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Although Scott Cutlor, senior vice president of eBay Americas said they’re “not quite there yet”, his consideration indicates how fast the cryptocurrency is permeating the mainstream.
John Taylor Jr, president and founder of research firm Taylor Global Vision in New York has spoken earlier today that this currency might still crash even if it has not reach OT peak yet and that people should get ready for another fall in the bitcoin Price and that will be below $5000.
Also as of yesterday 27/12/2017 The government in South Korea suggested this Thursday they’d be imposing “additional measures to regulate speculation in cryptocurrency trading within the country,” according to Rueters. These regulations center on a ban on “opening anonymous cryptocurrency accounts.” The legislation also aims to regulate virtual coin exchanges “if needed.”
How do Bitcoins work?
The value of Bitcoin, like all currencies, is determined by how much people are willing to exchange it for in a specific period of time and it has been said that if this currency exchange is low then no much value will be placed on it as it is today.
To process Bitcoin transactions, a procedure called ‘mining’ must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution and some series of hardware.
For each problem solved, one block of Bitcoin is processed.
In addition, the miner is rewarded with new Bitcoin.
To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.
There are currently about 16 million in existence.
The Bitcoin protocol – the rules that make Bitcoin work – say that only 21 million Bitcoins can ever be created by miners.
But these coins can be divided into smaller parts with the smallest divisible amount one hundred millionth of a Bitcoin.
This is called a “Satoshi”, after the founder.
To receive a Bitcoin, a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual post box.
Since there is no register of these addresses, people can use them to protect their anonymity when making a transaction.
These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.