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Bitcoin and cryptocurrencies

Bitcoin marketplace NiceHash robbed of $70MILLION by hackers as cryptocurrency breaks through the $16,000 mark

CYBER thieves have made off with $70million worth of Bitcoin in a sophisticated heist targeting an exchange. NiceHash, a Solvenia-based Bitcoin exchange, has said about 4,700 of the currency – each worth more than $16,000 – were stolen from its “wallet”. The company has suspended transactions as it investigates how the hackers made off with […]

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CYBER thieves have made off with $70million worth of Bitcoin in a sophisticated heist targeting an exchange.

NiceHash, a Solvenia-based Bitcoin exchange, has said about 4,700 of the currency – each worth more than $16,000 – were stolen from its “wallet”.

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Cyber thieves have stolen millions of pounds worth of Bitcoin from an exchange[/caption]

The company has suspended transactions as it investigates how the hackers made off with the loot, thenextweb reports.

Exchanges such as NiceHash offer Bitcoin for a user’s computing power – which is utilised to make more of the currency.

A warning has been issued to NiceHash users to change their passwords in light of the hack.

In a statement NiceHash said: “Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days.

“In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency.”


How safe is it to invest in Bitcoin?


The exchange was targeted as Bitcoin’s value surged reaching $16,000 today having started the year below $1,000.

The virtual currency was created in 2009 by an unknown computer whizz, using the alias Satoshi Nakamoto, and the individual coins are made using a computer code.

Fears of a Bitcoin crash have been growing as the virtual currency continues to attract half a million new investors every day.

This is believed to be the second major cryptocurrency theft – after startup Tether lost a reported $31million of Bitcoin.


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Bitcoin and cryptocurrencies

How to buy Bitcoin, is the digital currency safe and what are Iota and Ethereum?

THE digital currency Bitcoin continues to confound expectations as it hits headlines across the world. Here’s everything you need to know if you’re thinking of investing in Bitcoin or one of the other cryptocurrencies… How do I buy Bitcoin? The most common way to buy the currency is to download a broker app such as […]

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THE digital currency Bitcoin continues to confound expectations as it hits headlines across the world.

Here’s everything you need to know if you’re thinking of investing in Bitcoin or one of the other cryptocurrencies…

Bitcoin is going from strength to strength – but how long can it last?
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How do I buy Bitcoin?

The most common way to buy the currency is to download a broker app such as Coinbase and Blockchain.

These allow users to use a credit or debit card to exchange pounds for Bitcoin.

Users do not have to buy whole Bitcoins and can purchase a small percentage that matches the value of their cash investment.

Once a request has been made, online “miners” will decide whether to approve the transaction.

If approved, the money will be taken from a user’s account in exchange for Bitcoin.

When selling, users can use the same app to sell their Bitcoin in return for its cash value.

It is also possible to buy Bitcoin directly from sellers on other websites – bypassing the need for a broker.

There are fewer transaction fees in this case, but the process is a bit riskier and more complicated – especially for a beginner.

Investors can also buy Bitcoins by depositing cash at a nearby Bitcoin ATM.

These have been popping up in newsagents and can be found by Googling them or visiting Coin ATM Radar.

Is it safe to buy Bitcoin?

Anyone thinking of investing in Bitcoin or another cryptocurrency should be very careful.

Their values are volatile, with the ability to plummet as quickly as they shoot up.

And investors are frequently targeted by hackers and other criminals who seek to steal their crypto-cash online.

Be especially careful if you are using direct, peer-to-peer platforms to sell and buy cryptocurrencies.

These are the equivalent of something like Gumtree for Bitcoin – you never know who you might be dealing with.

What are Iota and Ethereum?

Iota – which stands for Internet of Things Application – is a new cryptocurrency, similar to Bitcoin.

But it is different in certain key ways.

Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed.

Iota, on the other hand, removes the need for this by asking anyone submitting a transaction to verify two other random transactions.

It all sounds quite technical but it basically means it is decentralised, there’s no fee for transactions and the more people using Iota the faster the network becomes.

Ethereum is another cryptocurrency – one which some have said could overtake Bitcoin as the dominant coin in the market.

But it is also a ledger technology – using “blockchain”, like Bitcoin – that companies are using to build new programmes.

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Bitcoin and cryptocurrencies

Iota price and how to buy – what is the cryptocurrency and how does it compare to Bitcoin?

IOTA is the latest word on the tips of people’s tongues as cryptocurrencies continue to make the news. Here’s everything you need to know about it… What is Iota? Iota – which stands for Internet of Things Application – is a new cryptocurrency, similar to Bitcoin. But it is different in certain key ways. Bitcoins […]

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IOTA is the latest word on the tips of people’s tongues as cryptocurrencies continue to make the news.

Here’s everything you need to know about it…

Iota is a bit like Bitcoin but different in a few key ways
Iota is a bit like Bitcoin but different in a few key ways
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What is Iota?

Iota – which stands for Internet of Things Application – is a new cryptocurrency, similar to Bitcoin.

But it is different in certain key ways.

Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed.

Iota, on the other hand, removes the need for this by asking anyone submitting a transaction to verify two other random transactions.

It all sounds quite technical but it basically means it is decentralised, there’s no fee for transactions and the more people using Iota the faster the network becomes.

How do I buy Iota?

You can buy Iota by using something called a crypto exchange – the same as if you were buying other cryptocurrencies.

The main difference with Iota is that it is not available to buy directly with traditional cash – you can only trade it for another cryptocurrency.

That means if you want to get your hands on some Iota, you first need to acquire something like Bitcoin or Ethereum.

Some of the most popular options for buying these are Coinbase, Blockchain.info and Xapo.

You can then trade them on certain crypto exchanges for Iota.

There are currently only two exchanges with significant trade volume of Iota – Bitfinex and Binance.

Bitfinex is based in Hong Kong and is better for non-US customers.

But anyone thinking of investing in Iota or any other cryptocurrencies should be very careful.

Their values are volatile, with the ability to plummet as quickly as they shoot up.

And investors are frequently targeted by hackers and other criminals who seek to steal their crypto-cash online.

Is Iota as valuable as Bitcoin?

Iota is not as valuable as Bitcoin, which was today (11 December) trading at £12,503.76 for a single unit.

Iota is a newer currency which – trading as “Miota” – is worth  £3.34 ($4.44).

But its value has shot up by more than tenfold over the last six months.

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Bitcoin and cryptocurrencies

An idiot’s guide to Bitcoin and how the cryptocurrency could make YOU staggeringly rich… or really poor

IT’S 2010 and you walk into your local Post Office, slap £75 on the counter and ask for your money back in dollars. The cashier hands you back $121.50 for your hard-earned pounds – $22 more than you’d get back for the same transaction today. On that same day, if you had instead spent your […]

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IT’S 2010 and you walk into your local Post Office, slap £75 on the counter and ask for your money back in dollars.

The cashier hands you back $121.50 for your hard-earned pounds – $22 more than you’d get back for the same transaction today.

Bitcoin has taken the financial world by storm, but is the cryptocurrency a way to make easy money or a bubble waiting to burst?
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On that same day, if you had instead spent your £75 on a mysterious virtual currency named Bitcoin, you’d now be sitting on a mound of money worth £9.5MILLION.

Indeed, since those early days, the online money has multiplied in value – give or take – 125,000 times over.

Such is the investment value of Bitcoin, that Julian Assange claims it funded both him and Wikileaks when he was forced to invest in the currency as the result of US sanctions.

And financial experts reckon its value could skyrocket even further in the next few years.

So just how do you invest in the shadowy world of Bitcoin?

What is Bitcoin and how did it start?

Bitcoin became the world’s first entirely virtual currency when it was introduced in January 2009.

Users cannot carry coins or notes and its value appears only as a number on a screen.

It was created by a shadowy online account which went by the name Satoshi Nakamoto.

New currency is created via a complex online process called mining which uses supercomputers to create new Bitcoins using computer coding.

In its early days, Bitcoin proved relatively worthless – with one notorious example seeing an early pioneer paying for a pizza using two bitcoins.

The currency proved useful to Wikileaks founder Julian Assange, who claims it helped him bankroll his whistleblowing site
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Today that pizza would be worth the equivalent today of £15,000.

Indeed, within a few years the currency already had its own ‘buried treasure’ story.

Brit James Howells threw out a computer containing 7,500 Bitcoins on its hard drive – the equivalent of £56MILLION.

As only the computer the currency was bought on can be used to redeem it, the money was all but lost to Welshman Howells.

The broken Dell laptop is now believed to be buried below a mound of rubbish at a tip in Newport, Wales.

How can Bitcoin be bought?

The most common way to buy the currency is to download a broker app such as Coinbase and Blockchain.

These allow users to use a credit or debit cards to exchange pounds for Bitcoin.

Users do not have to buy whole Bitcoins and can purchase a small percentage that matches the value of their cash investment.

Once a request has been made, online ‘miners’ will decide whether to approve the transaction.

If approved, the money will be taken from a user’s account in exchange for Bitcoin.

When selling, users can use the same app to sell their Bitcoin in return for its cash value.

The value of Bitcoin has increased 125,000-fold in just seven years

How much could Bitcoin be worth?

Bitcoin bought at the beginning of 2017 is now worth ten times what it was in January.

Many commentators believe the craze is a bubble ready to burst.

But in reality, nobody knows with any great degree of certainty what will happen to the cryptocurrency in the long term.

Wall Street commentator Ronnie Moas reckons it should increase by 40 per cent by mid-2018.

By contrast, economist Kenneth Rogoff predicted “the price of bitcoin will collapse” in a piece for the Guardian.


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