Bitcoin | South China Morning Post
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  • Feb 1, 2015
  • Updated: 9:25pm


Bitcoin, released to the world in 2009 by a person or people called Satoshi Nakamoto, is not backed by a central bank or a government and is seen as an alternative payment system. In February 2013, Bitcoin went into the mainstream as a monetary crisis threatened to bankrupt Cyprus, seen as a safer bet. Early adopters of Bitcoin have been richly rewarded as the price has soared – in one case, a young Norwegian bought a house from an $850,000 windfall on a US$22 investment.

Bitcoin transactions cut the cost of international money transfers

Bitcoin transactions cut the cost of international money transfers

Maria Teresa Lasam doesn't know how bitcoin works but is thrilled that she's able to remit money to her family more conveniently and at a fraction of the usual cost through this cryptocurrency.

Friday, 16 January, 2015, 6:15am

Bitcoin loses momentum as adoption of digital currency stalls

The volatility of bitcoins, which have lost half its value this year, has slowed broader acceptance of the digital money. Photo: Reuters

After skyrocketing to more than US$1,000 late last year and attracting global attention, bitcoin, the leading digital currency, has stalled.

13 Dec 2014 - 6:09am

United States tech firm sued over problems in delivering bitcoin machines

A bitcoin ATM machine is shown at a restaurant in San Diego. Photo: AP

A company that offered bitcoin-generating computers is being sued by the US Federal Trade Commission (FTC), which said the company bilked as much as US$50 million from more than 20,000 consumers.

1 Oct 2014 - 8:37am

Bitcoin breaking into mainstream with companies and consumers

Illustration: Sarene Chan

Earlier this year, Mary Fons joined the bitcoin economy. She uses the digital currency to buy gift cards and office supplies. Her partner reimburses Fons with bitcoins for his portion of the rent.

26 Sep 2014 - 5:22am 1 comment

Pair admit abetting transfer of bitcoins to rogue website Silk Road

Charlie Shrem said he knew that much of the business conducted on Silk Road involved the purchase and sale of narcotics.

The top executive of a bitcoin company and a Florida bitcoin exchanger have pleaded guilty to charges in a US federal court that they enabled the digital currency to be funnelled to the black market website Silk Road.

6 Sep 2014 - 5:09am

Britain eyes Bitcoin, rivals, with virtual currency rules

Bitcoin is one of 200 computer-generated currencies. Photo: Reuters

Britain took its first steps towards regulating the rapidly expanding use of virtual currencies, launching a study to look at the opportunities and risks presented by digital currency bitcoin and its rivals.

7 Aug 2014 - 5:46am 1 comment

Bitcoin exchanges have struggled to survive on mainland

Bitcoin exchanges have struggled to survive on mainland

The average lifespan of mainland-based virtual currency businesses is just nine months, indicating Beijing's success in limiting financial activity outside the official banking system.

25 Jun 2014 - 8:33am 5 comments

Bitcoin firm HXCex being probed after customer says he lost HK$67,000

Hong Kong Crypto Exchange's operation appears to have ground to a halt.

Police are investigating the disappearance of tens of thousands of dollars worth of the virtual currency bitcoin in a move that could open the floodgates for more potential victims to come forward.

23 Jun 2014 - 9:50am 7 comments

Investor in Hong Kong Crypto Exchange calls it amateur at best

Bitcoins "minted" by enthusiast Mike Caldwell. Photo: Reuters

Dominic Rivers spotted an opportunity to make money last month from low bitcoin prices. Now he's wondering if he will see his investment again. The Briton, 34, says he saw the bitcoin as a "novel and revolutionary approach to finance".

25 Jun 2014 - 8:00am 3 comments

Ex-convict cum bitcoin evangelist calls the rich to island paradise

Roger Ver got rich investing in bitcoin early and has become a regular speaker at industry conferences.

He is known as Bitcoin Jesus in the world of cyber-currencies. Though he cannot promise you heaven, he is offering a haven: a condominium in the Caribbean that comes with a new passport and almost zero taxes.

17 Jun 2014 - 5:13am

Apple opens the door for digital currencies, such as bitcoin

Lo Ken-bon, co-founder and chief executive of ANX. Photo: Jonathan Wong

Hong Kong's biggest virtual currency trading platform hopes to benefit from a rewrite of rules by Apple that could soon allow the use of bitcoin and other digital money transactions on mobiles and tablet devices.

4 Jun 2014 - 4:34am

Bitcoin Foundation members quit over election of troubled ex-Disney child star

At least 10 members of the non-profit Bitcoin Foundation have resigned over the election Brock Pierce as a new director.

At least 10 members of the non-profit Bitcoin Foundation have resigned over the election of one-time Disney child star and bitcoin entrepreneur Brock Pierce as a new director.

18 May 2014 - 6:26am

Li Ka-shing boosts bitcoin investments amid currency crackdown in China

Li Ka-shing boosts bitcoin investments amid currency crackdown in China

Asia’s richest man Li Ka-shing has boosted his investment in bitcoin, in a vote of confidence for the beleaguered digital currency, amid a crackdown on its widespread popularity in China.

15 May 2014 - 7:16pm 6 comments

Chinese bitcoin firms plan to go offshore to sidestep crackdown

China's biggest bitcoin exchange Huobi has plans to set up an offshore bank account. Photo: Reuters

Chinese bitcoin businesses are drafting plans to escape the mainland crackdown on the digital currency, the South China Morning Post has learned.

13 May 2014 - 2:38am 1 comment

Hundreds attend China's first bitcoin summit, defying Beijing's warning

Supporters doubt Beijing will outlaw bitcoin. Photo: Simon Song

Several hundred people defied the central government's bitcoin crackdown by attending China's first summit on the digital currency in Beijing this weekend.

11 May 2014 - 10:25am 3 comments