Tuesday, 16 January, 2018

Bitcoin conference unable to handle bitcoin payments

There are major barriers to a cryptocurrency replacing any major form of money
Credit
ChesnotĀ /Getty There are major barriers to a cryptocurrency replacing any major form of money Credit ChesnotĀ /Getty
Russell Knight | 13 January, 2018, 15:17

The past few weeks have been a wild ride for cryptocurrency. The important thing to remember here is this: all it takes for a currency or commodity to have value is a group of people to agree that it has value.

Over the course of the last two months, the value of Bitcoin, the largest decentralized cryptocurrency, has shot up from $4,000 in early November to a peak of nearly $20,000 in mid-December. As a Virtual Currency (VC) Exchange, the bitcoin (or other cryptocurrencies) shall conform to the guidelines issued by BSP on the maintenance of records and comply also with submission of requirements of BSP. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. The funding of the cryptocurrency will be given by Initial Coin Offering (ICO). Bitcoin transactions are too slow and too expensive and its value is too unstable for it to be a reliable transaction coin.

Monero may never be used by banks to move sums internationally, nor will Ripple ever be used on the Tor network for nefarious purposes (the so-called dark web), but either may well unseat more common currencies such as Bitcoin Cash, LiteCoin, or Ethereum - indeed, recently Ripple was briefly the second most capitalized cryptocurrency behind Bitcoin and above Ethereum.

The popularity of bitcoin has also led to the launch of its futures contract on two of the largest United States exchanges-the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME)-in December of a year ago. It just goes to show how volatile these currencies can be, and that perhaps these governments' trepidation is warranted.

Wilson believes so much in the future of bitcoin that he now operates one of the only "BTMs", or bitcoin ATMs, in the Oklahoma City area. Valuations for the overall market dropped to $698.1 billion from $828.5 billion. At the end of the year, no currency other than Bitcoin had a share more than 15 percent of the total market cap of all cryptocurrencies.

Still, it's important to keep in mind that this currency could soon bounce back.

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The big question is how this would affect all the cryptocurrencies moving forward. A drop of 50% is significant, but considering the fact that the majority of currencies are performing poorly, it may not be something to be too anxious about.

Store of value: Bitcoin acts a lot like a commodity with regard to how it's traded, similar to gold. It passed the $1,000 mark for the first time last week. While Ripple has been heralded as a bitcoin killer, it has always been neck and neck with competitor Ethereum. Continuing into Wednesday morning, the change in sentiment had cryptocurrency's market cap slouching to US$672 billion, down almost US$80 billion from its US$752 billion valuation the night before. Of course, there were a few outliers, including Bitcoin's age-old rival: Ethereum.

And while no country has actually launched its own cryptocurrency yet, some governments have made steps towards doing so. In the past two days alone, the value grew around 25% in value, reaching a high of $125.

The value of has skyrocketed over recent months, and its rapid rise has generated.

One may ask: How about the legality of bitcoin in other countries?

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