Interpol Creates Digital Currency to Study Crypto Crime

Interpol’s cybercrime research facility, the Global Complex for Innovation (IGCI), has created its own digital currency in a bid to combat cryptocurrency-fuelled crime.

The IGCI team, which includes members from Singapore’s police force, will use its in-house virtual currency to study scenarios of cryptocurrency use and misuse in a specially designed simulation training game.

(Via CoinDesk)

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First Licensed Digital Currency Broker-Dealer

The former bitcoin trading division of SecondMarket, has relaunched under the new name Genesis Trading in bid to become “the partner of choice for large institutional buyers and sellers” in digital currency trading, while creating an identity of its own from this specification. Genesis Trading, which claims to be the first fully licensed digital currency-centric broker-dealer in the US, has executed trades for more than 800,000 bitcoins since 2013.

“We have been working toward this launch for a long time and this is a very exciting day for our entire team,” said Brendan M. O’Connor, CEO of Genesis Trading, adding: “Our goal is to become the partner of choice for large institutional buyers and sellers who are beginning to recognize the economic potential of digital currency.”

Talking to the Financial Times, O’Connor said that the idea was to capture large hedge funds and private investors that have shown interest in bitcoin trading.

(Via The CoinTelegraph)

Bitcoin and the competition

Photo: Thomas Trutschel/Photothek via Getty Images

Bitcoin is the digital currency exchanged online that has taken a bad rap. News abound of the currency being used for nefarious ends, such as drug running, illegal gun sales, human smuggling and terrorist activities. In the past couple of years, the value of the currency has been on a roller coaster ride, making millionaires of some and paupers of many investing in the currency. Now Bitcoin is undergoing a bit of a renaissance, with its values seemingly stabilized but still retaining the notoriety for its use online.

British financial authorities, in a recent Reuters report, have announced its open support for the digital currency. It is now opening its doors for the open trade and use of Bitcoin, albeit under a slew of regulatory edicts to protect users of Bitcoin. With Bitcoin gaining legitimacy in some financial areas, some others have chosen to tread a path to improve on what bitcoin had started.

Bitcoin uses software linked together via the Internet. This network determines the rules and principles that verify the transactions, thus there is no single controller of value or volume, unlike what central financial authorities have in countries and nations.  Now, with the cryptocurrency rules, which Maziers instituted, the use of computer generated financial services would become more widespread and more secure.

(Via The Big Bag)

Why you need to love Blockchain and Bitcoin

Most people following developments in Bitcoin are familiar with the often repeated mantra proclaiming that blockchain is an innovative technological breakthrough.

The blockchain is a peer-to-peer public ledger maintained by a distributed network of computers. There is no central authority, and no need a trusted third party to process and verify transactions. Eliminating the need for third party intermediaries while maintaining a system that is completely secure, trusted, and verifiable is why the blockchain shines as a technologically innovative medium of exchange. To accomplish this, the blockchain must record transactions in a manner that allows anyone to objectively determine how much value has transferred just by observation.

People are loving blockchain technology because of its use in areas beyond transferring money value, so called “Bitcoin 2.0” functions. But can blockchain technology exist as a medium to exchange financial value without Bitcoin, or any native currency component?

(Via The Cointelegraph)

IDEO visualizes Bitcoin

In an attempt to understand Bitcoin, IDEO has created a website that visualizes the transactions in real time as they appear on the network and get confirmed. On average, every 10 minutes new interactions are confirmed and get packaged into a block. They are now a permanent part of the growing list of transactions, called the block chain. The representation helps to understand the rhythm and magnitude of the network. How much bitcoin does each transaction represent? How frequently do they appear? Creating an intuitive, visual representations that brings the Bitcoin network to life.

(Via IDEO Futures)