19 Jul '13, 2pm

With LIberty Reserve shuttered, will Bitcoin take its place? - SC Magazine #bitcoin

With Liberty Reserve shuttered, will Bitcoin take its place? In the aftermath of Liberty Reserve's shutdown , security experts have begun deciphering what cyber criminals will run to next for their under-the-table digital currency transactions. While it's no surprise that Bitcoin, a fledgling form of digital money that has fluctuated in value , has surfaced as a potential contender, those in the industry say it's not without its drawbacks. Currently valued at close to $100 each , Bitcoins were created in 2009 and can be earned through an open source program that rewards computational power. One can anonymously transfer Bitcoins online, but to fill a Bitcoin “wallet,” a user must solve mathematical problems that become increasingly harder and result in smaller payments as one progresses, or “mines,” the currency. Levi Gundert, a member of internet security research nonprofi...

Full article: http://www.scmagazine.com/with-liberty-reserve-shuttered-...

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