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35-year-old Michael Richo of Wallingford, Connecticut, finally confessed to stealing $365,000 in Bitcoin in Hartford Federal Court on Tuesday. According to a release from the US Department of Justice, through a phishing scheme, he posted malicious links programmed to appear as a replica of very popular dark market websites.

Richo accepted that he stole more than 10,000 usernames and passwords and used this data to supervise the bitcoin balance and accounts of victims. He then sold his victims’ assets on Bitcoin exchange platforms for US dollars.

He was previously arrested last October on charges of wire fraud, identity theft, and computer fraud. Eventually, he gave in and was pleaded guilty and is scheduled to be sentenced in September.

The charges are meant to carry a maximum sentence of 30 years of imprisonment.

 News credit: coindesk.com

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Bitcoin who’s who

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A number of individuals are directly involved in the acceptance of the Bitcoin around the world. There is a compiled list of folks, who make sure that Bitcoin is the future of the digital world. They admitted and make investments in the bitcoin.

  1. Satoshi Nakamoto (Father of the bitcoin)

A person anonymously created a worldwide cryptocurrency, and still, it is a mystery that who is Satoshi Nakamoto. A white paper introducing and describing the Bitcoin, published in 2008. Whereas, first Bitcoin software was released in 2009. But at the mid of 2010, Bitcoin software was conferral to the Gavin Andresen. Where the reason behind this act was the contact between Nakamoto and Bitcoin community getting fade. While other domains of the bitcoin were controlled by the other member of the bitcoin community. The rumor about Nakamoto is that he has one million bitcoins, cost over one billion dollars.

According to Bitcoin news, the identity of the real Satoshi Nakamoto is still a mystery. Some think that Satoshi is an individual while other’s think Satoshi Nakamoto is a name of a team.

 

 

Mark Karpelès

Mark Karpelès was basically from France. He was started investment in bitcoin in 2011. When he took the charge of Mt.Gox at 88% from Jed McCaleb. He is one of the founding members of the bitcoin foundation. This foundation was established for the promotion and standardization of the coins.

Unfortunately, in February 2014 Mt. Gox was declared as bankrupt. And, a mark was sentenced to the jail for a year. Whereas Mark declines the claim in front of the public.

Gavin Andresen

One of the successors of the Satoshi Nakamoto. He is the chief scientist of the Bitcoin Foundation. He is the person who holds the alert key which gives him the strength to send an important message to the whole community of bitcoin at once.

 

Roger Ver

Roger Ver is well-known as Bitcoin Jesus. He is an early adopter of this technology and invests millions of dollars into the new startup of the Bitcoin such as blockchain.

Ver is operating an online store to purchase or sell custom discounted transceiver, hardware and memory. In addition, he introduces the different designs module use in mining devices. Which became the mainstream business later.

Ver starts an online store and sells thousands of the product with bitcoin. This was another attempt to introduce bitcoin among the people. And, today there is a number of online and land-base store accept bitcoin as a payment.

Erik Voorhees

Erik is the advocate for bitcoin and move from place to place both in the US and out. Erik keeps all of his money in bitcoin and believer of separation of money and state.

Erik is the Coinapult’s founder. Coinapult is a company who transfer bitcoin through email and text messages process. In 2012, he founded a bitcoin gambling site named SatoshiDice, later this site for over 100,000 bitcoins. In addition, at that time site’s market value was $11.5 million. This was the bitcoin’s big achievement of that time. Whereas, he performed his duties as the director of the marketing at BitInstant.

 

 

Vinny Lingham

Vinny is the early adopter of the bitcoin, CEO, and founder of the Gift, Yola Inc, Silicon Cape.com and NGOs in South Africa. He also served his duties on the board of ChessCube, Yahoo, Personera and SkyRove. And, he was appointed to the board of the Bitcoin in 2014.

 

Ivan Montik

Ivan is the CEO and founder of Casino software provider SoftSwiss. In 2013, Ivan made bitcoin payments into the software and have seen an achievement in creating bitcoin casino.     

Perianne M. Boring

Perianne is the author of the Boring Bitcoin Report and also the president of the digital commerce. She is the first women within bitcoin who’s who. And, we believe that she will generate wonderful changes in bitcoin strategy plan in few parts of US by using her skills.

 

You can also suggest the bitcoin personality.

For further bitcoin information, check back on our blog to learn more. Goodluck!

 

 

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Bitcoin vs. USD – Why Bitcoin wins this battle

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As Bitcoin goes through another day reaching a new mark and huge publicity, it is important to inform the public what makes it so different from our paper money.

This post will outline the pros and cons of both the currencies and explain why Bitcoin is achieving all the fame and fortune.

USD and other Fiat Currency Systems

Fiat means “simple” which is pretty self-explanatory. Paper money was introduced into the system in 1861 to help fund the Civil War. The printing of paper money is regulated by a country’s central bank in order to keep the flow of money in line with monetary policy. Moreover, the value of fiat currency is not determined by what it’s made of, rather it is the economic laws of supply and demand that dictate its value. They are occasionally updated to new versions containing security features difficult to counterfeit to create illegal copies.

Advantages of USD

  • Can be easily transferred, stored and claimed. You can easily get your cash in physical form with just a single trip to the bank.
  • It has the ability to inflate and deflate accordingly to adjust the impact economic problems.
  • Metals such as gold, are free to be used for commercial purposes, by not being tied to a currency.
  • It is very divisible, flexible and digitally usable. (with the help of credit cards)

Bitcoin & the future of money

Bitcoin was created as a cryptocurrency, by an entity known as Satoshi Nakamoto. People from all over the world can exchange products, credits, and services instantly- without the need for a bank.

The Bitcoin network relies on the blockchain, which is a shared public ledger. It is sort of a database design, where all the nodes hold a copy of the entire blockchain history. These nodes are distributed around the world and attempt to solve complex mathematical equations to confirm a transaction and record it in the blockchain.  The nodes are run by mining pools, bitcoin enthusiasts etc. with high computing power. Therefore, the more the computing power on separate nodes, the more secure the network is.

Advantages of Bitcoin

  • Bitcoin transactions can be carried out instantly. Money can be sent with ease from one end of the world to the other easily.
  • No or very less transaction fees. Bitcoin transactions are extremely cheap with very little or no transaction fees to be charged.
  • It is infinitely divisible. At the moment, 1 bitcoin can only be broken down into million smaller units, which are known as satoshis.
  • There is nothing hidden with Bitcoin, it is completely transparent. We are aware of the supply of bitcoins and with that, we can even predict its future.

 

Should Bitcoin be preferred over digital currencies?

Whenever something new is introduced, there is always a certain amount of fear and resistance present in traders. However, with the rapid growth Bitcoin has shown in the past few years, it is becoming every investor’s need. Even a small investment can show twice the doubling of your deposit in a relatively short time period which is not possible with traditional currencies. Bitcoin has stabilized a lot in the past year and with its short supply and increasing demand, it is definitely not slowing down anytime soon.

To be honest, this is up to your personal preferences. Also, people invest in bitcoin because it shows a good profit in a short amount of time, some do it to learn more about the cryptocurrency world while others just enjoy it. Due to its popularity and drastic growth, I’d recommend everyone to get acquainted with it.

Here’s a graphical representation of the differences of Bitcoin vs Paper money outlined:

 

Tags: bitcoin future, bitcoin news.

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Cryptocurrency-Mining Marked as a Malicious threat by Microsoft

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The continuous demand and popularity as well as a sudden increase in the prices of various types of cryptocurrencies has aroused a wide scale interest. Instead of all that popularity and demand, the future of digital currency is still uncertain due to many reasons.

Cybercriminals played a critical role in this scenario when they started to demand ransom in the form of cryptocurrencies, most notably Bitcoin, which is the most popular and precious of these cryptocurrencies. It was already expected due to the safe and anonymous transaction facility. As a result, the demand of cryptocurrencies increased and automatically led to the mining of cryptocurrencies.

That’s why Microsoft has recently released a blog post elaborating the increasing threats of malicious cryptocurrency miners. Let’s see what actually cryptocurrency mining is:

cryptocurrency mining

Cryptocurrency Mining

Talking in simple words, coin or cryptocurrency mining is the process of running complex mathematical calculations in order to maintain the blockchain ledger. Though this process gets you a very small amount of coins but it pays well as the prices have gone up during the past few years. As a matter of fact, cryptocurrency mining will celebrate its 10th year in 2019. Because of the continued use of high level computing and uninterruptible power supply, it is not a too much popular practice. It is an intensive task that requires significant resources from dedicated processors and other hardware including heavy duty graphic cards.

Measures from Microsoft to Block Miners’ Attack

As mentioned earlier, Microsoft has shown some serious concern in this regard. The main reason is that technically, cryptocurrency mining can come in various malicious forms and can be implemented in a lot of ways. The largest threat is the so-called cryptojacking. Cryptojacking refers to remote browser-based coin mining that uses background resources to mine when a user visits the malicious URL turning his computer into a host. The same thing can also infect your computer with unwanted applications, while some hackers might be able to modify the startup settings of your computer, so every time you boot it, the unwanted malicious application will run in the background affecting your system speed.

The main reason for Microsoft’s concern is the core issue associated with the loss of computer resources. Corporate setups can face a huge drain of their available resources.

Precautionary Measures

Fortunately, Microsoft has successfully blocked a major attack at the beginning of this month.

In order to stay protected, Microsoft has recommended to use advanced machine learning detection modes in Windows Defender ATP to identify and prevent such malicious threats.

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Throwback to When a Savage Police Chief Asked to Receive his Entire Salary in Bitcoins

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Throwback Thursday: Kentucky Police Chief Asks to be Paid in Bitcoin

Vicco, Ky., is a town that’s known to be one of the smallest of the smallest towns, with a population of just around 330 people. But hey, don’t judge a town by the number of its inhabitants, right? Well in 2013, that was definitely the case here since that did not keep a Police Chief named Tony Vaughn away from the trends of the internet and rising cryptocurrencies.

Considering back then Bitcoin was still gradually growing and beginning to stabilize, it was a story that gave the currency quite a boost and hopes of becoming a payment method one day. Luckily, the city commission approved of this and after standard federal and state reductions in US dollars, Vaughn had received the bitcoins in his personal account.

Fast forward four years and Bitcoin has earned and is still earning a lot of fame and popularity as major investors have accepted the cryptocurrency as a means of payment. Also, let’s not forget the endless amount of altcoins following right behind. One can safely say that we are, as a matter of fact, entering a world of digitization.

 

Story Credits: cnet.com

 

 

 

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An In-Depth Analysis of Blockchain Technology

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The Blockchain is the underlying technology of all the cryptocurrencies – mainly Bitcoin and Ethereum. The technology is full of potential to revolutionize everything that belongs to our daily life: billing systems, contracts to supply chains, and electronic medical records are just a few to name.

Understanding the Concept of Blockchain:

Blockchain primarily comprises of a system of distributed records which helps share information in a peer to peer fashion. The paramount reason behind Blockchain’s growing appeal is its security and verifiability. The system does not allow its users the deletion or updating the items from a Blockchain at later dates which ultimately creates a conclusive environment for digital transactions.

In essence, Blockchain works by allowing the users to add transactions to a block of code. After the addition of each transaction, a temper-proof audit log comes into place using a cryptographic hash. Meanwhile, all the participants at the blockchain network are presented with a replica of that block to help them validate their transactions.

Moreover, the technology also offers its users the automation of process such as payments, receipts, and invoicing for a smooth business process.

The Areas of Growing Interest for Blockchain:

Business interest in Blockchain is growing due to the potential game changing features it offers such as ‘digital mesh’. The Digital Mesh is basically an integration that occurs between individuals, content, services, and devices. The requirement of the new business model is to cope with the world that is tightly connected and Blockchain offers this exact same thing.

Another area of interest is the decentralized business networks. A large portion of the business is the dispersed participants across a network. For a smooth traffic of information from one node to another, we would need to automate the business transactions. Intriguingly, Blockchain can solve this problem for us.

The third most important area of interest is making business transactions more transparent. To achieve this, we need a way where we can conduct the transactions openly and with integrity. The Blockchain is the best option to do so.

What are the Key Areas of Use?

There are a number of areas in which Blockchain technology can help improve the modern business concept.

The ‘Smart Contracts’ of Blockchain allows a transaction to trigger an action within a business system without having the need of human assistance.

Example: Automatic creation of receipts for payments received.

Another area of use is the supporting product provenance. We can use Blockchain to track the progress of a product from delivery of raw materials to its final shape. Such as keeping track of suppliers, manufacturers, distribution, and finally the delivery to the end customer.

In conclusion, Blockchain undoubtedly has much to offer. However, the implementation of it is completely dependent on us. The sooner we find out a way to implement Blockchain, the better it is for our business community.

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