The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin cryptocurrency wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called mining. The protocol was designed in 2008 and released in 2009 as open source software by Satoshi Nakamoto, the name or pseudonym of the original developer/developer group.
The network requires minimal structure to share transactions. An ad hoc decentralized network of volunteers is sufficient. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will. Upon reconnection, a node downloads and verifies new blocks from other nodes to complete its local copy of the blockchain.
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Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. While inspired by, and in most regards technically nearly identical to Bitcoin (BTC), Litecoin has some technical differences compared to Bitcoin and other major cryptocurrencies. Litecoin also has almost zero payment cost and facilitates payments approximately four times faster than Bitcoin.
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The Bitcoin Middle is situated in the financial region of NEW YORK, next to the NYSE. It had been founded in 2013, by Nick Spanos and Andrew Martin with the goal of educating people about bitcoin, blockchain and stimulating the trade of cryptocurrency. It offers goals to be the first controlled exchange on the globe. The center presently helps bring about bitcoin through a bunch of happenings, such as Satoshi Square, music celebrations, lectures, and films.
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A money mule, sometimes called a “smurfer,” is a person who transfers money acquired illegally (e.g., stolen) in person, through a courier service, or electronically, on behalf of others. Typically, the mule is paid for services with a small part of the money transferred. Money mules are often dupes recruited on-line for what they think is legitimate employment, not aware that the money they are transferring is the product of crime. The money is transferred from the mule’s account to the scam operator, typically in another country. Similar techniques are used to transfer illegal merchandise.
Mules recruited online are typically used to transfer the proceeds from online fraud, such as phishing scams, malware scams or scams that operate around auction sites like eBay. After money or merchandise has been stolen, the criminal employs a mule to transfer the money or goods, hiding the criminal’s true identity and location from the victim of the crime and the authorities. By using instant payment mechanisms such as Western Union, the mule allows the thief to transform a reversible and traceable transaction into an irreversible and untraceable one.
Money mules are complicit and risk criminal prosecution and long jail sentences. Commonly, they are recruited with job advertisements for “payment processing agents”, “money transfer agents”, “local processors”, and other similar titles; the real benefit to the criminals is not the work carried out by the mule, but that the criminals are distanced from the risky, visible transfer. Some money mules are recruited by an attractive member of the opposite sex. Candidates are asked to accept funds and to forward them, after deducting a relatively small payment for themselves, to a third party, which they can do from home. Legitimate companies use escrow services for this kind of work. Criminals trading in stolen or illegally acquired goods use similar tactics to recruit mules who receive packages and forward them to mail drops not traceable to the criminal.
In 2010, The FBI Cyber Crimes Task Force, composed of Federal, State, and Local law enforcement, charged more than 37 defendants involved in a highly organized money mule scheme, facilitated by the Zeus Financial Trojan. This group of money mules opened several bank accounts, using both real and fake identification, to receive stolen funds from compromised bank accounts, withdraw the stolen money, then wire the stolen funds overseas. These money mules facilitated the theft of over $3 million from victim bank accounts.
Bitcoin ATMs were reported by Brian Krebs in 2016 to be rising in popularity for money muling.
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Kraken is a US based prominent bitcoin exchange operating in Canada, the EU, Japan, and the US, and “the world’s largest bitcoin exchange in euro volume and liquidity”.
It currently has oversight of Mt. Gox claims for lost bitcoins.In June 2016, Kraken added Ethereum Dark Pool trading for large bitcoin buyers.
Kraken provides Bitcoin pricing to the Bloomberg Terminal. In April 2017, According to the reports, Kraken launched fiat funding options to transfers denominated US dollars and government-issued currencies.
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Bitcoin is a cryptocurrency, an electronic asset made to are a medium of exchange that uses cryptography to regulate its creation and management, alternatively than counting on central regulators. The presumed pseudonymous Satoshi Nakamoto included many existing ideas from the cypherpunk community when making bitcoin.
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Grams is a search engine for Tor based darknet markets launched in April 2014. The service allows users to search multiple markets for products like drugs and guns from a simple search interface.
The services uses a custom API to scrape listings from several markets such as Alpha Bay and others, to return search listings. The site is described by the Global Drug Policy Observatory to have “transformed how people search the hidden web”.
In May 2014 the site added Gramwords, a service similar to Google’s AdWords search sponsorship system for vendors. Additionally their profile system allows for cross-market vendor contact details and reviews to be held centrally.
Later that year in June the creators released Grams Flow, a clearnet to Tor redirection service serving various dark net sites and in November, a banner advertising network for Tor sites, TorAds which has not yet had much success.
‘InfoDesk’ allows central content and identity management for vendors, reducing the complexity of around maintaining presences on multiple markets.
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The legal position of bitcoin varies greatly from country to country and continues to be undefined or changing in most of them. Whilst nearly all countries do not make the use of bitcoin itself against the law (with the exclusions of: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal), its position as money (or a product) varies, with differing regulatory implications. Although some countries have explicitly allowed its use and trade, others have restricted or limited it. In the same way, various government businesses, departments, and courts have grouped bitcoins in different ways. While this information supplies the legal position of bitcoin, polices and bans that connect with this cryptocurrency likely extend to similar systems as well.
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Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community when creating bitcoin.
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General Bytes is a hardware and a software company that produces products related to Bitcoin, Blockchain and Open Source technologies. General Bytes was founded in 2013, is headquartered in Prague, Czech Republic with offices in Bradenton, Florida and is currently one of the largest Bitcoin ATM manufacturers in the world.
General Bytes began selling its first Bitcoin ATM in 2014. It was the first bitcoin machine company to incorporate near field communication (NFC) technology into their range of hardware products.
