Computer and Tech

AP Explains: Why HBO hackers demanded payment in bitcoin

Bitcoin permits folks to purchase items and companies and trade cash with out involving banks, bank card issuers or different third events.

The foreign money is common with libertarians, tech lovers, speculators — and criminals.

Fairly, the cash are created by customers who “mine” them by lending computing energy to confirm different customers’ transactions.

The shuttered underground e-commerce website AlphaBay required transactions to be completed in bitcoin and related digital currencies.

To fight that, AlphaBay had provided digital cash laundering to shuffle bitcoin by way of a number of accounts earlier than the conversion.

Some companies have jumped on the bitcoin bandwagon amid a flurry of media protection.

A community of tech-savvy customers known as miners hold the system trustworthy by pouring their computing energy right into a blockchain, a worldwide operating tally of each bitcoin transaction.

The bitcoin system was beneath risk just lately when some miners have been reluctant to improve their programs to enhance capability as a result of it might scale back transaction charges they gather.

[…] many people, companies and felony enterprises think about bitcoin the digital foreign money of alternative, however that would change if any of the alternate options choose up steam.

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