Any form of public communications network necessarily exposes some information about the identity and activity of the user's of its services. The extent to which such exposure of information can be subverted and used in ways that are in stark opposition to the users' individual interests forms part of the motivation on the part of many users to reduce such open exposure to an absolute minimum. The tensions between a desire to protect the user through increasing the level of opacity of network transactions to third party surveillance, and the need to expose some level of basic information to support the functions of a network lies at the heart of many of the security issues in today's Internet. more
Electronic money is not a new idea. The Electronic Fund Transfer Act was passed by the U.S. Congress and signed by President Jimmy Carter 35 years ago (1978). Other forms of electronic money include payment processors, direct deposit, and digital currencies such as Bitcoin. What distinguishes Bitcoin from other electronic money is that it is a cryptocurrency... Will Bitcoin replace the dollar, euro, yen, franc, kroner, et al? Possible, but most authorities seem to be saying it is doubtful. more
The papers have been abuzz with the shutdown of Liberty Reserve, an online payments system, due to accusations of large scale money laundering via anonymous transactions. Many people have noted similarities between LR and Bitcoin and wonder whether Bitcoin is next. I doubt it, because with Bitcoin, nothing is anonymous. more
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