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Criminals are now deserting Bitcoin and moving to another cryptocurrency

05 January 2018

Bitcoin is a "speculative mania" according to the governor of the Reserve Bank of Australia. On March 17th, 2010, BitcoinMarket.com listed a sale price of $0.003 per Bitcoin or 333 BTC for $1.

A bubble is when the price of an asset diverges from its "fundamentals" - the aspects of an asset that investors use to value it.

But Bitcoin does not pay out profits (like shares) or rent (like property), and is not attached a national economy (like fiat currencies). The converse is the value of each bitcoin is rising, and sometimes dramatically so. What it does mean, however, is that as long as its supporters continue to believe in the power of a decentralized network, bitcoin can endure even the most hostile regulatory environments. "Having no clear fundamental value and largely unregulated markets, coupled with a storyline conducive to delusions of grandeur, makes this more than anything we can find in the history books the very essence of a bubble".

If you don't mind investing in dedicated hardware and paying for the extra electricity usage, then you will earn bitcoins - or rather, you will only earn fractions of a bitcoin, perhaps even after an entire year of mining.

Cryptocurrencies allow parties to transact payments directly without a central intermediary, by means of blockchain technology that uses a shared ledger that verifies, records and settles transactions in a matter of minutes.

Though India plays a relatively small role in the global cryptocurrency market, only about 2% of the global cryptocurrency market cap, the RBI has warned about the potential financial, legal, customer protection and security-related risks in cryptocurrency, amidst prevalent media rumours of RBI launching its own form of cryptocurrencynamed Lakshmi. Bitcoin is just one of the many cryptocurrencies available, but it is also the most recognizable out of the bunch. "The value of bitcoin is really predicated on its being a useful means of transactions", says Jacob Leshno, an assistant professor at Columbia Business School. China's ban on Initial Coin Offerings earlier this year reduced the value of Bitcoin by 20% in 24 hours. There are many types of cryptocurrency that people can invest in these days. Only 21-million Bitcoins will ever be created.

Many big investors - including banks and hedge funds - have not yet entered into the market. Since no one wants to be paid with assets that can decline sharply in value shortly after they have been received, value instability makes bitcoin a poor medium of exchange. As such, one needs to be aware of the kind of risks or advantages that they will get when they invest in cryptocurrency. There are people who also get their insurance claims paid in bitcoins. This is why 2017 has been a year for Bitcoin to break into the public consciousness.

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Although the rush to invest is apparently encouraging some people to take out mortgages to buy Bitcoin, traditional banks won't lend specifically for that goal as the market is too volatile.

But it's not just on the finance side that the Bitcoin market is set to expand.

As with many aspects of bitcoin, it is impossible to say for sure.

That's not to say that bitcoin will never enter a bear market, nor does it mean that governments can not put short-term pressure on the bitcoin price.

At least a dozen companies, including some in past few weeks, have been registered in various parts of the country with "Bitcoin" as part of their names while many more such applications are pending before the Registrars of Companies. While this would be a potent barrier to bitcoin becoming the major currency, it would not prevent its use as a second currency, where prices of goods and services were denominated in the primary currency.

In the end, this is uncharted territory. That's what is known as the Bitcoin protocol. Historical examples may or may not apply.

The result is that criminals are moving to other, more privacy-focused currencies such as Monero - where transactions are much harder to track. Read the original article.

Criminals are now deserting Bitcoin and moving to another cryptocurrency