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Bitcoin is revolutionary, but it is the technology behind that is generating curiosity. Ever since Craig Wright proclaimed that he is the founder of Bitcoin, there has been renewed interest in the digital currency. As a debate raged across the internet Monday over whether the mysterious founder of the bitcoin digital currency had finally been identified Craig Steven Wrightexecutives at a major bitcoin conference in New York had a simple message: An Australian man long thought to be associated with the digital currency Bitcoin has publicly identified himself as its creator.

Bitcoin wallet firm Zebpay said it has crossed Rs crore turnover within 10 months of operations as more Indians are going for the digital currency. Since the founding of the cryptocurrency Bitcoin inits inventor — or inventors — have been shrouded in mystery. For six years, that individual or group has lurked behind the pseudonym Satoshi Nakamoto and hoarded a pile of the digital currency so large it might crash the market if sold today. Australian police on Wednesday raided the home and business premises of a man that technology news sites have claimed is the founder of virtual currency bitcoin.

Australian entrepreneur Craig Wright has been identified by tech publications as possibly the mysterious founder of online cryptocurrency Bitcoin, shortly before his Sydney home was reportedly raided in a tax probe today.

Bitcoin witnessed a great Diwali this year! One of the biggest news hitting headlines across the world was the surging price of bitcoin. The Obama administration is joining with private companies to train US law enforcement officials about the virtual currency Bitcoin and how to fight crime arising from its use. Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, has been granted a license to operate as a chartered limited liability trust company by the New York State Department of Financial Services, the state regulator announced on Monday.

Home About Bitcoin Bitcoin. Australian identified as possible Bitcoin founder: Home Markets And while world over, beer is a popular alcoholic drink, Indians drink it less than the rest of Asia.

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Bitcoins allow people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. The online currency's origins have long been a mystery - though an Australian man long rumored to have ties to bitcoin has come forward claiming to be its creator.

Who is this man, and how does this system work? Here's a brief look at bitcoin: Bitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously.

The coins are created by users who ''mine'' them by lending computing power to verifying other users' transactions. They receive bitcoins in exchange. The coins also can be bought and sold on exchanges with U.

Their value has fluctuated over time. Because the currency isn't formally regulated, its legality is a bit fuzzy. The currency has also drawn the ire of many in law enforcement and cybersecurity because its untraceable nature makes it the currency of choice for hackers behind ransomware attacks. But in September, New York state regulators approved their first license for a company dealing in bitcoin. Bitcoins are basically lines of computer code that are digitally signed each time they travel from one owner to the next.

Transactions can be made anonymously, making the currency popular with libertarians as well as tech enthusiasts, speculators - and criminals. That would be a questionable decision. Many businesses such as blogging platform Wordpress and retailer Overstock have jumped on the bitcoin bandwagon amid a flurry of media coverage.

Leading bitcoin payment processor BitPay works with more than 60, businesses and organizations, while the total number of bitcoin transactions has climbed to over , per day, more than double from a year ago, according to bitcoin wallet site blockchain.

Still, its popularity is low compared with cash and cards, and many individuals and businesses won't accept bitcoins for payments. The bitcoin network works by harnessing individuals' greed for the collective good. A network of tech-savvy users called miners keep the system honest by pouring their computing power into a blockchain, a global running tally of every bitcoin transaction. The blockchain prevents rogues from spending the same bitcoin twice, and the miners are rewarded for their efforts by being gifted with the occasional bitcoin.

As long as miners keep the blockchain secure, counterfeiting shouldn't be an issue. Much of the mischief surrounding bitcoin occurs at the places where people store their digital cash or exchange it for traditional currencies, like dollars or euros.

If an exchange has sloppy security, or if a person's electronic wallet is compromised, then the money can easily be stolen. The biggest scandal involved Japan-based bitcoin exchange Mt. Gox, which went offline in February Its CEO, Mark Karpeles, said tens of thousands of bitcoins worth several hundred million dollars were unaccounted for. He was arrested on suspicion of inflating his cash account in August. Bitcoin was launched in by a person or group of people operating under the name Satoshi Nakamoto.

Bitcoin was then adopted by a small clutch of enthusiasts. Nakamoto dropped off the map as bitcoin began to attract widespread attention.

But proponents say that doesn't matter: The currency obeys its own, internal logic. There's been plenty of speculation on Nakamoto's identity over the years.

In December, the technology magazine Wired and the website Gizmodo both concluded that Australian computer scientist, inventor and academic Craig Wright was probably the man behind the pseudonym. The reports were circumstantial and contained no proof. If Wright is the founder, he is likely a very wealthy person. Home Picture Gallery What is bitcoin?