Why Ransomware Attackers Demanded Payments In Bitcoinshttp://www.ndtv.com/india-news/why-ransomware-attackers-demanded-payments-in-bitcoins-1693991Bitcoin is in the news again after Friday's worldwide ransomware attack. The malicious software locks down victims' computers and refuses to grant them access to their files unless they agree to pay at least $300 in bitcoin. Which may have you wondering: What is bitcoin? And why do the attackers want payment in that currency?
Here's a refresher on bitcoin and how it's connected to the ongoing security issue.
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Few Ransomware Victims Are Paying Hackers Because Using Bitcoin Is Hard
http://gadgets.ndtv.com/internet/features/few-ransomware-victims-are-paying-hackers-because-using-bitcoin-is-hard-1694340An unprecedented cyber-attack swept across the globe over the weekend, but so far the majority of victims haven't paid hackers a ransom.
After the ransomware began infecting users on Friday, they were given 72 hours to pay $300 (roughly Rs. 20,000) in Bitcoin - chosen by the hackers because the cryptocurrency is harder to track than conventional payments - or pay twice as much. If they refused to pay after seven days, their computer would be permanently locked - a serious problem for those who haven't backed up their data.
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Bitcoin sale profit is taxable capital gains for investorhttp://timesofindia.indiatimes.com/business/india-business/bitcoin-sale-profit-is-taxable-capital-gains-for-investor/articleshow/58691027.cmsIndia is not isolated from the rising popularity of bitcoins, which got a boost post-demonetisation. According to industry sources, nearly 300-plus enthusiasts of the cryptocurrency trade daily on Indian bitcoin exchange platforms. Most of these platforms boast of user registrations of more than a lakh. Thus, many taxpayers in India need to understand the I-T nuances of their bitcoin transactions.
Curiosity prompted Rakesh M, a Bengaluru-based techie (identity changed), to make his first investment in bitcoins. He sold his investment during the financial year 2016-17 (year ending March 31, 2017) and earned a profit.The perplexing issue for him is: How should he treat the income on sale of the bitcoin for I-T purposes? As a salaried employee, he has to file his I-T return by July 31. The Central Board of Direct Taxes (CBDT) has not yet issued any guidance. Tax authorities in many countries, such as the US, treat bitcoins a capital asset in hands of investors, with the sale resulting in a capital gain.
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Ransomware attack: Bitcoin is too tempting when you’re being extortedhttp://www.livemint.com/Industry/DTl2uccyeDmpbYDg3M1dIO/WannaCry-ransomware-attack-Bitcoins-too-tempting-when-you.htmlBehind the rise of ransomware lies the rise of Bitcoin, the virtual currency of choice for hacker blackmailers who steal huge amounts of sensitive data. That doesn’t mean Bitcoin is inherently to blame, but it does suggest that business has a Bitcoin problem. Buying the currency has become a form of short-term protection, however dicey, against attacks.
The logic is twisted but tempting. Hoarding Bitcoin to pay off hackers may seem a better option for companies that either don’t or can’t make the heavy investments needed to see off the attacks in the first place.
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What is bitcoin? A look at the digital currencyhttp://indianexpress.com/article/technology/tech-news-technology/what-is-bitcoin-a-look-at-the-digital-currency-4654938/
It’s worth more than an ounce of gold right now, it’s completely digital and it’s the currency of choice for the cyberattackers who crippled computer networks around the world in recent days.
When the attackers’ “ransomware” sprang into action, it held victims hostage by encrypting their data and demanding they send payments in bitcoins to regain access to their computers. Bitcoin has a fuzzy history, but it’s a type of currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties.
Here’s a brief look at bitcoin:
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And a bitcoin is now worth $1,843
http://www.business-standard.com/article/international/and-a-bitcoin-is-now-worth-1-843-117051300899_1.htmlWith a 94 per cent year-to-date gain, and a single “coin” now worth $1,843, bitcoin has been on a helluva run lately.
The increase in the cost of the massively-volatile electronic tokens has led to many comparisons with that other favourite outsider “currency’’ — gold — recently.
True, a unit of Bitcoin passed the dollar value of one troy ounce of gold this year, and is now more than $600 higher.
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Palestinian officials hope to launch e-currency in 5 yearshttp://www.dnaindia.com/money/report-interview-palestinian-officials-hope-to-launch-e-currency-in-5-years-2436314
Palestinian officials are planning for the territory to have its own digital-only currency within five years, a move designed to safeguard against potential Israeli interference, the head of the Palestine Monetary Authority (PMA) told Reuters.
Palestinians have no currency of their own and use the euro, U.S. dollar, Israeli shekel and Jordanian dinar in their daily lives.
But with limited control over money supply and ultimately, inflation, authorities are mulling a bitcoin-style solution, Azzam Shawwa said.
"That is something we would like to see," Shawwa said. "It will be called the Palestinian pound."
Bitcoin is a global digital currency and payment system.
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Top 4 Bitcoin Exchanges where you could investhttp://www.deccanchronicle.com/technology/in-other-news/100517/top-4-bitcoin-exchanges-where-you-could-invest.html
Bitcoin is a digital asset and payment system with approximately $9.1 billion in global circulation as of August 2016. It is considered by many to be the most successful and game-changing crypto currency ever created.
Last week, Bitcoin Value crossed all time high $1,500 mark on May 4, 2017 and it has remained above this mark till Sunday. The latest hike in the Bitcoin Value has attracted a lot of traders and investors buying and selling Bitcoin in India. But, if you are looking out to invest in this currency, you need to consider the best options available in India.
Here are the top 4 Bitcoin exchanges in India where you can buy, sell, transfer and invest.
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Why Bitcoin platforms are investor’s delight now?http://www.deccanchronicle.com/technology/in-other-news/090517/why-bitcoin-platforms-are-investors-delight-now.htmlBitcoin price has crossed one lakh INR mark from Rs 72,247 on February 14, to 1,10,990 on May 9, 2017. With figures climbing up this fast, investors have received big profits indeed. Also, given the fact that buying bitcoin is hassle free. One just needs to register on a bitcoin exchange platform like Bitxoxo, CoinSecure etc and provide details such as mobile number, name, bank details and pan card details. Once verified, you are good to go. Unlike other investment options here you can buy things with bitcoins or see its price rising. What else does a person want? Moreover, bitcoin exchange operating in India is providing customer support and hassle free procedure.
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Zcash, the latest virtual currency that promises protectionhttp://www.deccanchronicle.com/technology/in-other-news/080517/zcash-the-latest-virtual-currency-that-promises-protection.html
Zcash, the latest virtual currency, has been a smash success since its launch seven months ago, drawing in new users with promises of unrivaled privacy protection.
After debuting on currency trading platforms in October, Zcash took off, hitting an exchange rate of $1,000 per unit, putting it in league with the much better established Bitcoin.
While its value has since come down to earth, Zcash is attracting the interest of Russian, Chinese, Venezuelan and South African consumers. Brazilians now use Zcash to pay taxes and electricity bills.
To make its mark in the world of virtual currencies, Zcash boasts that it protects user privacy . But because of that guarantee it does not offer the transparency demanded by authorities who want to prevent these new tender from being used in money laundering, financing terror ism, evading taxes or fraud.
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Missing a long-distance friend? Send them presents via 'Easter Egg'http://economictimes.indiatimes.com/small-biz/startups/missing-a-long-distance-friend-send-them-presents-via-easter-egg/articleshow/58634847.cms
Easter Egg is a blockchain technology-enabled platform that allows people to gift vouchers across geographies in real-time, choosing from restaurants, spas and other options.
The platform, which provides blockchain-powered virtual Easter Egg coins as vouchers, is present in Bengaluru, Pune and Singapore and will soon be present in Canada, the United States and Dubai.
You can be anywhere in the world, and if you have friends or family in Bengaluru, Pune or Singapore, you can gift them digital vouchers to varied experiences from a beer to a foot massage or a trip to an organic farm or a museum,” said Akshay Ananth, co-founder of Easter Egg.
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Citadel Securities, XTX Markets join blockchain FX venture Cobalt
http://timesofindia.indiatimes.com/business/international-business/citadel-securities-xtx-markets-join-blockchain-fx-venture-cobalt/articleshow/58628217.cms
Electronic trading houses Citadel Securities and XTX have joined top global banks in signing up to blockchain currency settlement venture Cobalt, they said on Thursday, in what could be one of the first large-scale financial market uses of the technology.
London-based Cobalt, set up by two former bankers, wants to use blockchain, the underlying technology behind bitcoin, to reduce post-trade costs in currency trading, and to speed up the time in which transactions are settled.
It said it will go live with its spot currency trading system in the third quarter of this year.
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Blockchain explained and what banks can gain from Distributed Ledger Technologieshttp://tech.firstpost.com/news-analysis/blockchain-explained-and-what-banks-can-gain-from-distributed-ledger-technologies-375523.html
Ever since Benedikt Kotruljević of Dubrovnik (in Croatia) recorded the first known reference to double-entry bookkeeping in 1458, the General Ledger (GL) has formed the bedrock of financial accounting. For centuries, it remained fundamentally unchanged and true to its original principles, and even when technology changed its form, it did not alter its substance.
But now the venerable general ledger could succumb to digital disruption, thanks to the arrival of Distributed Ledger Technology (DLT), of which Blockchain, Ripple and Ethereum are the best-known examples. Where ERP only worked at the surface to digitize and automate the general ledger, Blockchain is striking at its foundations.
To understand the significance of this event we must briefly revisit the origins of the general ledger. The GL is governed by 3 golden accounting principles – debit the receiver, credit the giver; debit loss and expense, credit profit and gain; debit inflow and credit outflow. These principles are inviolable.
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What is Bitcoin and how it changed concept of money foreverhttp://www.moneycontrol.com/news/technology/what-is-bitcoin-and-how-it-changed-concept-of-money-forever-2275551.html
For a very long time, all the world’s currencies have been subject to either commodity or political authority, until 2009. That was the year when someone under the pseudonym of Satoshi Nakamoto introduced bitcoin to the world.
A revolution of sorts, bitcoin is a currency system based on Mathematics, and hence, is completely devoid of authority and the commodities of the physical world.
Bitcoin prices are derived based on pure free market dynamics of demand and supply, through a number of independent exchange platforms. Hence, like all currencies, the worth of bitcoin is also evaluated on the basis of people’s willingness to pay for the same.
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Bitcoin cyrptocurrency surges to a record high above $1,700http://tech.firstpost.com/news-analysis/bitcoin-cyrptocurrency-surges-to-a-record-high-above-1700-375475.html
Digital currency bitcoin hit a record high on Tuesday as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology.
Blockchain, the underlying technology behind bitcoin, is a financial ledger maintained by a network of computers that can track the movement of any asset wthout the need for a central regulator
Bitcoin hit a record $1,760.40 on the BitStamp platform and was last at $1,747.89, up 6 percent on the day. So far this year, bitcoin has surged nearly 80 percent. Bitcoin’s market capitalization on Tuesday soared to $52.5 billion, according to data from coinmarketcap.com.
Aside from being an asset that can be traded on exchanges like stocks and bonds, bitcoin has become a mode of payment for some retailers, such as Overstock.com, and a way to transfer funds without the need for a third party.
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Looking for a nice one somewhere in metro city around 50 BTC
There is no real advantage, if you want to keep everything legal. Capital gains tax is still applicable both to the buyer (on bitcoin's appreciation) and to the seller (On the house's appreciation). |
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Finance ministry drafting rules for Bitcoin, other virtual currencieshttp://www.business-standard.com/article/economy-policy/will-govt-regulations-help-indian-bitcoin-exchanges-grow-117050800264_1.htmlThe Union finance ministry is in the process of preparing norms for cryptocurrencies or virtual currencies, such as Bitcoin.
The move has been impelled by the latter’s rising market size and investor base, apart from reports of related fraud. Ministry officials said comments would be invited from the public on the proposed rules. “The government feels the industry needs some government oversight and can’t be left unregulated. A panel of bureaucrats will soon submit their recommendations on the subject,” said an official.
The panel is unlikely to recommend a ban on digital currencies. The global market capitalisation for virtual currencies is about $40 billion. Bitcoin trades at around $1,600 and is volatile. Another such currency, the Etherium, reached $100 a unit from $4 only 10 months before. The price of Litcoin is also rising. In India, Bitcoin is traded around Rs 1 lakh a unit.
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