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Enlarge ImageArvind Krishna, a senior vice president at IBM Research Stephen Shankland/CNET Bitcoin has a bad rap as the preferred currency of drug dealers. But that isn't stopping IBM and some of the world's most conservative businesses from tapping into its technological underpiings. Specifically, Big Blue is interested in the blockchain -- the mechanism Bitcoin uses to publicly record transactions. Today's businesses each have their own records, slowing transactions and triggering problems figuring out who's right when there are disagreements. But the blockchain approach is more cooperative by providing a consistent record that members of a network can see. "The blockchain is about distri...

A hacker got away with roughly $72 million worth of bitcoin. Getty The hits continue for bitcoin owners.After Bitfinex revealed this week that a hacker made off with 119,756 bitcoin (about $72 million), the digital-currency exchange said Friday it is interested in a "socialized loss.""We are leaning towards a socialized loss scenario among bitcoin balances and active loans to BTCUSD positions," the company said in a blog post, noting that it has not made a final decision and that more details will be available Saturday. BTCUSD stands for Bitcoin/US dollar.In a socialized loss scenario, a company typically expects a bailout of some sort, either from customers or from the govement. It's possib...

The craziest thing about bitcoin is how commonplace it is.The digital currency, introduced in 2009 and now accepted by more than 100,000 merchants worldwide, can buy you just about anything, from a high-tech gadget, which you might expect, to an ice-cold beer, which you might not. We've rounded up 25 of the most surprising things that'll tempt your bitcoin wallet. Some are extraordinary, and some are extraordinarily ordinary. Let's block ads! بخوانید...

Photothek via Getty Images If you want to get in on the Bitcoin action (and have the bank to back you up), now's a good opportunity. The Australian police will be auctioning 24,518 bitcoins seized as the proceeds of a crime. The exchange rate at the time of writing sees one bitcoin equal $534.18 -- so that's over $13 million worth of the digital cryptocurrency. It will be second time that such an auction has taken place, following the auction of over 144,000 bitcoins by the US Marshals Service last year.According to The Guardian, the Victorian state govement confirmed that the bitcoins were seized in 2013 from a Melboue drug dealer. This is potentially Richard Pollard, a Silk Road drug deale...

A mystery continues. Craig Wright, the latest person who has claimed to be the creator of Bitcoin, won't provide the evidence he claimed he would provide.Via a blog post this moing from the same website where he has posted previous updates, Wright said this: "I believed I could put the years of anonymity and hiding behind me. But, as the events of the week unfolded and I prepared to publish the proof of access to the earliest keys, I broke. I do not have the courage. I caot."Wright, an Australian entrepreneur, had emerged earlier this week claiming to be mysterious Bitcoin creator (or creators) Satoshi Nakamoto. He also promised he'd offer "extraordinary proof" that he was Nakamoto in the co...

Some say it doesn't matter who created Bitcoin. But the inventor could impact the future of the digital currency if he or she goes on a selling spree.Australian entrepreneur and computer engineer Craig Wright told several media outlets that he created Bitcoin, but he isn't looking for fame or money. So why come out now? Watch CNET Update below to lea why crypto-currency experts doubt his claims, and other questions raised by the unmasking: CNET Update delivers the tech news you need in under 3 minutes. Watch Bridget Carey every afteoon for a breakdown of the big stories, hot devices, new apps and what's ahead. Subscribe to the podcast via the links below.Subscribe:iTunes (HD) | iTunes (SD) |...

Australian Chris Wright says he's the inventor of the Bitcoin digital currency. Screenshot of BBC interview by Stephen Shankland/CNET For years, mystery has shrouded the true identity of the creator of the electronic currency called Bitcoin, a person known only as Satoshi Nakamoto. Now Australian businessman Chris Wright says it's him.In interviews published Monday with the BBC, GQ and the Economist, along with a blog post of his own, Wright said he's Satoshi Nakamoto and offered instructions to let others verify the claim t...

Screenshot by Dan Graziano/CNET Valve is giving you a new way to pay for your games and software. The company has partnered with processing service BitPay to begin accepting bitcoin on its Steam service. The partnership is aimed at inteational users that may not have access to traditional payment options. "Valve reached out to us because they were looking for a fast, inteational payment method for Steam users in emerging gaming markets in countries like India, China and Brazil," Rory Desmond, BitPay's director of business development in North America and APAC, wrote in a post on BitPay's website. "While more users are coming online in in these countries, traditional payment options like cred...