Tag Archive: Electronic money

Bitcoin Burglary: Hackers ‘Rob Online Bank’




” An Australian man who operates a virtual bank for holding digital currency has claimed hackers stole more than Aus $1m (£788,000) of bitcoins from his website.

The man, known only as TradeFortress, said about 4,100 bitcoins he was holding for his website’s users were stolen from his site in two hacks.

TradeFortress, who told the Australian Broadcasting Corporation that he was over 18 but “not much over”, has denied taking the coins for himself, but said he would be unlikely to report the theft to police because bitcoin transactions are virtually impossible to trace.”








Bitcoins Catching On In Latin America



” The Bitcoin, a virtual currency that circulates outside regular financial systems, is catching on in Latin America.

Mexican systems engineer Moisés Briseño is a user and student of this completely digital cash system that is independent of any central issuing authority.

“I buy and sell Bitcoins. I check the exchange rate quotations and trends. They are still not much used in the region. One of my aims is to encourage existing businesses to accept them and to show their advantages for users and businesses,” said Briseño.

The Bitcoin was invented in 2008 by Satoshi Nakamoto – thought to be the pseudonym of a Japanese programmer or group of people. The software to issue and exchange it among a network of users was published in January 2009.

It isn’t just a “fashionable” online currency, but something far more revolutionary, Fernando Ulrich of the Instituto Ludwig von Mises in the southern Brazilian city of Porto Alegre told IPS.

Ulrich is a Bitcoin enthusiast, saying that not only does it reduce transaction costs, but it also represents a new way of thinking about the international economy without interference from national states and central banks.

“I was astonished at its revolutionary potential. It is a robust network and an innovation that can change the way people conduct transactions, by liberating people from dependence on the monopoly of money issued by the state,” Ulrich said.

Each Bitcoin is produced by computers that solve highly complex cryptographic problems.”









The Bitcoin Life As Lived By Beckie and Austin




   Become a part of a fascinating experiment as newlyweds Austin and Beccy Craig attempt to live the first 90 days their married lives spending nothing but bitcoins . To make it even more interesting they are doing a documentary film of their adventure and you are invited to help pay for the filming through Kickstarter if you are so inclined . 




” Can a newly married couple survive when every living necessity can only be purchased with “cryptocurrency”?

Right now, you can buy anything online from soap to illegal drugs with bitcoin—you can date online, setup a WordPress blog, buy bee-keeping equipment, or even buy gold. It’s come a long way, but could you survive using just bitcoin in the REAL world? We’re going to find out! (What is bitcoin?)



When we get off the plane after our honeymoon, the adventure begins. We will hand our credit cards, cell phones, and cash over to the film crew and from then on, for at least the next three months, we will ONLY USE BITCOIN. Period. To see how far this experiment can go, we’ve established some goals, with each level taking the project further.

1. Live on Bitcoin at Home

The baseline for our project and documentary is for everyday necessities to be found and bought using bitcoin. That includes:

  • Furniture
  • Groceries
  • Cell phone
  • Internet
  • Rent
  • Restaurants
  • Medical
  • Life Insurance
  • Everything else we might need, from chewing gum to a plumber

This also means no cutting corners. If we need anything, there’s only one way we buy it: bitcoin.

2. Get paid in Bitcoin

As creative professionals, we often freelance projects for a variety of clients. We’ll find out if our clients are willing to make the jump to paying in bitcoin, just as we’ll pay anybody we hire with bitcoin.

3. Road Trip

We think the project will get even more interesting if we leave home, away from supportive friends and family. When we’re buying from complete strangers, will bitcoin keep us from starving or being stranded?

We’ll try to the following:

  • Buy a reliable but cheap car with bitcoin
  • Travel at least 600 miles each way
  • Pay for gas (even if we have to barter with farmers)
  • Find car insurance
  • Stay in hotels (or camp if we can’t find hotels)

4. Travel to Another Country (stretch goal)

We want to see how far our life on bitcoin can go, literally and figuratively. We’ll travel to another country where enough businesses and individuals have shown support for bitcoin. If you own a small business and are willing to accept bitcoin, tell us!

5. Cross an Ocean (stretch goal)

How far can we go? South America? Europe? The other side of the globe? This will mean finding a travel agency or airline willing to take bitcoin, or maybe even a private jet or boat. If you know someone with the means who is willing to take bitcoin, let us know.







As we film this documentary we’re going to need the help of independent businesses. Without the merchants to sell us the living necessities, there’s no way we’ll succeed. Gas stations, grocery stores, restaurants, car rental shops, taxis, attorneys, doctors, travel agents, dentists, hotels… if you own a small business and you’d be willing to take Bitcoin, submit your business to us at LifeOnBitcoin.com/Local so we can come find you.



Thankfully, we are not doing this whole project alone. We have a very talented and experienced team working on this project with us.


Beccy is a brilliant graphic designer and Austin is a pitchman for Internet infomercials like Orabrush (his face has been viewed over 50 million times as the “Orabrush Guy” on YouTube).


They’re in high demand, but for this project, Joe and Travis will put other productions at THE GOOD LINE on hold. They’ll follow our every step while we live on Bitcoin, plus they’ll work for months after we’re done to get the film finished. Take a look at some of their fantastic work and you’ll see why we wanted them on the project.” 









Bitcoin Bonanza: Cyprus Crisis Boosts Digital Dollars




” The online alternative currency, previously little more than a curiosity in financial markets since its 2009 inception, has zoomed in trading value since the Cyprus banking crisis erupted two weeks ago.

With fears spreading that even insured deposits might not be safe in similar nations hit by banking crises, those looking for a haven to store their wealth have fled to the complicated world of digital cash.

Bitcoincharts.com lists the value of bitcoins compared to other currencies, including U.S. and Canadian dollars, euros and pounds.

On one of the U.S. currency exchanges, labeled “Mt. Gox,” the bitcoin value has zoomed to more than $87 in Wednesday trade. That represents close to a 20 percent gain over just the past week, a one-month gain of 41 percent and nearly a quintupling of value in the past year.”