Bitcoin is the cryptocurrency that refuses to die. Its demise has been predicted numerous times, and one expert calculated that its value is eighteen times more volatile than the U.S. dollar. Yet the virtual money keeps going from strength to strength.
The goal of this video is to explain how Bitcoin works under the hood, to give a clearer idea of what it really means to own, send or “mine” Bitcoins.
“The main thing that struck me by the hack was the extraction speed possible in the current cryptocurrency ecosystem. $8,000 in 15 minutes is faster and more lucrative than robbing a suburban bank.”
The digital currency’s value depends on it becoming digital gold-or on criminals
This week, one of Bitcoin’s largest and most notorious coin exchanges was brought down by law enforcement. Interesting analysis.
Now that BTC-e is down for good, it could have a profound impact on the criminal ecosystem more broadly. BTC-e handled about 5 percent of total Bitcoin transactions, but recent research found that as much as 95 percent of ransomware cashouts happened through the platform.