Zipzap bitcoins
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CANADIAN WEED CRYPTOCURRENCY
Jon Southurst Global cash payment network ZipZap has temporarily halted digital currency transactions, after partner and non-bitcoin payment processor PayPoint said it needed more clarification on surrounding regulations. ZipZap CEO Alan Safahi told CoinDesk the company had not ended its relationship with PayPoint, adding that it was still working with them for non-digital currency clients, and to add more payment locations.
He said such issues were a fact of life for bitcoin businesses who needed to operate within the traditional fiat world. He added: "They only halted digital currency processing until they have better legal clarification from government which we hope to have within weeks. Meanwhile, we are pursuing other options as well.
The service operated in five countries and customers could also login via existing accounts with Bittylicious , BuyBitcoin. There were 28, physical stores for customers to pay — all of them PayPoint clients. Processor stopped deposits PayPoint had reportedly halted deposits to ZipZap until the UK government and the financial conduct authority provide legal clarity on digital currencies.
Though the process of printing slips and visiting a store might seem a cumbersome way to acquire such currency, it remained simpler and much less risky then dealing with online bitcoin exchanges. Many implementations of zip are known to be insecure, to the point that US senator Ron Wyden of Oregon called on the National Institute of Standards and Technology last summer to investigate the issue.
The Guy took the deal. After all, he'd still be turning quite the profit. Every morning I was excited to get to work and wrestle with the problem," says Stay, who today is the chief technology officer of the blockchain software development firm Pyrofex. Newer generations of zip programs use the established and robust cryptographic standard AES, but outdated versions—like the one used in The Guy's case—use Zip 2. The degree of difficulty depends on how it's implemented, though.
Stay had only a few clues to go on to inform his approach. Since The Guy still had the laptop he had used to make and encrypt the zip file—also a decent indicator that the bitcoin was actually his to begin with—Stay at least knew which zip program had encrypted the file and what version it ran. He also had the time stamp of when the file was created, which the Info-ZIP software uses to inform its cryptography scheme.
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