Category Archives: Bitcoin

Changing Home Page in Opera
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Bitcoin Minesweeper - Coin Sweeper
Are you wondering about playing at the Bitcoin Minesweeper site Coin Sweeper? Then you need to watch our video review of Coin Sweeper before you play! To play coin-sweeper go to ...

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L.A. Bitcoin Meetup with Brock Pierce Micah Winkelspecht - The Bitcoin Game Episode 5
http://letstalkbitcoin.com/blog/post/the-bitcoin-game-5-la-bitcoin-meetup-with-brock-pierce-micah-winkelspecht.

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L.A. Bitcoin Meetup with Brock Pierce & Micah Winkelspecht - The Bitcoin Game Episode 5 - Video

Trading Bitcoin Binary Options Beginners Bitcoin Trading Strategy Part 2
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Trading Bitcoin Binary Options Beginners Bitcoin Trading Strategy Part 2 - Video

Bitcoin News and Updates - November 25 2014 - Butterfly Labs and #Bitcoin
Subscribe to my Youtube channel and I will subscribe back. Follow me on Twitter @ https://twitter.com/BitcoinService Like these Facebook Pages Below. https://www.facebook.com/pages/Use-Bitcoin-n.

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Tipping Tuesday -- Tip $2 to the Bitcoin Media Today!
Tip the Bitcoin Media with https://ChangeTip.com/ Follow and Mention @MadBitcoins on Twitter to join in the fun! How to Tip $2 to the #Bitcoin Media: on Twitter: @Madbitcoins Tip $2 $ChangeTip...

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Tipping Tuesday -- Tip $2 to the Bitcoin Media Today! - Video

This is the final installment in a three-part interview with Stanford Business School professor and economist Susan Athey on digital currencies. In part 1, we discussed what Bitcoin is and what potential applications are, and in part 2, we looked at the security pros and cons of cryptocurrencies, plus hurdles to adoption.

Today, we talk about who will benefit from digital currencies and a new Bitcoin experiment Athey is helping to conduct in which each MIT undergrad willreceive $100 in Bitcoin.

Tell me about the experiment you are conducting with Bitcoin at MIT. What do you hope to find?

One of the questions thats still an open question is whether, if all your friends had Bitcoin, if you would find it useful to use Bitcoin too. Right now, people dont use Bitcoin to split checks, because for every person who has Bitcoin, most of their friends dont. But if you had a whole community of people who all had Bitcoin, would they find this to be more convenient than using cash or other options?

Stanford Business School professor Susan Athey (Peter Tenzer)

By seeding an entire community with Bitcoin, we can test the hypothesis that its lack of community adoption thats keeping people from using Bitcoin. Another hypothesis is that maybe it just doesnt provide that much value above cash or other alternatives. One of the challenges the experiment will face is that, though this isnt as broadly used in the general population, theres a service called Venmo thats been bought by Paypal that allows people to send money through mobile phones quickly and cheaply. So, for a lot of MIT students already using Venmo, the benefits of Bitcoin might be lower.

You asked earlier, why dont banks make your money available immediately [when making person-to-person transfers], but if you use Venmo, you can send money between your friends free and instantly. Venmohas made the business decision to make the money available to you even though it takes time for the money to actually move, because its verified both of you and authenticated your bank accounts, and it can see you have the money in you bank account. Venmo isnt taking much of a risk in doing that.

One hypothesis is that MIT undergrads might think that Venmo and cash are perfectly fine for their money transfer needs, and they dont really need a digital currency. The other hypothesis is that digital currency does provide a lot of value and if a lot of your friends have it, youll find it even more convenient to use. One of the issues with Venmo is that you still have to get the cash in and out of Venmo [into or out of your bank account]. Now, with Bitcoin thats also a problem, but if a lot of your friends have bitcoins, they can buy and sell them from each other. Imagine just sitting in your dorm room, looking on the internet and seeing what the exchange rate is and saying, I could use some bitcoin. I might respond, Oh, I have some bitcoin to sell, so I could just sell you some bitcoins and get cash right away. You could hand me a $100 bill and I can use my phone to scan the QR code of your bitcoin wallet and I push a button and send you some bitcoin. So if all my friends have it, it becomes easy and costless for me to move in and out of it and I dont need to use these middlemen.

What if they want to use bitcoin to buy a coffee?

The other aspect of the experiment is that since the Kendall Square businesses knew the MIT students were getting bitcoin and would want something to spend them on, a lot of the Kendall Square businesses are now accepting bitcoins. A merchant can accept bitcoin very easily, because there are these services that allow you to accept bitcoin as a merchant but then will just pay you in cash. So a coffee shop links its bank account to a service like Bitpay, and the student pays with bitcoin, and Bitpay will immediately transfer dollars to the coffee shops bank account, so it doesnt actually need to touch bitcoin. It doesnt have to worry about losing its relationship with its bank or exchange rates or anything like that. Bitpay takes care of all of that. The merchant likes this better than credit cards, because Bitpay would take a lower fee than credit cards, and there would be no fraud and no chargebacks. After the person sends the bitcoin, the transactions done. So its a very merchant-friendly solution, whereas credit cards are a consumer-friendly solution, because the credit cards allow you to call up later and say, no, that wasnt me, and the merchants out the money.

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Who Will Benefit From Digital Currency? Bitcoin Experiment Gives A Glimpse

Bitcoin is the new money: minted and exchanged on the Internet. Faster and cheaper than a bank, the service is attracting attention from all over the world. But a big question remains: are the transactions really anonymous? Several research groups worldwide have shown that it is possible to find out which transactions belong together, even if the client uses different pseudonyms. However it was not clear if it is also possible to reveal the IP address behind each transaction. This has changed: researchers at the University of Luxembourg have now demonstrated how this is feasible with only a few computers and about 1500.

"It's hard to predict the future, but some people think that Bitcoin could do to finance what the Internet did to communications," says Prof. Alex Biryukov, who leads digital currency research at the University. "So I think especially for Luxembourg it is important to watch what happens with Bitcoin."

The Bitcoin system is not managed by a central authority, but relies on a peer-to-peer network on the Internet. Anyone can join the network as a user or provide computing capacity to process the transactions. In the network, the user's identity is hidden behind a cryptographic pseudonym, which can be changed as often as is wanted. Transactions are signed with this pseudonym and broadcast to the public network to verify their authenticity and attribute the Bitcoins to the new owner.

In their new study, researchers at the Laboratory of Algorithmics, Cryptology and Security of the University of Luxembourg have shown that Bitcoin does not protect user's IP address and that it can be linked to the user's transactions in real-time. To find this out, a hacker would need only a few computers and about 1500 per month for server and traffic costs. Moreover, the popular anonymization network "Tor" can do little to guarantee Bitcoin user's anonymity, since it can be blocked easily.

The basic idea behind these findings is that Bitcoin entry nodes, to which the user's computer connects in order to make a transaction, form a unique identifier for the duration of user's session. This unique pattern can be linked to a user's IP address. Moreover, transactions made during one session, even those made via unrelated pseudonyms, can be linked together. With this method, hackers can reveal up to 60 percent of the IP addresses behind the transactions made over the Bitcoin network.

"This Bitcoin network analysis combined with previous research on transaction flows shows that the level of anonymity in the Bitcoin network is quite low," explains Dr. Alex Biryukov. In the paper recently presented at the ACM Conference on Computer and Communications Security the team also described how to prevent such an attack on user's privacy. Software patches written by the researchers are currently under discussion with the Bitcoin core developers.

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The above story is based on materials provided by Universit du Luxembourg. Note: Materials may be edited for content and length.

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Bitcoin, virtual money: User's identity can be revealed much easier than thought

Investing.com -

Investing.com - Bitcoin prices edged lower on Wednesday, as the virtual currency community prepared to hold its own Black Friday event later in the week.

Bitcoin (BTC/USD) fell $5.64, or 1.49%, to trade at $372.36 on Slovenia-based BitStamp during U.S. morning hours.

The price of a bitcoin on Bulgaria-based BTC-e slumped $1.70, or 0.46%, to trade at $369.30, while prices on Singapore-based itBit dropped $6.03, or 1.6%, to trade at $371.00.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency lost $3.68, or 0.98%, to trade at $372.04.

More than 1,200 merchants are expected to take part in the third annual Bitcoin Black Friday event later this week.

Last year, the number of merchants totaled 600 merchants, with sales hitting $6 million.

According to Bitpay, BitcoinBlackFriday.com hit 100,000 visitors last year, with analysts expecting this year's traffic to be significantly higher.

Meanwhile, the U.S Marshals Service will auction 50,000 Bitcoins, worth nearly $19 million, on December 4. The coins were seized in connection with online drug marketplace Silk Road 2.0.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) eased down 0.19, or 0.06%, to trade at 300.99 on U.S.-based Kraken Exchange.

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Bitcoin edges lower ahead of Black Friday, U.S. Marshals auction

Dominic Frisby: Is Bitcoin The Future of Money?
Jason Burack had on returning guest Dominic Frisby http://dominicfrisby.com/ to talk about his new book, Bitcoin: The Future of Money? Dominic Frisby is an a...

By: WallStForMainSt

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Dominic Frisby: Is Bitcoin The Future of Money? - Video