Category: Bitcoin

The world of the virtual currency of Bitcoin is a complex one – rapidly evolving, developing, changing and is used a lot in  casinofair.com. In just a few short years Bitcoin has demonstrated that the concept of a crypto-currency is sustainable and has sufficient demand that retailers and service providers around the world are developing the capability to accept payment in digital form.

However, this is a space that is changing so rapidly that it can sometimes be difficult to keep track of all the latest changes and developments. In this article we take a look at some of the Bitcoin stories that have caught our eye in recent days.

More arrests relating to Silk Road

Another arrest resulting from the fallout of the Silk Road criminal investigation – but this time it is an undercover policeman who has been imprisoned for six years. The investigative agent, Carl Force, was found guilty of stealing USD$700,000 of the crypto-currency that had been seized as part of the Drug Enforcement Administration’s investigation of the Silk Road web site. Silk Road provided users with a platform that enabled them to buy and sell illicit goods such as drugs and weapons.The Bitcoin link with Silk Road was that Bitcoin was the web site’s preferred currency for payment given the level of anonymity that it provided. It was the Silk Road investigation that is largely responsible for Bitcoin’s slightly tarnished reputation as a currency favoured by criminals and terrorists. Agent Force sought to profit from the investigation by effectively acting as a double agent – he was working undercover on the investigation, posing as a drug dealer in order to get close to Silk Road founder Ross Ulbricht. Once in contact with Ulbricht, Agent Force sold him information about the investigation in exchange for Bitcoin. Ulbricht is currently serving a life sentence in relation to convictions resulting from the Silk Road investigation.

I’ll take the ransom in Bitcoin

Aria Technology in an online retailer in the UK that was recently targeted by a DDoS attack. A DDoS attack is a Distributed Denial of Service attack – using multiple compromised systems to target a single system by overwhelming it with traffic.

It’s been reported that the company’s website was compromised by hackers who requested a payment in Bitcoins in order for the attack to cease.

The company refused to pay the ransom and instead offered a reward to help catch the people responsible.

The DDoS attackers on Aria Technology are not the first to demand a ransom to be paid in Bitcoin – hacker extortionists DD4BC have also been identified as being responsible for a number of attacks around the world and have been asking for Bitcoin ransoms.

Australia is stepping up its regulation

One of the most stable and highly regulated financial systems in the world is Australia, so it’s no surprise that the Australian government is stepping up its focus on the regulation of Bitcoin and other emerging payment systems. While recommendations are still at an early stage, it comes at a time when Australian banks have been closing the accounts of Bitcoin related businesses, so it’s going to be interesting to keep an eye on developments down under.

In the event that discounts are offered, see if they will be in digital money, U.S. dollars, or something different. The estimation of a digital currency changes continually. Before you purchase something with cryptographic money, figure out how the merchant ascertains discounts.