13 Mar '13, 7am

Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23%

Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23% a technical glitch in the core bitcoin software forced developers to call for a temporary halt to bitcoin transactions, sparking a sharp sell-off. the currency's value briefly fell 23 percent to $37 before regaining much of its value later in the evening. the core of the bitcoin network is a shared transaction register known as the blockchain. approximately every 10 minutes, a new block is created containing a record of all bitcoin transactions that occurred since the previous block. nodes in the network, known as miners, race to "discover" this next block by solving a cryptographic puzzle. the winner of this race announces the new block to the other nodes. the other nodes verify that it complies with all the rules of the bitcoin protocol and then accepts it as the next official entry in the block...

Full article: http://mukpin.com/view.php?k=MZtH9A

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