Today’s computers encode data into bits – binary digits in one of two definite states, 0 or 1. Any calculation that needs to be performed with the bits is completed one at a time. Quantum physicists are racing to develop quantum computers, which use the various states of particles to…
Bitcoin continues to push deeper into the fabric of American society as it may now have an impact on who we elect as the President of the United States in 2016. Last week, Kentucky Senator Rand Paul became the first candidate to accept Bitcoin donations for his presidential campaign. In…
A critical but sometimes overlooked topic in the virtual currency world is the Bank Secrecy Act (“BSA”) examination for registered money service businesses. Digital currency companies that meet the definition of an MSB must register and comply with the requirements of the BSA. This includes the implementation of an effective…
Recently, we had the chance to chat with Stan Stalnaker about one of the foundational digital currencies, Ven. If Bitcoin started as the rebellious, unstable youngster of the digital currency world, Ven, in contrast, is the environmentally friendly adult with a savings account. Ven was one of the early digital…
Bitcoin was the first cryptocurrency, but it is not the only one out there. So what distinguishes alternative currencies from Bitcoin? And what purpose do these newer “altcoins” serve? Like Bitcoin, altcoins are based on mathematics. Unlike traditional currencies based on gold standards or fiat currencies that maintain their value…
All signs seem to point that digital currency is changing the way we bank. One example: according to the Millennial Disruption Index, 68% of millennials say that in 5 years, the way we access our money will be totally different, 70% say the way we pay for things will be…
The digital currency press has been buzzing about a recently issued Goldman Sachs report highlighting the emergence of digital currency businesses as a force to be reckoned with going forward. And the buzz is justified. This report is an important sign that digital currency is having a major impact on…
Bitcoin is built on a distributed consensus technology – the blockchain – which allows transactions to be verified and securely stored without a centralized authority authenticating the transactions. In its current form, the blockchain serves as a ledger for digital currency. However, developers with a sophisticated understanding of cryptography seek…
Given digital currency’s rocky relationship with the Chinese government over the past year or so, some observers have suggested that digital currency service providers, investors and consumers might shift their focus to Hong Kong. The recent bitcoin-related scandal involving MyCoin has challenged this premise, however, and has prompted many –…
Transferring money to someone in another country can be a long, expensive and risky process. The funds exchange hands multiple times before arriving at their destination, and with each exchange comes delays, more fees, and a higher risk that the funds will be misrouted or end up in the hands…