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Alibaba Ban: China Tightens Rules around Bitcoins [post_view]

Unlike any currency ever created, Bitcoins are governed by a computer protocol, rather than a central authority. Instead of serving one country or a group of countries, Bitcoin serves the whole world – a global currency.

Bitcoin is called a crypto currency because it uses public-key cryptography. This means that when paying with bitcoin, there will be no exchange of digital notes or tokens between the buyer and the seller. Instead, the buyer requests an update to a public transaction log, called the blockchain. This master list of all transactions shows who owns what bitcoins currently and also in the past, and is maintained by a decentralized network that verifies and time stamps the payments. The Bitcoins are sent easily through the Internet, without needing to trust any third party. The Bitcoin was designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities. Introduced in 2009 by developer Satoshi Nakamoto, the peer-to-peer payment network is based on an open source protocol and a digital currency that is used in the network. The decentralized digital currency enables instant payments to anyone, anywhere in the world.

China’s largest e-commerce website, Alibaba Group Holding Ltd., According to Bloomberg News, has banned the sale of Bitcoin and other virtual currencies. Many third-party payment systems have stopped processing transactions for Bitcoin purchases. Payment provider YeePay gave notice last month to BTC China, the largest Bitcoin exchange in the country, that it could no longer provide payment services.

From January 14th onward, Alibaba said on its website it will bar the sale of Bitcoin and related products, including mining software and hardware for the virtual currency. A Shanghai-based Internet consultant, Wang Weidong, reported in a phone interview, “The changes will have quite a big impact on Bitcoin trading in China.” Finally, the entire world is starting more and more to tighten Bitcoin‘s range and freedom of use.

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Posted by on January 14, 2014. Filed under Breaking News,Business News,Home. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.