One of the greatest achievements of the Bitcoin blockchain has been its demonstration that distributed systems can be an effective way to share and protect your data, and right now when the cost of hacking is estimated to be £600bn per year it deserves more of our attention. With over 1500 cryptocurrencies, a total market […]
Bitcoin miners use their computing powers to solve cryptographic puzzles which, in turn, build up the blockchain by adding blocks of transactions. This process is fundamental to how Bitcoin transactions are authorised in the absence of a central authority, although the energy consumption involved has raised concerns. Now a new threat to the blockchain is […]
The man responsible for interpreting religious law in Egypt has banned Bitcoin. Grand Mufti Shawki Ibrahim Abdel-Karim Allam has issued a fatwa telling Muslims the world’s most famous cryptocurrency is haram – or forbidden. They are not allowed to sell, buy or rent using Bitcoin. Whether his order applies to just Egypt’s Muslims – or […]
Bitcoin – You’ve heard of Buyer Beware, but what about Reader Beware? Bitcoin has become the hot topic of conversation with media coverage, casual conversations, social media posts, videos and blog posts popping up everywhere. I believe it’s great to see conversations arising because they ultimately lead to education. Yet only this weekend I saw […]
In Part 1 of What is Bitcoin we looked at the differences between the benefits of a centralised system vs a distributed ledger and the digital currency bitcoin. In this post let’s take a look at a few functions of money to see how bitcoin stacks up against the money we’re familiar with using in […]
Bitcoin is a form of money (currency) that only exists in the digital world. It operates without borders, so can be used globally. It doesn’t require a centralised system to work like the traditional global financial and banking system.
Vietnam is one of a number of countries who have recently announced they’re looking at authorising Bitcoin as a form of payment and therefore further legitimising this cryptocurrency.