27 Feb '16, 10pm

Banks Still Wary about Bitcoin, Affects Bitcoin Based Business

Bitcoin is a decentralized virtual currency. It means, there is no central authority that can dictate terms on the currency. In other words, if bitcoin becomes widely accepted, banks will virtually have no control over a bitcoin-driven economy. Bitcoin became popular after its extensive use in the deep web marketplaces like Silk Road. Initially, bitcoin transactions were considered anonymous making it the ideal currency for procuring illegal or banned substances. It was later proved that the digital currency is not as anonymous as it was initially thought. Bitcoin transactions are pseudonymous at best. However, it still continues to be the preferred currency of criminals and hackers. There have been various instances where extortionists, hackers, and kidnappers have demanded ransom in bitcoin. The bitcoin ransomware attacks still continue to affect the computers across the...

Full article: http://thebitcoinpro.com/banks-still-wary-about-bitcoin-a...

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Banks Still Wary about Bitcoin, Affects Bitcoin Based Business - newsBTC

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