Archives for February 2015

A Not so Smooth Path for Silk Road

Introduction

 

For those not familiar, Silk Road is a defunct digital marketplace for selling and buying illegal goods online like drugs, forged documents, and counterfeit cash. It was officially launched in February 2011 and was operated by Ross William Ulbricht under the pseudonym “Dread Pirate Roberts.” Within two and a half years, it made about 9.5 million bitcoins or about $1.2 billion in sales. In early October 2013, Ulbricht was arrested by federal agents and the online black market for drugs was closed. Last February 5, 2015, Ulbricht was found guilty of several charges like drug trafficking, money laundering, and criminal enterprise. He is now facing 30 years in jail or up to life imprisonment.

read more

Make the best out of your bitcoins this Valentine’s Day

Love, once again, is in the air. Almost everywhere, you’ll hear love songs or you’ll see colorful bouquets of flowers. Indeed, Valentine’s Day has become more special each and every year. So Bitcoiner, what’s your plan this time?

If you haven’t thought of anything yet, take a look at some of these bright ideas and gifts which you can purchase through bitcoins. Yes, you read it right! You can buy clothes, flowers, or even travel abroad with your loved one using no less than our beloved bitcoin.

read more

Startup company aims to secure Bitcoin transactions

Bitcoin has been making miserable news recently and has been struggling to collect itself amidst controversies and losses. Despite this, there is one startup company that’s brave enough to weather the storm. Early this year, Des Moines-based Leverage Holdings LLC joined the small ring of companies investing on bitcoins.

For those not familiar yet, Bitcoin is an online payment system that was first introduced in 2008 by a person known only by the pseudonym Satoshi Nakamoto.  Currently, Bitcoin is referred to as a digital currency, virtual money, or cryptocurrency. It is unregulated which means that the government has no control to its usage. It likewise bypasses the traditional banking and payment systems, thus it’s a lot faster to transfer. All these positive attributes has made Bitcoin attractive to a substantial number of followers.

read more