Tag Archives: bitcoin price

Expedia to accept Bitcoin payments for hotel bookings

BitcoinThe rise of Bitcoin has been hampered by security concerns

One of the world’s largest online travel agencies, Expedia, has become the latest company to accept Bitcoin transactions as a form of payment.

The firm will initially accept the virtual currency for hotel bookings only, and is currently restricting the trial to its US site.

But one Bitcoin watcher told the BBC this was “a big move” for the currency.

Expedia’s announcement comes after a turbulent few months for Bitcoin, which has been plagued by security concerns.

Continue reading the main story

How Bitcoin works

Bitcoin is often referred to as a new kind of currency.

But it may be best to think of its units being virtual tokens rather than physical coins or notes.

However, like all currencies its value is determined by how much people are willing to exchange it for.

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of bitcoins is processed. In addition the miner is rewarded with new bitcoins. This provides an incentive for people to provide computer processing power to solve the problems.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day.

There are currently about 11 million bitcoins in existence.

To receive a bitcoin a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual post-box to and from which the bitcoins are sent.

Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.

These addresses are in turn stored in Bitcoin wallets which are used to manage savings.

They operate like privately run bank accounts – with the proviso that if the data is lost, so are the bitcoins owned.

A number of smaller online travel sites already accept virtual currencies, including Travel Keys and CheapAir, but Expedia is the first company of its size to adopt Bitcoin.

Emily Spaven, managing editor of Bitcoin news site CoinDesk, told the BBC the move was “brilliant news” and it “brings digital currency further into the consciousness of the mainstream”.

In a statement, Expedia’s global vice-president, Michael Gulmann, said the company was “in a unique position” to “solve travel planning and booking for our customers and partners alike by adopting the latest payment technologies”.

‘Still volatile’

Expedia will use Bitcoin exchange Coinbase for processing transactions, but Mr Gulmann told the Wall Street Journal that the firm would not hold the currency, but would convert its Bitcoin deposits back into US dollars every 24 hours.

However, as Ms Spaven points out, “that’s what most of the big companies are doing, because [the price of] Bitcoin is still massively volatile”.

Bitcoin, which is the world’s most prominent crypto-currency, has been the subject of much controversy in recent months.

The collapse of Japanese Bitcoin exchange MtGox, following a number of security breaches, harmed the currency’s reputation, and there have been several controversies surrounding taxation of transactions made with Bitcoin.

ExpediaCustomers on Expedia’s US site have the option of paying with Bitcoin at checkout

But, the digital currency took another step closer to the mainstream this week, with both Google and Yahoo adding its conversion price to its financial tools.

More than 60,000 online retailers now accept bitcoins worldwide.

Expedia to accept Bitcoin payments for hotel bookings

BitcoinThe rise of Bitcoin has been hampered by security concerns

One of the world’s largest online travel agencies, Expedia, has become the latest company to accept Bitcoin transactions as a form of payment.

The firm will initially accept the virtual currency for hotel bookings only, and is currently restricting the trial to its US site.

But one Bitcoin watcher told the BBC this was “a big move” for the currency.

Expedia’s announcement comes after a turbulent few months for Bitcoin, which has been plagued by security concerns.

Continue reading the main story

How Bitcoin works

Bitcoin is often referred to as a new kind of currency.

But it may be best to think of its units being virtual tokens rather than physical coins or notes.

However, like all currencies its value is determined by how much people are willing to exchange it for.

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of bitcoins is processed. In addition the miner is rewarded with new bitcoins. This provides an incentive for people to provide computer processing power to solve the problems.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day.

There are currently about 11 million bitcoins in existence.

To receive a bitcoin a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual post-box to and from which the bitcoins are sent.

Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.

These addresses are in turn stored in Bitcoin wallets which are used to manage savings.

They operate like privately run bank accounts – with the proviso that if the data is lost, so are the bitcoins owned.

A number of smaller online travel sites already accept virtual currencies, including Travel Keys and CheapAir, but Expedia is the first company of its size to adopt Bitcoin.

Emily Spaven, managing editor of Bitcoin news site CoinDesk, told the BBC the move was “brilliant news” and it “brings digital currency further into the consciousness of the mainstream”.

In a statement, Expedia’s global vice-president, Michael Gulmann, said the company was “in a unique position” to “solve travel planning and booking for our customers and partners alike by adopting the latest payment technologies”.

‘Still volatile’

Expedia will use Bitcoin exchange Coinbase for processing transactions, but Mr Gulmann told the Wall Street Journal that the firm would not hold the currency, but would convert its Bitcoin deposits back into US dollars every 24 hours.

However, as Ms Spaven points out, “that’s what most of the big companies are doing, because [the price of] Bitcoin is still massively volatile”.

Bitcoin, which is the world’s most prominent crypto-currency, has been the subject of much controversy in recent months.

The collapse of Japanese Bitcoin exchange MtGox, following a number of security breaches, harmed the currency’s reputation, and there have been several controversies surrounding taxation of transactions made with Bitcoin.

ExpediaCustomers on Expedia’s US site have the option of paying with Bitcoin at checkout

But, the digital currency took another step closer to the mainstream this week, with both Google and Yahoo adding its conversion price to its financial tools.

More than 60,000 online retailers now accept bitcoins worldwide.

Expedia to accept Bitcoin payments for hotel bookings

BitcoinThe rise of Bitcoin has been hampered by security concerns

One of the world’s largest online travel agencies, Expedia, has become the latest company to accept Bitcoin transactions as a form of payment.

The firm will initially accept the virtual currency for hotel bookings only, and is currently restricting the trial to its US site.

But one Bitcoin watcher told the BBC this was “a big move” for the currency.

Expedia’s announcement comes after a turbulent few months for Bitcoin, which has been plagued by security concerns.

Continue reading the main story

How Bitcoin works

Bitcoin is often referred to as a new kind of currency.

But it may be best to think of its units being virtual tokens rather than physical coins or notes.

However, like all currencies its value is determined by how much people are willing to exchange it for.

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of bitcoins is processed. In addition the miner is rewarded with new bitcoins. This provides an incentive for people to provide computer processing power to solve the problems.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day.

There are currently about 11 million bitcoins in existence.

To receive a bitcoin a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual post-box to and from which the bitcoins are sent.

Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.

These addresses are in turn stored in Bitcoin wallets which are used to manage savings.

They operate like privately run bank accounts – with the proviso that if the data is lost, so are the bitcoins owned.

A number of smaller online travel sites already accept virtual currencies, including Travel Keys and CheapAir, but Expedia is the first company of its size to adopt Bitcoin.

Emily Spaven, managing editor of Bitcoin news site CoinDesk, told the BBC the move was “brilliant news” and it “brings digital currency further into the consciousness of the mainstream”.

In a statement, Expedia’s global vice-president, Michael Gulmann, said the company was “in a unique position” to “solve travel planning and booking for our customers and partners alike by adopting the latest payment technologies”.

‘Still volatile’

Expedia will use Bitcoin exchange Coinbase for processing transactions, but Mr Gulmann told the Wall Street Journal that the firm would not hold the currency, but would convert its Bitcoin deposits back into US dollars every 24 hours.

However, as Ms Spaven points out, “that’s what most of the big companies are doing, because [the price of] Bitcoin is still massively volatile”.

Bitcoin, which is the world’s most prominent crypto-currency, has been the subject of much controversy in recent months.

The collapse of Japanese Bitcoin exchange MtGox, following a number of security breaches, harmed the currency’s reputation, and there have been several controversies surrounding taxation of transactions made with Bitcoin.

ExpediaCustomers on Expedia’s US site have the option of paying with Bitcoin at checkout

But, the digital currency took another step closer to the mainstream this week, with both Google and Yahoo adding its conversion price to its financial tools.

More than 60,000 online retailers now accept bitcoins worldwide.

Expedia to accept Bitcoin payments for hotel bookings

BitcoinThe rise of Bitcoin has been hampered by security concerns

One of the world’s largest online travel agencies, Expedia, has become the latest company to accept Bitcoin transactions as a form of payment.

The firm will initially accept the virtual currency for hotel bookings only, and is currently restricting the trial to its US site.

But one Bitcoin watcher told the BBC this was “a big move” for the currency.

Expedia’s announcement comes after a turbulent few months for Bitcoin, which has been plagued by security concerns.

Continue reading the main story

How Bitcoin works

Bitcoin is often referred to as a new kind of currency.

But it may be best to think of its units being virtual tokens rather than physical coins or notes.

However, like all currencies its value is determined by how much people are willing to exchange it for.

To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of bitcoins is processed. In addition the miner is rewarded with new bitcoins. This provides an incentive for people to provide computer processing power to solve the problems.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day.

There are currently about 11 million bitcoins in existence.

To receive a bitcoin a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual post-box to and from which the bitcoins are sent.

Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.

These addresses are in turn stored in Bitcoin wallets which are used to manage savings.

They operate like privately run bank accounts – with the proviso that if the data is lost, so are the bitcoins owned.

A number of smaller online travel sites already accept virtual currencies, including Travel Keys and CheapAir, but Expedia is the first company of its size to adopt Bitcoin.

Emily Spaven, managing editor of Bitcoin news site CoinDesk, told the BBC the move was “brilliant news” and it “brings digital currency further into the consciousness of the mainstream”.

In a statement, Expedia’s global vice-president, Michael Gulmann, said the company was “in a unique position” to “solve travel planning and booking for our customers and partners alike by adopting the latest payment technologies”.

‘Still volatile’

Expedia will use Bitcoin exchange Coinbase for processing transactions, but Mr Gulmann told the Wall Street Journal that the firm would not hold the currency, but would convert its Bitcoin deposits back into US dollars every 24 hours.

However, as Ms Spaven points out, “that’s what most of the big companies are doing, because [the price of] Bitcoin is still massively volatile”.

Bitcoin, which is the world’s most prominent crypto-currency, has been the subject of much controversy in recent months.

The collapse of Japanese Bitcoin exchange MtGox, following a number of security breaches, harmed the currency’s reputation, and there have been several controversies surrounding taxation of transactions made with Bitcoin.

ExpediaCustomers on Expedia’s US site have the option of paying with Bitcoin at checkout

But, the digital currency took another step closer to the mainstream this week, with both Google and Yahoo adding its conversion price to its financial tools.

More than 60,000 online retailers now accept bitcoins worldwide.

Bitcoin Core version 0.9.1 released

Bitcoin Core version 0.9.1 is now available from:

https://bitcoin.org/bin/0.9.1/

This is a security update. It is recommended to upgrade to this release
as soon as possible.

It is especially important to upgrade if you currently have version
0.9.0 installed and are using the graphical interface OR you are using
bitcoind from any pre-0.9.1 version, and have enabled SSL for RPC and
have configured allowip to allow rpc connections from potentially
hostile hosts.

Please report bugs using the issue tracker at github:

https://github.com/bitcoin/bitcoin/issues

How to Upgrade

If you are running an older version, shut it down. Wait until it has completely
shut down (which might take a few minutes for older versions), then run the
installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or
bitcoind/bitcoin-qt (on Linux).

If you are upgrading from version 0.7.2 or earlier, the first time you run
0.9.1 your blockchain files will be re-indexed, which will take anywhere from
30 minutes to several hours, depending on the speed of your machine.

0.9.1 Release notes

No code changes were made between 0.9.0 and 0.9.1. Only the dependencies were changed.

  • Upgrade OpenSSL to 1.0.1g. This release fixes the following vulnerabilities which can
    affect the Bitcoin Core software:

    • CVE-2014-0160 (“heartbleed”)
      A missing bounds check in the handling of the TLS heartbeat extension can
      be used to reveal up to 64k of memory to a connected client or server.

    • CVE-2014-0076
      The Montgomery ladder implementation in OpenSSL does not ensure that
      certain swap operations have a constant-time behavior, which makes it
      easier for local users to obtain ECDSA nonces via a FLUSH+RELOAD cache
      side-channel attack.

  • Add statically built executables to Linux build

Credits

Credits go to the OpenSSL team for fixing the vulnerabilities quickly.

Bitcoin Core version 0.9.1 released

Bitcoin Core version 0.9.1 is now available from:

https://bitcoin.org/bin/0.9.1/

This is a security update. It is recommended to upgrade to this release
as soon as possible.

It is especially important to upgrade if you currently have version
0.9.0 installed and are using the graphical interface OR you are using
bitcoind from any pre-0.9.1 version, and have enabled SSL for RPC and
have configured allowip to allow rpc connections from potentially
hostile hosts.

Please report bugs using the issue tracker at github:

https://github.com/bitcoin/bitcoin/issues

How to Upgrade

If you are running an older version, shut it down. Wait until it has completely
shut down (which might take a few minutes for older versions), then run the
installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or
bitcoind/bitcoin-qt (on Linux).

If you are upgrading from version 0.7.2 or earlier, the first time you run
0.9.1 your blockchain files will be re-indexed, which will take anywhere from
30 minutes to several hours, depending on the speed of your machine.

0.9.1 Release notes

No code changes were made between 0.9.0 and 0.9.1. Only the dependencies were changed.

  • Upgrade OpenSSL to 1.0.1g. This release fixes the following vulnerabilities which can
    affect the Bitcoin Core software:

    • CVE-2014-0160 (“heartbleed”)
      A missing bounds check in the handling of the TLS heartbeat extension can
      be used to reveal up to 64k of memory to a connected client or server.

    • CVE-2014-0076
      The Montgomery ladder implementation in OpenSSL does not ensure that
      certain swap operations have a constant-time behavior, which makes it
      easier for local users to obtain ECDSA nonces via a FLUSH+RELOAD cache
      side-channel attack.

  • Add statically built executables to Linux build

Credits

Credits go to the OpenSSL team for fixing the vulnerabilities quickly.

Bitcoin Core version 0.9.1 released

Bitcoin Core version 0.9.1 is now available from:

https://bitcoin.org/bin/0.9.1/

This is a security update. It is recommended to upgrade to this release
as soon as possible.

It is especially important to upgrade if you currently have version
0.9.0 installed and are using the graphical interface OR you are using
bitcoind from any pre-0.9.1 version, and have enabled SSL for RPC and
have configured allowip to allow rpc connections from potentially
hostile hosts.

Please report bugs using the issue tracker at github:

https://github.com/bitcoin/bitcoin/issues

How to Upgrade

If you are running an older version, shut it down. Wait until it has completely
shut down (which might take a few minutes for older versions), then run the
installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or
bitcoind/bitcoin-qt (on Linux).

If you are upgrading from version 0.7.2 or earlier, the first time you run
0.9.1 your blockchain files will be re-indexed, which will take anywhere from
30 minutes to several hours, depending on the speed of your machine.

0.9.1 Release notes

No code changes were made between 0.9.0 and 0.9.1. Only the dependencies were changed.

  • Upgrade OpenSSL to 1.0.1g. This release fixes the following vulnerabilities which can
    affect the Bitcoin Core software:

    • CVE-2014-0160 (“heartbleed”)
      A missing bounds check in the handling of the TLS heartbeat extension can
      be used to reveal up to 64k of memory to a connected client or server.

    • CVE-2014-0076
      The Montgomery ladder implementation in OpenSSL does not ensure that
      certain swap operations have a constant-time behavior, which makes it
      easier for local users to obtain ECDSA nonces via a FLUSH+RELOAD cache
      side-channel attack.

  • Add statically built executables to Linux build

Credits

Credits go to the OpenSSL team for fixing the vulnerabilities quickly.

Bitcoin Core version 0.9.1 released

Bitcoin Core version 0.9.1 is now available from:

https://bitcoin.org/bin/0.9.1/

This is a security update. It is recommended to upgrade to this release
as soon as possible.

It is especially important to upgrade if you currently have version
0.9.0 installed and are using the graphical interface OR you are using
bitcoind from any pre-0.9.1 version, and have enabled SSL for RPC and
have configured allowip to allow rpc connections from potentially
hostile hosts.

Please report bugs using the issue tracker at github:

https://github.com/bitcoin/bitcoin/issues

How to Upgrade

If you are running an older version, shut it down. Wait until it has completely
shut down (which might take a few minutes for older versions), then run the
installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or
bitcoind/bitcoin-qt (on Linux).

If you are upgrading from version 0.7.2 or earlier, the first time you run
0.9.1 your blockchain files will be re-indexed, which will take anywhere from
30 minutes to several hours, depending on the speed of your machine.

0.9.1 Release notes

No code changes were made between 0.9.0 and 0.9.1. Only the dependencies were changed.

  • Upgrade OpenSSL to 1.0.1g. This release fixes the following vulnerabilities which can
    affect the Bitcoin Core software:

    • CVE-2014-0160 (“heartbleed”)
      A missing bounds check in the handling of the TLS heartbeat extension can
      be used to reveal up to 64k of memory to a connected client or server.

    • CVE-2014-0076
      The Montgomery ladder implementation in OpenSSL does not ensure that
      certain swap operations have a constant-time behavior, which makes it
      easier for local users to obtain ECDSA nonces via a FLUSH+RELOAD cache
      side-channel attack.

  • Add statically built executables to Linux build

Credits

Credits go to the OpenSSL team for fixing the vulnerabilities quickly.

Bitcoin Core version 0.9.1 released

Bitcoin Core version 0.9.1 is now available from:

https://bitcoin.org/bin/0.9.1/

This is a security update. It is recommended to upgrade to this release
as soon as possible.

It is especially important to upgrade if you currently have version
0.9.0 installed and are using the graphical interface OR you are using
bitcoind from any pre-0.9.1 version, and have enabled SSL for RPC and
have configured allowip to allow rpc connections from potentially
hostile hosts.

Please report bugs using the issue tracker at github:

https://github.com/bitcoin/bitcoin/issues

How to Upgrade

If you are running an older version, shut it down. Wait until it has completely
shut down (which might take a few minutes for older versions), then run the
installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or
bitcoind/bitcoin-qt (on Linux).

If you are upgrading from version 0.7.2 or earlier, the first time you run
0.9.1 your blockchain files will be re-indexed, which will take anywhere from
30 minutes to several hours, depending on the speed of your machine.

0.9.1 Release notes

No code changes were made between 0.9.0 and 0.9.1. Only the dependencies were changed.

  • Upgrade OpenSSL to 1.0.1g. This release fixes the following vulnerabilities which can
    affect the Bitcoin Core software:

    • CVE-2014-0160 (“heartbleed”)
      A missing bounds check in the handling of the TLS heartbeat extension can
      be used to reveal up to 64k of memory to a connected client or server.

    • CVE-2014-0076
      The Montgomery ladder implementation in OpenSSL does not ensure that
      certain swap operations have a constant-time behavior, which makes it
      easier for local users to obtain ECDSA nonces via a FLUSH+RELOAD cache
      side-channel attack.

  • Add statically built executables to Linux build

Credits

Credits go to the OpenSSL team for fixing the vulnerabilities quickly.

Bitcoin Core version 0.9.1 released

Bitcoin Core version 0.9.1 is now available from:

https://bitcoin.org/bin/0.9.1/

This is a security update. It is recommended to upgrade to this release
as soon as possible.

It is especially important to upgrade if you currently have version
0.9.0 installed and are using the graphical interface OR you are using
bitcoind from any pre-0.9.1 version, and have enabled SSL for RPC and
have configured allowip to allow rpc connections from potentially
hostile hosts.

Please report bugs using the issue tracker at github:

https://github.com/bitcoin/bitcoin/issues

How to Upgrade

If you are running an older version, shut it down. Wait until it has completely
shut down (which might take a few minutes for older versions), then run the
installer (on Windows) or just copy over /Applications/Bitcoin-Qt (on Mac) or
bitcoind/bitcoin-qt (on Linux).

If you are upgrading from version 0.7.2 or earlier, the first time you run
0.9.1 your blockchain files will be re-indexed, which will take anywhere from
30 minutes to several hours, depending on the speed of your machine.

0.9.1 Release notes

No code changes were made between 0.9.0 and 0.9.1. Only the dependencies were changed.

  • Upgrade OpenSSL to 1.0.1g. This release fixes the following vulnerabilities which can
    affect the Bitcoin Core software:

    • CVE-2014-0160 (“heartbleed”)
      A missing bounds check in the handling of the TLS heartbeat extension can
      be used to reveal up to 64k of memory to a connected client or server.

    • CVE-2014-0076
      The Montgomery ladder implementation in OpenSSL does not ensure that
      certain swap operations have a constant-time behavior, which makes it
      easier for local users to obtain ECDSA nonces via a FLUSH+RELOAD cache
      side-channel attack.

  • Add statically built executables to Linux build

Credits

Credits go to the OpenSSL team for fixing the vulnerabilities quickly.