[2016-05-22] IE: Bitcoins Thrive, But Large Scale Adoption Elusive

[polynesia]

Bitcoins Thrive, But Large Scale Adoption Elusive

http://www.newindianexpress.com/business/news/Bitcoins-Thrive-But-Large-Scale-Adoption-Elusive/2016/05/22/article3444869.ece

Bitcoins. When an elusive computer programmer pseudo-named Satoshi Nakamoto first released the concept in 2008, they were hailed as the next big thing in financial evolution. Regulatory concerns, the complexity of the system and the overall potential for misuse, however, forced it to the background.

But the last few weeks have seen developments that suggest Bitcoins were never off the grid. But first, what are bitcoins? (See Box) The ‘cryptocurrency’ is merely a complex block of computer code. Transactions happen through exchanges where users have to register with KYC (Know Your Customer) details and PAN card numbers. Bitcoins are plain virtual currency, currently unregulated by any central bank and only kept secure by thousands of programmers who themselves work for Bitcoins.

[dashingriddler]

Ohh they messed up the second part

[newIndia]

But the last few weeks have seen developments that suggest Bitcoins were never off the grid. But first, what are bitcoins? (See Box) The ‘cryptocurrency’ is merely a complex block of computer code. Transactions happen through exchanges where users have to register with KYC (Know Your Customer) details and PAN card numbers. Bitcoins are plain virtual currency, currently unregulated by any central bank and only kept secure by thousands of programmers who themselves work for Bitcoins.

LMFAO... there seems to be an umpteen scarcity of cryptocurrency journalists in India.