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Bitcoin: Count It In or Out?Salem-News.com
Banks and government bodies have started to apply some rules and regulations for Bitcoin trading.
(SALEM, Ore.) - Have you ever heard of Bitcoins? This term has been used by many online traders for some time, and as soon as it emerged, it quickly became the headline. But do you know what Bitcoins are?
Bitcoin is a new currency, created in 2009. It is an open-source cryptocurrency, powered by Blockchain technology.Online traders have been fascinated by Bitcoin as it is not regulated by government officials.
Unlike normal currencies like dollars or pounds, Bitcoin is not controlled by the central bank or a ministry of finance.
Instead, this special type of online currency is ensured by regular users through a process known as bitcoin mining. This cryptocurrency can be sent anytime and anywhere for free, without any restrictions by official bodies.
However, Bitcoin’s price is dynamic; it is ever changing! In the short term, this digital currency is plummeting in value. A month ago, it was worth around £12,000 and it plunged to £5,000 last week!
As a matter of fact, Bitcoin’s price is concluded through a process of price discovery on exchanges like GDAX. It is the main site where Bitcoin and other cryptocurrencies are bought and sold. It might look like an easy process, but it is much more complex than that.
The price is regularly affected by factors like possible regulations or orders from government officials. Also, the number of people investing in this cryptocurrency also affects its price.
Recently, an expert in cryptocurrency has put forward that the market of bitcoin has been a wild ride. Just a year ago, the price shot to the highest and it has dropped really low now. It is unclear if the rapid change was due to people’s enthusiasm to discover new, hype or market manipulation.
Why market manipulation? It is because there are other cryptocurrencies out on the market. It is likely that Bitcoins have known a drop in price as people are doubting its credibility due to the massive number of fraudulent cryptocurrencies out on the market.
To justify this, there has even been a notice to investors in regard to the risks involved in ICOs (Initial Coin Offering).
So, should you count Bitcoins in or out? Given the popularity of Bitcoins, banks and government bodies have started to apply some rules and regulations for Bitcoin trading. A few banks are no longer allowing people to buy Bitcoins with credit cards, concluding that people should not buy Bitcoins with money they ‘don’t have’.
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For now, the Bitcoin market might not be stable. However, once the banks start to get involved in this market, it will be considered a good investment...but, only if you can invest money you can afford to lose.
Source: Salem-News.com Special Features Dept.
Articles for March 27, 2018 |