01 Oct '12, 2pm

Web currency Bitcoin seeks legitimacy, stability via foundation

Web currency Bitcoin seeks legitimacy, stability via foundation

A foundation has been established to create a more solid footing for Bitcoin, the virtual currency admired for its technical genius but dogged by doubts over its long-term viability. The Bitcoin Foundation plans over the next year to fund efforts to create a set of best practices for merchants accepting Bitcoins as well as conduct a payments-oriented conference in Silicon Valley early next year, wrote Peter Vessenes, who will be the foundation's chairman and executive director. Its other plans include creating a opt-in certification process for businesses accepting Bitcoins and funding a development team lead by Gavin Andresen, a foundation board member and lead developer for the overall Bitcoin project . Bitcoins are transferred using a peer-to-peer system that employs "miners" to cryptographically verify transactions to ensure people are not trying to double-spend their ...

Full article: http://www.techhive.com/article/2010886/web-currency-bitc...

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Web currency Bitcoin seeks legitimacy, stabilit...

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