digital signatures are less efficient at higher security levels, as is the integer-based Diffie-Hellman (DH). In technical terms, there are sub-exponential attacks that can be used against these algorithms, and thus their key sizes must be substantially increased to compensate for this fact. In practice, this means that RSA and DH are becoming less efficient every year.

Elliptic Curve Cryptography (ECC) replaces RSA signatures with the ECDSA algorithm, and replaces the DH key exchange with ECDH. ECDSA is an elliptic curve variant of the DSA algorithm, which has been a standard since 1994. ECDH is an elliptic curve variant of the classic Diffie-Hellman key exchange. DH and DSA are both based on the mathematical group of integers modulo a large prime number. The ECC variants replace that group with a different mathematical group that is defined by an elliptic curve. The advantage of ECC is that there are no sub-exponential attacks that work against ECC, which means that ECC can provide higher security at lower computational cost. The efficiency gain is especially pronounced as one turns the security knob up.

The AES block cipher is widely used today; it is efficient and provides a good security level. However, the Cipher Block Chaining (CBC) mode of operation for AES, which is commonly used for encryption, contains serialized operations that make it impossible to pipeline. Additionally, it does not provide authentication, and thus the data encrypted by CBC must also be authenticated using a message authentication code like HMAC. NGE improves on the combination of CBC and HMAC by using AES in the Galois/Counter Mode (GCM) of operation.

Fifteen years ago, it was considered a truism that encryption could not keep up with the fastest networks. Ten years ago, it was realized that the counter mode of operation (CTR) could keep up, but that did not resolve the need for data authentication. GCM solves this problem by incorporating an efficient authentication method, based on arithmetic over finite fields. GCM is an authenticated encryption algorithm; it provides both confidentiality and authenticity. Combing both these security services into a single algorithm improves both security and performance. (For instance, it prevents subtle attacks that exploit unauthenticated encryption, such as the recent BEAST attack against the TLS/SSL protocol and similar attacks.) AES-GCM is efficient even at very high data rates, because its design enables the use of full data pipelines and parallelism. Its efficiency is showcased by its use in the IEEE MACsec protocol, where it has kept up with 802.1 data rates of 10, 40, and even 100 gigabits per second without adding significant latency.

NGE follows Suite B and uses the SHA-2 family of hash functions. These functions replace the ubiquitous SHA-1 hash with SHA-256, SHA-384, and SHA-512. SHA-1 only targets an 80-bit security level, and has been shown to not meet that goal. If you are still using SHA-1, you should transition to SHA-256, which provides a 128-bit security level.

For more information about Ciscos offering for faster next-generation encryption, see the Cisco VPN Internal Service Module for the ISR G2 page.

Share:

Read the original post:
Next Generation Encryption - blogs.cisco.com

Edward Snowden: Blockchain Is All About Trust Live …

Whistleblower Edward Snowden has some interesting thoughts regarding Bitcoin and the blockchain.

In a recent interview, Snowden gave a brief description of the blockchain and says that the main reason for implementing it into governments and businesses is trust. He comments:

Imagine an old database where any entry can be changed just by typing over it and clicking save. Now imagine that entry holds your bank balance. If somebody can just arbitrarily change your balance to zero, that kind of sucks, right? Unless youve got student loans. The point is that any time a system lets somebody change the history with a keystroke, you have no choice but to trust a huge number of people to be both perfectly good and competent, and humanity doesnt have a great track record for that. Blockchains are an effort to create a history that cant be manipulated.

Blockchain technology is widely regarded for its ability to create irrefutable evidence of an occurrence between two distinct parties. For example, if party A sends party B some form of currency, that transaction is recorded in real-time, and is forever implemented on the blockchain to show that it occurred should the data ever be needed. Snowden states:

The reality is that blockchains can theoretically be applied in many ways, but its important to understand that mechanically, were discussing a very, very simple concept, and therefore the applications are all variations on a single theme: verifiable accounting. Hot.

While he doesnt foresee blockchain overtaking large tech companies like Facebook or Google in the immediate future, hes confident the technology will one day be so powerful and widespread that it can disrupt trade. In addition, hes particularly fond of bitcoin transactions, describing them as impartial which, in turn, adds greatly to the trust factor of the cryptocurrency arena. He explains:

[Bitcoin transactions] cant really be stopped or reversed without the explicit, voluntary participation of the people involved. Lets say Bank of America doesnt want to process a payment for someone like me. In the old financial system, theyve got an enormous amount of clout, as do their peers, and can make that happen. If a teenager in Venezuela wants to get paid in a hard currency for a web development gig they did for someone in Paris, something prohibited by local currency controls, cryptocurrencies can make it possible. Bitcoin may not yet really be private money, but it is the first free money.

Do you agree with Snowdens thoughts about blockchain? Why or why not? Post your comments below.

Image courtesy of ShutterStock and Youtube/Blockstack

See the original post:
Edward Snowden: Blockchain Is All About Trust Live ...

Bitcoin Wont Last, But Crypto is Here to Stay: Edward Snowden

Exiled American whistleblower Edward Snowden has weighed in on the conversation surrounding bitcoin, stating that while the market lodestar will be eventually fade away, the use of cryptocurrencies will not end with bitcoin.

Speaking in an interview with Ben Wizner, Director of the ACLU Speech, Privacy and Technology project, Snowden said that the belief which supports bitcoin acting as a global currency will merely transfer itself to other cryptocurrencies instead of dissipating.

Responding to a question from Wizner about whether he believes bitcoin has long-term intrinsic value, Snowden compared bitcoin to paper fiat money and pointed out that the only difference between fiat and monopoly money is the belief generated by state backing, which essentially boils down to men with guns. In his view, while bitcoin and other blockchain-based crypto assets have a severely limited amount of fundamental value, two things, in particular, ensure that bitcoin remains viable in the near term.

The first he said, is scarcity, which is caused by bitcoins limited supply of 21 million BTC. This scarcity engenders competition to mine the remaining few million bitcoin, and that alone gives it a measure of value. The second and more significant factor in his view is the fact that large segments of the general population view it as a bona fide means of exchange. According to Snowden, this belief in cryptocurrency frameworks as a method of transferring real-world monetary value outside of banking networks is transferable and will survive the death of bitcoin.

In his words:

That belief is how cryptocurrencies move enormous amounts of money across the world electronically, without the involvement of banks, every single day. One day capital-B Bitcoin will be gone, but as long as there are people out there who want to be able to move money without banks, cryptocurrencies are likely to be valued.

Snowden, who lives in Russia after claiming asylum there in 2013 also revealed that despite his prediction of its impending demise, he likes bitcoin because of the opportunities and possibilities it has created around the world. Using himself as an example he said:

Lets say Bank of America doesnt want to process a payment for someone like me. In the old financial system, theyve got an enormous amount of clout, as do their peers, and can make that happen. If a teenager in Venezuela wants to get paid in a hard currency for a web development gig they did for someone in Paris, something prohibited by local currency controls, cryptocurrencies can make it possible. Bitcoin may not yet really be private money, but it is the first free money.

Going further, however, he criticised the existing blockchain hashing paradigm, stating that neither of the two main hashing methods are great and new ones should be developed. Without mincing words, he described Proof of Work as an environmentally destructive activity slanted in favour of the rich, and Proof of Stake as a direct handout to the rich in the hope that their greed will keep the system running.

Featured image from Youtube.

The post Bitcoin Wont Last, But Crypto is Here to Stay: Edward Snowden appeared first on CCN.

Here is the original post:
Bitcoin Wont Last, But Crypto is Here to Stay: Edward Snowden

Bitcoin extends falls as selloff in crypto currencies …

NEW YORK (Reuters) - Bitcoin plunged more than 12 percent on Monday, extending falls in recent weeks in a broad-based selloff in digital currencies as sentiment sours.

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/File Photo

Several factors have accelerated the downturn, analysts said, including increased U.S. regulatory scrutiny and a delay to January 2019 of the widely-anticipated launch of bitcoin futures by Bakkt, Intercontinental Exchanges crypto platform.

These factors coupled with lukewarm network fundamentals and reports of falling adoption of crypto as a tool for services such as payments, have led to strong selling pressure against a lack of buying resistance to a point of apparent capitulation, said Aditya Das, analyst at Brave New Coin, a crypto asset market data company.

Bitcoin fell to as low as $3,519.94 on the Bitstamp platform, after earlier falling to a 14-month trough of $3,462,57, and was last down 12.6 percent. It has lost 74 percent of its value so far this year, after hitting nearly $20,000 in December last year.

Other digital currencies also fell sharply, with Ethereums ether down 7 percent at $106.69 and Ripples XRP falling 5.6 percent to 34 U.S. cents.

Cryptocurrency market capitalization plummeted to $122.3 billion on Monday, down 85 percent from its peak of nearly $800 billion hit in early January this year.

Mainstream investors have stayed clear of bitcoin, with concerns over scant regulatory oversight and undeveloped market infrastructure compounded by frequent swings in price.

Analysts said the U.S. Securities and Exchange Commission was partly to blame for the recent sell-off, with the delay in its approval of new bitcoin instruments, as well as for its investigations of initial coin offerings and crypto exchanges.

The SEC has ordered civil penalties against Airfox and Paragon Coin that sold digital tokens deemed as securities in initial coin offerings. Those companies have agreed to return funds to harmed investors, register the tokens as securities, file periodic reports with the Commission, and pay penalties.

Bloomberg reported this month that the U.S. Department of Justice had initiated an investigation of cryptocurrency Tether over possible manipulation of bitcoin prices at the end of last year.

At the same time, the sharp price falls are seen by some as an opportunity to get into viable cryptocurrency projects at a discounted price.

It is important to highlight that none of the unpleasant headlines are directly related to the underlying fundamentals of legitimate cryptocurrency projects, said Donald Bullers, North American representative of web3 infrastructure platform Elastos.

Whether its market manipulation accusations, a controversial fork, or short-term speculators deciding not to play the long game, this dip will cull the wheat from the chaff and the most important decentralization projects will continue to survive, he added.

Reporting by Gertrude Chavez-Dreyfuss; Editing by Susan Thomas

Original post:

Bitcoin extends falls as selloff in crypto currencies ...

Bitcoin (BTC) for beginners – Coin Rivet guide to BTC

The Bitcoin protocol is an open source software project that was started by the anonymous founder Satoshi Nakamoto who published the idea in a cryptography mailing list back in late 2009.

By the start of 2010 Satoshi and other volunteers helped start running the network by becoming miners (Back then mining was done on normal computers) and writing the software for the wallets to conduct transactions. It must be said that even though Satoshi started the project he/she or no one else had any special control over this open source protocol.

Bitcoin is a decentralised digital protocol to transfer value directly between participants without the need to for thirdparties or central intermediaries to come between or govern transactions. Bitcoins are also the name of the token on the network and each bitcoin can be divided by up 8 decimal places So you can send 0.00000001 BTC

In total, there will only ever be 21 million bitcoins ever created. So far just under 18 million have already entered circulation with the remaining three million to be mined between now and the year 2140 with an ever-decreasing rate of supply. Currently the supply increases by 12.5 Bitcoins every 10 minutes.

Anyone in the world can become a miner, all you need to do is buy some specialist hardware and connect it up to the Bitcoin network. As a miner your hardware will consume electricity to solve a difficult maths problem by using a trial and error approach. As a miner you will partially share in the new Bitcoins created every 10 minutes proportional to your share contributed to solving the problem. Currently there is about $1.3 billion of mining hardware deployed on the network that is competing for the reward of new coins.

Just like trying to by other currency like euros or dollars you can buy Bitcoins through an exchange? There are various types of exchanges that you can use like online exchanges on websites or apps, physical exchanges like shops or ATMs or maybe even P2P exchanges where you meet someone to trade Bitcoins at the local coffee shop in person.

The price like all other markets is determined through supply and demand of buyers and sellers. Every day around $4 billion worth of Bitcoin is traded and these traders help find an equilibrium price for the day. One thing to note is that depending on where you may buy there may be a premium or discount. For example, if you only want to buy from an ATM the price may be higher than online exchanges quote due to the cost of initially buying and maintain a physical terminal versus a website.

Bitcoins are stored in wallets. Different types of wallet exist like mobile wallets, website wallet, paper wallets and hardware wallets. All these wallets can store and send Bitcoins to each other but they each offer different level of security, functionality and ease of use.

Bitcoins can be sent via your wallet to anyone else who also has a wallet. Today there are over 100,000 merchants accepting Bitcoin as a form of payment and there are many websites that track and compare merchants spendbitcoins.com or coinmap.org

Private keys are secret passworda that are required to make Bitcoin transactions from a wallet holding funds. These are stored inside your wallet but some wallets allow you to export them and see the keys. They look like this: 5JiPnCbT3ywe9WNJdNvhFq4P2U6rC3pr6yJ83ooDLLuk2o76Vf9 (Or can also be shown pictorially as a QR code). If someone gains access to your private keys then they can steel your Bitcoins without any way to reverse the transaction. If you lose your private keys then you will also lose the ability to ever send the Bitcoins you have in your wallet.

First you must understand that decentralisation for any project fits on a scale between high and low. Today Bitcoin is far moredecentralised than any other open blockchain out there, meaning it is more resistance to forms of attacks on its key attributes (like being secure, reliable and censorship-resistant). This highly decentralised property has emerged from a complex game theory incentive structure that is in place between five key network participants (developers, miners, node operators, exchanges and users). Without going into too much detail, each participant is heavily incentivised to play by the rules of the network and stay in consensus with each other. If they try and cheat, its going to cost them financially.

View original post here:

Bitcoin (BTC) for beginners - Coin Rivet guide to BTC

Pay with Bitcoin Online | Use Bitcoin to Pay for Gold and …

Do you accept Bitcoin or Bitcoin Cash?

Yes, we do accept Bitcoin or Bitcoin Cash for payment. Bitcoin or Bitcoin Cash orders exceeding $250,000 (USD) are not accepted at this time.

If you wish to pay for your order with Bitcoin or Bitcoin Cash, simply select Bitcoin/Bitcoin Cash as your payment method in checkout and submit your order. You will be presented with an embedded BitPay invoice. At this time, you will have 15 minutes to submit your payment. You can scan the QR code on the page to pay via your mobile wallet or submit payment from your desktop wallet.

If your Bitcoin or Bitcoin Cash order is underpaid, you will be contacted by APMEX customer service with the option of selecting a different payment method. If we do not hear back from you within 48 business hours, your order will be canceled.

The exchange rate for orders paid by Bitcoin or Bitcoin Cash will be provided by BitPay. Find the current exchange rate here.

The price of Bitcoin and Bitcoin Cash is always changing. To prevent those price changes from hurting our customers, we require transactions to be sent within 15 minutes.

Most Bitcoin exchanges cannot send a payment that quickly. As a result, the payment can arrive late and need to be refunded. This will cost you time and money.

Many Bitcoin or Bitcoin Cash wallets do not fully support payment protocol. These non-payment protocol wallets make it too easy to send the incorrect amount or send your Bitcoin or Bitcoin Cash to the wrong place.

BitPay recommends using a Bitcoin wallet that you can trust to successfully use for Bitcoin payments. Compatible wallets can be found here.

At this time we only accept Bitcoin and Bitcoin Cash. Please check back regularly as this is subject to change.

No. Please see the chart below for acceptable payment types and order amounts.

Yes. Bitcoin and Bitcoin Cash payments qualify for a 3.0% cash discount.

Changing to Bitcoin or Bitcoin Cash is not permitted as this payment option is only available when your order is placed on our website. Similarly, at this time, we cannot change an existing order from Bitcoin or Bitcoin Cash to another payment method.

Once your payment has cleared through BitPay, we will begin packaging and shipping your order. Many Bitcoin and Bitcoin Cash orders qualify for our QuickShip Program, providing next-day processing for domestic orders, with some exceptions based on the order contents. Once your order has shipped, you will receive an email confirmation that includes the tracking number. This information can also be found on your account page.

APMEX generally packages and ships your order the following way (applies to domestic orders only):

All these timelines exclude weekends and holidays. * APMEX will provide our QuickShip Program with next-day processing of domestic orders not including Pre-33 Gold or Jewelry paid by credit card, PayPal, Bitcoin, Bitcoin Cash or bank wires. Restrictions apply. Orders containing product(s) not designated with the QuickShip logo may be subject to fulfillment delays.

Once we have issued a confirmation number, all prices are locked-in, whether buying from us or selling to us. It is not our intention to enter into buying and/or selling transactions, accepting the risks involved only to have them canceled. However, we realize rare situations happen where orders need to be canceled. Should you elect to cancel and/or offset your order, you must do so during normal business hours of 8 a.m. to 8 p.m. (ET) Monday Thursday or 8 a.m. to 6 p.m. (ET) Friday. All cancellations are subject to our Market Loss Policy plus a $35.00 (USD) cancellation fee. Cancellations may only be approved over the telephone. At that time, if any market loss to APMEX has occurred, it will be calculated and added to the $35.00 (USD) cancellation fee. If applicable, any cancellation fee and/or market loss will be charged to your credit card for the full amount due, as per User Agreement. No future orders may be permitted until any market loss is paid in full. Any market gain on cancellations shall remain the property of APMEX. Additionally, APMEX is not responsible for any change in the Bitcoin exchange rate at the time of your order cancellation.

The Bitcoin or Bitcoin Cash payment option is not available for the payment of market loss. These fees can be paid by credit card, personal check or bank wire.

We guarantee your satisfaction at APMEX. We provide all our customers with a refund, return and/or exchange policy on everything we sell including all bullion and certified coins. This right is limited to seven (7) days from the date on which the customer receives their items. The refund, return and/or exchange policy only applies to customers who notify our Customer Service Department by telephone at (800) 375-9006 during normal business hours within seven (7) days from the date on which the customer receives their item and keeps the item in its original packaging. The Customer Service Department will give you instructions on how to return your items and, at that time, you will be given a Return Authorization Number. All Bitcoin or Bitcoin Cash refunds are issued through BitPay at the USD rate at the time the refund is processed. APMEX is not responsible for any change in the Bitcoin or Bitcoin Cash exchange rate at the time of refund. Refunds for returns are not processed until after the returned item(s) has been received and verified.

All Bitcoin or Bitcoin Cash refunds are issued through BitPay at the USD rate at the time the refund is processed. Refunds for returns are not processed until after the returned item(s) has been received and verified by APMEX.

Read more:

Pay with Bitcoin Online | Use Bitcoin to Pay for Gold and ...

XBT – Bitcoin rates, news, and tools – xe.com

Bitcoin informationBitcoin is a decentralized virtual currency. This currency is exchanged digitally and managed by a peer-to-peer network, rather than a central bank or authority. The supply of Bitcoins is automated and released to mining servers; with a limit of 21 million Bitcoins being reached by 2140. Each Bitcoin is a piece of code that has its own transaction log with timestamps. The coins are stored in an owner's virtual wallet and can be transferred and exchanged for goods and services. Transactions are public and although they are relatively anonymous, it is possible trace identities back to real-life individuals. There is debate as to whether or not Bitcoin should be considered a currency, a commodity, or a hybrid of both.

Risks in Using BitcoinsBitcoins are associated with a high level of risk, as they are volatile, not time-tested, and currently under no regulation or legislation. There have been incidents of online Bitcoin wallets being compromised by hackers leading to theft of Bitcoins.

Bitcoin Currency CodeBitcoin is not recognized by the ISO and therefore does not have an official ISO 4217 code. A currency code is generally built from the two-digit ISO 3316 country code and a third letter for the currency. Although "BTC" is often used in the Bitcoin community, BT is the country code of Bhutan. An X-code reflects currencies that are used internationally and so, XE has chosen to use XBT to represent Bitcoin.

Bitcoin HistoryIntroduced in 2009, Bitcoin was created by a developer or group of developers going by the pseudonym Satoshi Nakamoto. Initially the value of the currency was set by users on forums until the first exchange outlet was established. It is known as a "crypto-currency"; meaning that the money and transactions are secured and controlled through encrypted passwords. Since its introduction, Bitcoins have been gaining momentum worldwide, with over 1,000 merchants accepting the currency.

Relevant LinksFor more information on Bitcoin, we encourage you to visit the links below.

View original post here:

XBT - Bitcoin rates, news, and tools - xe.com

What Is Bitcoin? The Ultimate Beginners Guide To Bitcoin

Cryptocurrency has taken the world by storm...but just what is Bitcoin?

In this guide, you'll discover everything you need to know about Bitcoin.

Read on or skip to the section you're interested in...

1. What Is Bitcoin?

Launched in 2009, Bitcoin was the worlds first cryptocurrency...

Now, no-one really knows the true identity of it's creator, Satoshi Nakamoto. In fact, that remains a mystery to this day!

But how does it work?

Well, Bitcoin actually uses advanced encryption techniques to secure and verify transactions. And unlike other currencies, Bitcoin and other cryptocurrencies can function without the need for any central authority...

This basically means it's completely decentralized, thanks to blockchain technology.

2. How does Bitcoin work?

2.1. The Blockchain.

To understand how Bitcoin works, you first need to understand the blockchain...

When you use traditional payment methods, such as credit cards, your transactions go through a bank.

The bank has to clear the transaction before it is verified and added to your accounts transaction history (account statement). Normally, this history is kept by your bank and only viewable by the bank and yourself.

The blockchain is a revolutionary technology because the transaction history paradigm weve been using for all these years is being flipped on its head.

Credit card transactions are stored in one location (with your bank) and usually viewable by only your bank and yourself. On the other hand, Bitcoin transactions are stored on nodes (computers or servers) across the world and viewable by the entire world!

With this new paradigm (the blockchain), transaction history is free from any foul play, such as changing records.

If you modify your copy of the blockchain (the record book of all Bitcoin transactions), everyone would know since your copy wouldnt match the thousands of other copies of the blockchain.

To protect your privacy as well as that of others, users are identified by just two things:

Wallet addresses (a string of random letters and numbers where people can send you Bitcoin). No one knows your address unless you give it to them

Transaction amounts

2.2. How Do Transactions work?

So if theres no central authority like a bank to process your transactions, how do Bitcoin transactions work?

As Bitcoin transactions happen throughout the course of a day, these transactions are grouped into what are called blocks.

These blocks are processed then added to the blockchain, or chain of blocks (the public ledger of all transactions).

2.3. Mining Bitcoin

While credit cards have payment processors like Visa to process transactions, Bitcoin has what are known as miners.

Since Bitcoin doesnt physically exist, the name miner can be misleading.

Bitcoin miners are actually people or groups of people that run Bitcoin mining software on specialized Bitcoin mining devices known as application-specific integrated circuits (ASICs).

(Bitcoin mining used to be possible with personal computers but is now too resource-intensive).

When users of Bitcoin transact with the digital currency, their transactions are sent to the Bitcoin network, where miners pick them up and group them into blocks. These blocks are then added to the blockchain.

However, for each new Bitcoin block to be added to the blockchain, something called proof-of-work has to be performed to ensure that transactions are real and that the network remains secure.

Each new block has whats called a nonce or a string of numbers, that, when found, allows for the block to be added to the block before it.

An easy way to think about this is comparing mining to finding the correctly shaped Lego piece (nonce) in order to attach it to the previous Lego piece (previous block in the blockchain).

Miners are the ones responsible for this proof-of-work, or finding nonces

And thus confirming transactions and securing the Bitcoin network.

Proof-of-work mining is very resource-intensive in terms of computing power and energy. These days, finding the correct nonce is extremely difficult.

Most Bitcoin mining operations are now extremely professional and large in scale. Your everyday person simply doesnt have the resources necessary to make Bitcoin mining profitable.

Miners have to invest in a ton of computing power (one or more ASICs) as the more computing power you have, the more times per second youre able to try and guess the correct nonce.

(If you can guess more times per second than others, you have a higher chance of finding the nonce before them).

For their efforts, Bitcoin miners are rewarded with transaction fees, which users pay to miners to process their transactions quicker. They also get newly minted Bitcoins if guess the right nonce and add a block to the blockchain.

Along with eliminating the need for centralized authorities like banks (vs. a network of miners), this proof-of-work mining system also makes it very difficult to modify the Bitcoin blockchain.

Modifying any one block requires modifying all blocks before it (since all blocks are tied to each other via nonces).

Considering that as of April 2, 2018, there are over 500,000 blocks (each of which contains hundreds or thousands of transactions), the computing power necessary to change the blockchain makes such an attack infeasible.

Note: Even though the blockchain is secure, the storage of Bitcoin is still prone to hacks...

We'll come on to that later.

2.4. Is Bitcoin Infinite?

As mentioned, every time that a block is added to the blockchain, Bitcoin is minted or created then released to the miner who found the blocks nonce.

However, this creation of Bitcoin is not endless, as when Bitcoin was created, the code was written so that the supply of Bitcoin would max out at 21 million.

This is significant and a huge factor that gives Bitcoin its immense value as fiat currencies, such as the United States dollar, are more or less printed at will. This leads to inflation and devaluation of currency.

In other words, every dollar or dollar-denominated asset you own, such as a house, decreases in value over time, as more and more dollars come into circulation. More dollars in existence means that each dollar is worth less due to dollars not being as scarce.

2.5. What Happens When Bitcoin Runs Out?

Many wonder what will happen when Bitcoin supply maxes out and no more Bitcoin are created. While no one can see into the future, there are a couple of predictions that have been thrown out there.

Of course, if no more Bitcoin is created, that means mining will cease to exist. As such, many think miners will be heavily affected since they will have no more incentive to mine and gain rewards from adding new blocks to the blockchain.

This may lead to miners backing out of Bitcoin mining, which may lead to centralization of Bitcoin as less people will store copies of the Bitcoin blockchain and confirm its validity.

Yet, others believe that miners will still be able to be part of the Bitcoin ecosystem as they will still be paid in transaction fees and ASICs may become more efficient in terms of energy usage (lower energy costs to run Bitcoin mining hardware).

Another prediction that people make is that if the supply of Bitcoin runs out, the price of Bitcoin will increase even further! Why?

People would scramble to get their hands on some of the remaining Bitcoin (assuming that Bitcoin continues to retain its value).

3. How Is Bitcoin Stored?

Cryptocurrency exchanges like Coinbase and Kraken, where you can buy and sell Bitcoin, offer wallets on their websites where you can store Bitcoin.

Another option you have is a paper wallet, often thought of as the most secure Bitcoin storage method.

Paper wallets are piece of papers with your Bitcoin private key and public key.

Your private key can be used to access and send your funds from an online wallet. Your public key is your wallet address or where people can send you funds.

Yet another popular storage option for Bitcoin is hardware wallets, such as the Ledger Nano S.

As with paper wallets, hardware wallets store your Bitcoin offline but this time in a device (the hardware wallet).

The hardware wallet is connected to your computer (usually via USB connection) when you want to make transactions.

Your private keys are kept on the device, which greatly reduces the risk of someone stealing your Bitcoin through online infiltration (such as an exchange getting hacked).

4. The History Of Bitcoin.

Though Bitcoin is just over 9 years old, a lot has happened since its inception...

Founder(s) Satoshi Nakamoto first released a whitepaper detailing the vision for the cryptocurrency in November 2008. On January 3, 2009, Nakamoto mined the first Bitcoin block, thus starting the Bitcoin blockchain.

Nevertheless, this growth hasnt come without its growing pains. Bitcoin has had splits (called forks) where Bitcoin has split into Bitcoin and other forms of Bitcoin, such as Bitcoin Cash and Bitcoin Gold.

These forks mostly came about due to community infighting over how to progress Bitcoins development.

The biggest development issue in recent times is how to address increased usage of Bitcoin as it grows more and more popular (otherwise known as improving Bitcoins scalability).

Forks like Bitcoin Cash advocate scalability options like increasing blocksize.

For example, the current Bitcoin blocksize is 1 megabyte while Bitcoin Cashs blocksize is 8 megabytes.

A larger blocksize means more transactions can fit in each block. In short, this means more transactions can be processed at once.

The original Bitcoin community (referred to as core) advocates other initiatives, such as the development of The Lightning Network.

This proposal advocates handling transactions between two parties off the blockchain (on the Lightning Network).

After transacting on the Lightning Network, the parties would send their ending balances to the original blockchain, greatly reducing the load on the original blockchain.

However, Bitcoin eventually bounced back and in recent times, has seen tremendous growth in terms of factors, such as price and number of daily transactions.

While Bitcoin remains the king of cryptocurrency for now, other cryptocurrencies (known as altcoins short for alternative coins) have emerged.

Some altcoins like Ethereum and Litecoin are immensely popular themselves.

Over time, Bitcoin continued to gain in popularity, with services, such as the massive Mt. Gox Bitcoin exchange, arising as a result.

5. The Benefits Of Bitcoin

So why would anyone use Bitcoin over traditional currencies?

Though some would argue that Bitcoins high price isnt justified, theres no doubt that it has a list of benefits that give it value, such as scarcity, decentralization, anonymity, immutability, and divisibility.

Let's run through them...

As mentioned, Bitcoin is scarce.

If people continue to see it as valuable in the future, its price will further increase similar to other scarce assets like gold as new Bitcoin creation continues to decrease.

Decentralization is another benefit of Bitcoin since thousands of copies of its blockchain are stored across the globe.

This means that no one malicious actor (or group of malicious actors) is able to manipulate Bitcoin without a near-impossible amount of computing power.

With the Internet and moving of transaction history online, anonymity has largely fallen by the wayside.

Nowadays, if youre not using cash, banks and others can see how you spend your money, for better or worse.

Bitcoin restores some privacy back to the people by making transactions anonymous (aside from the addresses that Bitcoin is sent to and from as well as transaction amounts).

As mentioned, Bitcoin transactions are immutable or cant be changed since that would entail changing copies of the blockchain across the world.

This prevents problems with other digital currencies like double spending.

Also, while Bitcoin supply is fixed at 21 million, since Bitcoin doesnt physically exist, it is infinitely divisible.

For example, you can have .1 Bitcoin, .01 Bitcoin, and so on and not just whole number amounts of Bitcoin. Thanks to its divisibility, Bitcoin is easier to obtain and move around than assets like gold.

6. The Disadvantages Of Bitcoin.

7. Threats To The Future Of Bitcoin.

Read the original here:

What Is Bitcoin? The Ultimate Beginners Guide To Bitcoin

Bitcoin | Definition, Mining, & Facts | Britannica.com

Bitcoin, digital currency created by an anonymous computer programmer or group of programmers known as Satoshi Nakamoto in 2009. Owners of Bitcoins can use various Web sites to trade them for physical currencies, such as U.S. dollars or euros, or can exchange them for goods and services from a number of vendors.

Nakamoto was concerned that traditional currencies were too reliant on the trustworthiness of banks to work properly. Nakamoto proposed a digital currency, Bitcoin, that could serve as a medium of exchange without relying on any financial institutions or governments. The proposal was made in October 2008 in a paper published on the Bitcoin Web site, which had been founded in August 2008.

Bitcoin relies on public-key cryptography, in which users have a public key that is available for everyone to see and a private key known only to their computers. In a Bitcoin transaction, users receiving Bitcoins send their public keys to users transferring the Bitcoins. Users transferring the coins sign with their private keys, and the transaction is then transmitted over the Bitcoin network. So that no Bitcoin can be spent more than once at the same time, the time and amount of each transaction is recorded in a ledger file that exists at each node of the network. The identities of the users remain relatively anonymous, but everyone can see that certain Bitcoins were transferred. Transactions are put together in groups called blocks. The blocks are organized in a chronological sequence called the blockchain. Blocks are added to the chain using a mathematical process that makes it extremely difficult for an individual user to hijack the blockchain. The blockchain technology that underpins Bitcoin has attracted considerable attention, even from skeptics of Bitcoin, as a basis for allowing trustworthy record-keeping and commerce without a central authority.

New Bitcoins are created by users running the Bitcoin client on their computers. The client mines Bitcoins by running a program that solves a difficult mathematical problem in a file called a block received by all users on the Bitcoin network. The difficulty of the problem is adjusted so that, no matter how many people are mining Bitcoins, the problem is solved, on average, six times an hour. When a user solves the problem in a block, that user receives a certain number of Bitcoins. The elaborate procedure for mining Bitcoins ensures that their supply is restricted and grows at a steadily decreasing rate. About every four years, the number of Bitcoins in a block, which began at 50, is halved, and the number of maximum allowable Bitcoins is slightly less than 21 million. As of late 2017 there were almost 17 million Bitcoins, and it is estimated that the maximum number will be reached around 2140.

Because the algorithm that produces Bitcoins makes them at a near-constant rate, early miners of Bitcoins obtained them more often than later miners because the network was small. The premium that early users received and Nakamotos silence after 2011 led to criticism of Bitcoin as a Ponzi scheme, with Nakamoto benefiting as one of the first users. (An analysis of the first 36,289 mined blocks showed that one miner, believed to be Nakamoto, had accumulated over 1 million Bitcoins. However, as of 2017, those Bitcoins, then valued at $10 billion, remained unspent.) Defenders of Bitcoin claim that early users should receive some return for investing in an unproven technology.

The value of Bitcoins relative to physical currencies fluctuated wildly in the years following its introduction. In August 2010 one Bitcoin was worth $0.05 (U.S.). Beginning in May 2011, the Bitcoin increased sharply in value, reaching a peak of about $30 that June, but by the end of the year the value of a Bitcoin had collapsed to less than $3. However, Bitcoin began to attract the attention of mainstream investors, and its value climbed to a high of over $1,100 in December 2013. Some companies even began building computers optimized for Bitcoin mining.

With the marked increase in value, Bitcoin became a target for hackers, who could steal Bitcoins through such means as obtaining a users private key or stealing the digital wallet (a computer file recording a Bitcoin balance). The most spectacular theft was revealed in February 2014 when Mt. Gox, which had been the worlds third largest Bitcoin exchange, declared bankruptcy because of the theft of about 650,000 Bitcoins, then valued at about $380 million.

In 2017 the value of Bitcoins rose sharply from around $1,200 in April to more than $10,000 in November. The sharp rise in Bitcoins value encouraged more intensive mining. It was estimated in late 2017 that Bitcoin mining consumed 0.14 percent of the worlds electricity production.

View post:

Bitcoin | Definition, Mining, & Facts | Britannica.com