Bitcoin is a virtual currency that can be generated through complex computer software systems with solutions shared on a
network, although the process is complex and such 'mining' can be done only on very powerful servers.
Hardly three years into existence, bitcoin has already become the world's most expensive currency and its per unit value soared past USD 1,000 level or about Rs 63,000 recently, although the prices have now slipped below Rs 50,000 level.
Bitcoin came into existence in 2009 and the current number of bitcoin units generated so far stands at about 12 million. However, only a small number of bitcoins are being used for real commercial and retail purposes and a majority of transactions are happening for speculative investments.
The world‘s first Bitcoin storage service that insures deposits of the digital currency against hackers and accidental loss has
opened in London.
The new Bitcoin storage service offering insurance in U.K., named Elliptic Vault, uses ―deep cold storage‖ techniques to secure the digital currency.
Although, the digital currency is gaining popularity, concerns about its security are on the rise. Online wallets used to store Bitcoins have been subject to a number of cyber-attacks and some users have also suffered from accidental loss.
Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security.
In India, a number of Bitcoin operators have suspended their business following the recent warning by the country‘s central bank against use of such virtual currencies due to potential money laundering and cyber security risks.
However, the Reserve Bank of India (RBI) is yet to come out with a clear regulatory framework for Bitcoins.
Bitcoin came into existence in 2009. It has become the world‘s most expensive currency and its per unit value soared past $1,200 level or about Rs. 63,000 in November 2013.
network, although the process is complex and such 'mining' can be done only on very powerful servers.
Hardly three years into existence, bitcoin has already become the world's most expensive currency and its per unit value soared past USD 1,000 level or about Rs 63,000 recently, although the prices have now slipped below Rs 50,000 level.
Bitcoin came into existence in 2009 and the current number of bitcoin units generated so far stands at about 12 million. However, only a small number of bitcoins are being used for real commercial and retail purposes and a majority of transactions are happening for speculative investments.
The world‘s first Bitcoin storage service that insures deposits of the digital currency against hackers and accidental loss has
opened in London.
The new Bitcoin storage service offering insurance in U.K., named Elliptic Vault, uses ―deep cold storage‖ techniques to secure the digital currency.
Although, the digital currency is gaining popularity, concerns about its security are on the rise. Online wallets used to store Bitcoins have been subject to a number of cyber-attacks and some users have also suffered from accidental loss.
Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security.
In India, a number of Bitcoin operators have suspended their business following the recent warning by the country‘s central bank against use of such virtual currencies due to potential money laundering and cyber security risks.
However, the Reserve Bank of India (RBI) is yet to come out with a clear regulatory framework for Bitcoins.
Bitcoin came into existence in 2009. It has become the world‘s most expensive currency and its per unit value soared past $1,200 level or about Rs. 63,000 in November 2013.
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