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Bitcoin Hits New Record High, Breaking $8,000 For The First Time

Bitcoin Hits New Record High, Breaking $8,000 For The First Time

Bitcoin hits new record high, breaking $8,000 for the first time On Sunday around 12:30 p.m. New York time, it hit a record high of $8,263.62, according to data from industry website CoinDesk The rally comes on the back of a huge sell-off on Sunday, November 12, where the price of bitcoin fell to around $5,500 That low, to the record high on Sunday, marks a more than 47 percent increase in the cryptocurrency's price Bitcoin hit a fresh all-time high Monday above the $8,000 mark after a wild week for the cryptocurrency. On Monday around 12:30 p.m. New York time, it hit a record high of $8,263.62, according to data from industry website CoinDesk. The cryptocurrency traded 2.3 percent higher at $8,216.80 as of 4:18 p.m. Bitcoin first broke the $8,000 handle on Sunday. Standpoint Research founder Ronnie Moas said in a note to clients Monday that the cryptocurrency could go even higher , noting there have been "many positive developments during the last five months and a few of the obstacles that were in Bitcoin's way have been knocked down." The rally comes on the back of a huge sell-off on Sunday, November 12, where the price of bitcoin fell to around $5,500. That low, to the record high on Sunday, marks a more than 47 percent increase in the cryptocurrency's price. Bitcoin's price dip last weekend came after a proposed upgrade to the bitcoin network, SegWit2x, which was planned for November 16, was called off. The aim was to increase the transaction speeds of bitcoin, which has increasingly slowed down over the years. If the upgrade had taken place, it would have caused what is known as a "hard fork," causing a new bitcoin spin-off to be formed. Meanwhile, there has been a slew of positive news which has supported the bitcoin price. Favorable regulation in Japan has mana Continue reading >>

Digital Currency Bitcoin Begins Trading On Major Exchange For First Time In Chicago

Digital Currency Bitcoin Begins Trading On Major Exchange For First Time In Chicago

Digital currency bitcoin begins trading on major exchange for first time in Chicago A virtual currency is being traded for the first time on an exchange floor in Chicago. (WLS) It's a new era for investors as many hope to get in on the bitcoin game. On Sunday, the Chicago Board Options Exchange began offering bitcoin futures, allowing investors to speculate on whether the digital currency's price will go up or down. Monday marks the first full day of trading, and it's a historic move. Unlike traditional commodities, bitcoins aren't physical assets and unlike currencies, there isn't a central bank that backs bitcoins. Bitcoins live on computer servers. "Bitcoin is not an asset which can be valued by any traditional financial metrics and basically financial bubbles occur throughout history and really the interesting thing about these bubbles is really what they tell us about societies at the time they occur. And with Bitcoin, I really think it chimes with the sort of collapse in confidence in traditional forms of authority and the traditional financial system," said Miles Johnson, capital markets editor at the Financial Times. Trader Dan Deming, managing director of KKM Financial, said he has seen tremendous activity in the first 24 hours and it's a huge success. "You're going to see a significant shift towards the digital currency so this is that first step into that world and I wouldn't be surprised in the next couple of years that we see a sovereign nation being at whatever government out there will ultimately decide that you know what, we're going to go to a digital currency, so I think that's coming," Deming said. Traders saw about 1,800 bitcoin futures trade overnight and up to 3,000 Monday morning. Some critics call bitcoin a bubble and a fraud. Meanwhile the Chic Continue reading >>

Bitcoin Price Hits $11,000 For The First Time Since January

Bitcoin Price Hits $11,000 For The First Time Since January

A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England. Bitcoin broke through the $11,000 mark over the weekend for the first time since the end of January as its price continues to slowly rise following a violent sell-off at the start of the month. The price of the cryptocurrency went as high as $11,279.18 on Sunday, its most elevated level since January 30, according to CoinDesk's bitcoin price index, which tracks prices from four major cryptocurrency exchanges. On Monday, bitcoin was trading below $11,000, at $10,789, at around 9:30 a.m. London time (4:30 a.m. ET). Bitcoin's price has been slowly climbing higher after a massive sell-off in early February, which was triggered by fears over tighter regulation, rumors of price manipulation in the market, and a hack on cryptocurrency exchange Coincheck that saw over $500 million stolen . Bitcoin is up over 80 percent since it bottomed at $5.947.40 on February 6. In South Korea, a key market for bitcoin, there were fears that an outright ban on cryptocurrency trading could come into effect. But as new measures were implemented , they were less strict than investors thought, and many sounded a positive note. Earlier this month, chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo, and the chairman of the Securities and Exchange Commission (SEC), Jay Clayton, gave a testimony in front of the Senate Banking Committee on cryptocurrencies. They struck a positive tone, with Giancarlo saying that regulators should have a "thoughtful and balance response, and not a dismissive one." This has also helped to alleviate fears of tighter regulation. Bullishness appears to be returning to the cryptocurrency markets, with both ripple and ethereum also off their Continue reading >>

Faq - Bitcoin

Faq - Bitcoin

Find answers to recurring questions and myths about Bitcoin. Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Bitcoin. Satoshi's anonymity often raised unjustified concerns, many of which are linked to misunderstanding of the open-source nature of Bitcoin. The Bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the Bitcoin software. Just like current developers, Satoshi's influence was limited to the changes he made being adopted by others and therefore he did not control Bitcoin. As such, the identity of Bitcoin's inventor is probably as relevant today as the identity of the person who invented paper. Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the s Continue reading >>

Bitcoin Just Surged Above $6,000, A Record

Bitcoin Just Surged Above $6,000, A Record

A member of bitcoin trading club poses with bitcoin medals at the club's meeting in Tokyo. Bitcoin surged 5 percent to a record high above $6,000 on high trading volume Friday. The cryptocurrency hit a record high of $6,003.81 in late morning New York trading, according to CoinDesk . Bitcoin later pared some gains to trade around $5,905 by early afternoon. Twenty-four hour trading volume in U.S. dollars for bitcoin was nearly $2 billion, versus the hundreds of millions for other digital currencies such as ethereum and the bitcoin offshoot, bitcoin cash, according to another industry data website, CoinMarketCap. "In the last 24 hours and really the last few hours there has been a massive inflow of capital into bitcoin, significantly outweighing the amount of new money flowing into other cryptocurrencies," said Alex Sunnarborg, founding partner of cryptocurrency fund Tetras Capital. Digital currency ethereum traded up slightly to around $307, according to CoinDesk. Bitcoin cash, traded 0.4 percent lower around $329, according to CoinMarketCap. Sunnarborg also noted that bitcoin investors were betting on the original bitcoin holding its own after a split scheduled for November called SegWit2x. Sunnarborg pointed out that futures contracts for the bitcoin offshoot were trading lower and that major bitcoin developers, or "mining pools," were dropping their support for the split. Bitcoin shot to record highs after an August split into bitcoin and bitcoin cash. Investors at the time typically of a split also receive equal amounts of the new digital currency, and some traders see buying bitcoin ahead of a split as a way to increase potential gains. Another split, bitcoin gold, is also scheduled to take place in the next few weeks. At Friday's peak price, bitcoin had climbed ne Continue reading >>

Guy Bought 5,000 Bitcoins In 2009 For $27, Now Worth $886,000 - The Tell - Marketwatch

Guy Bought 5,000 Bitcoins In 2009 For $27, Now Worth $886,000 - The Tell - Marketwatch

Talk about a degree that gives you bang for your buck. Kristoffer Kochwas writing a thesis on encryption in 2009 when he spent about$27 to buy 5,000 bitcoins. Life went on, and he forgot about his investment until bitcoins wild price swings earlier this year resulted in a slew of articles about bitcoin. Bitcoin is a virtual currency that isn\t controlled by a central bank. Instead, bitcoins are created through a process called mining, in which a computer tries to solve a cryptographic problem. The total supply of bitcoins is capped, which has led to comparisons with assets like gold. Koch\s original $27 investment is now worth about $886,000, Koch told the Norwegian broadcaster NRK. Thats a return of 3,281,500% in four years. Koch has used one-fifth of his bitcoin stash to buy an apartment in Oslo, Norway, the Guardian reports. Continue reading >>

How Bitcoins Became Worth $10,000

How Bitcoins Became Worth $10,000

Sign up or login to join the discussions! A few years ago, people thought Bitcoin was a joke. Now it’s worth billions. On Tuesday evening, the value of one bitcoin shot above $10,000. It has been a remarkable run for a currency that was only worth about $12 five years ago. The run has been particularly remarkable because it's still not clear what Bitcoin is useful for. During its early years, the cryptocurrency garnered a lot of optimistic talk about how it would disrupt conventional payment networks like MasterCard or Western Union. But almost nine years after Bitcoin was created, there's little sign of it becoming a mainstream technology. Few people own any bitcoins at all. Even fewer use it as a daily payment technology. Yet that hasn't prevented the cryptocurrency's value from zooming upward. One factor driving Bitcoin's growth has been the emergence of a broader cryptocurrency ecosystem. Bitcoin serves as the reserve currency for the cryptocurrency economy in much the same way that the dollar serves as the main anchor currency for international trade. In this piece, we'll explain the key innovation that set Bitcoin apart from all previous electronic payment schemes. We'll look at how Bitcoin won over regulators and venture capitalists to become a significant part of the global financial system. And we'll examine the cryptocurrency boom of the last year that has helped drive Bitcoin's value into the stratosphere. While we can tell the story of Bitcoin's rise and point to some of the factors that have pushed its value upward, we can't really explain why the currency's value goes up or down during a particular day, week, or month. In particular, bitcoins have more than doubled in value since the start of October, which is hard to explain with anything other than sp Continue reading >>

When Did You First Find Out About Bitcoin? - Quora

When Did You First Find Out About Bitcoin? - Quora

When did you first find out about Bitcoin? 11 July 2010 - Slashdot - Bitcoin Releases Version 0.3 "How's this for a disruptive technology? Bitcoin is a peer-to-peer, network-based digital currency with no central bank, and no transaction fees. Using a proof-of-work concept, nodes burn CPU cycles searching for bundles of coins, broadcasting their findings to the network. Analysis of energy usage indicates that the market value of Bitcoins is already above the value of the energy needed to generate them, indicating healthy demand. The community is hopeful the currency will remain outside the reach of any government." 10 February 2011 - Slashdot - Online-Only Currency BitCoin Reaches Dollar Parity "The BitCoin peer to peer currency briefly reached exchange parity with the US dollar today after a spike in demand for the coins pushed prices slightly above 1 USD:1 BTC. BitCoin was launched in early 2009, so in only two years this open source currency has gone from having no value at all to one with not only an open market of competing exchanges, but the ability to buy real goods and services like web hosting, gadgets, organic beauty products and even alpaca socks." Answered Jun 10, 2016 Author has 151 answers and 300.8k answer views In Late 2010/early 2011, a friend of mine mentioned it to me as I had finally understood why our current financial system was unsustainable. A few years prior the Zeitgeist documentaries had really spurred my curiosity on the issues with what money is and how it's created. While discussing the idea of localized currencies with a friend, Bitcoin came up in the discussion. We talked about the issues of having to run a miner in order to work on the network and shortly dismissed it. I later attempted to research more about Bitcoin but failed miserabl Continue reading >>

Bitcoin: What You Need To Know - The Washington Post

Bitcoin: What You Need To Know - The Washington Post

[ Bitcoin has been a staggering investment. Is a crash coming? ] The Nasdaq Stock Market will start a bitcoin futures site on its commodities trading platform in 2018. Financial firms including Cantor Fitzgerald and Goldman Sachs are discussing the trading possibilities around bitcoin, which has a market value larger in size than petroleum giant BP. JPMorgan Chase Chairman Jamie Dimon, investors including Warren Buffett and Bill Miller, and even the panel at CNBCs Squawk Box have weighed in. Bitcoin is still a mystery to many of us, probably because we cant eat, see or touch it. Heresa guide to some of bitcoins ins and outs. It is an electronic form of currency that has no physical presence anywhere in the world. There are no physical coins like dimes, nickels and quarters. Bitcoin, like other cryptocurrencies,exists on the Internet. Its all based on a technology called block-chain that has a lot of people excited, said Daniel P. Wiener, chief executive of Adviser Investments, a Newton, Mass.-based firm that manages more than $5 billion in assets. [ Is bitcoin another tulip craze or a legitimate investment? ] Nope. There were 1,324 cryptocurrencies listed on CoinMarketCap.com as of Monday. They had a total market capitalization of more than $341 billion, which is almost the size of Johnson & Johnson. But bitcoin is the biggest by far and was the first cryptocurrency. Simple. Supply and demand. People are buying up bitcoin, driving up the price of the 16.7 million coins in circulation to a total value of $189 billion as of midday Monday. The floor value of bitcoin is zero. It does not pay interest. There is no asset value attached to it except what the market gives it. It has no central bank supporting it. What it does have is value, just as gold has had for thousands o Continue reading >>

If You Bought $5 In Bitcoin 7 Years Ago, You'd Be $4.4 Million Richer | Fortune

If You Bought $5 In Bitcoin 7 Years Ago, You'd Be $4.4 Million Richer | Fortune

Seven years ago, the value of a single bitcoin was worth a quarter-of-a-cent. Today, that single bitcoin is worth upwards of $2,200 . Monday marked the seventh anniversary of what is said to be the first recorded instance of bitcoin used in a real world transaction. Over the course of seven years, bitcoins value has multiplied 879,999 times over since 2010. If an investor had decided to spend five dollars back then on about 2,000 bitcoins, that stake would be worth $4.4 million today. With $1,200 spent on some 480,000 bitcoins, the investor would be worth at least $1.1 billion today. The early months of 2017 have been particularly heady days for bitcoin. Since the beginning of the year, the value of the cryptocurrency has surged as it gains legitimacy in countries like Japan . Investors have also come to see the currency as something of a safe haven asset amid geopolitical turmoil and theres been plenty of that in recent months, in both Europe and the United States. And that first transaction? A software programmer on Bitcoin Talk known as Lazlo Hanyecz offered to 10,000 bitcoins for a couple of pizzas. For a least three days, no one took bite of the offer, with Hanyecz writing: So nobody wants to buy me pizza? Is the bitcoin amount Im offering too low? A user eventually paid about $25 for two pizzas . In todays bitcoins, those pizzas cost Hanyecz $22 million. Continue reading >>

It's Bitcoin's Birthday: Whitepaper Released 8 Years Ago Today

It's Bitcoin's Birthday: Whitepaper Released 8 Years Ago Today

Its Bitcoins Birthday: Whitepaper Released 8 years Ago Today Today is Bitcoins Birthday. Satoshi Nakamoto released the Bitcoin Whitepaper eight years ago today, on October 31, 2008. At the time, many people who first read the paper becameinterested in the background technology, and several wanted to see it in a working state. It seems very few knew that was going to happen. Once Bitcoin launchedin 2009, the biggest success story in digital money was launched. Satoshi launched Bitcoin as open source software so anyone could use it, fork it and update it. At first, the early adopters were mainly from the cryptography community like Hal Finney, the recipient of the very first bitcoin transaction. Nick Szabo and Wei Dai were also early adopters, with Szabo having developed bit gold prior to the Bitcoin whitepapers release. Wei Dai is the creator of b-money another precursor to Bitcoin. Bitcoins adoption was a steady progress as more people began to find out about it and experiment with everything from forking and making their own coins to mining technology. Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power Continue reading >>

Bitcoin - Wikipedia

Bitcoin - Wikipedia

Unspent outputs of transactions denominated in any multiple of satoshis [3] :ch. 5 12.5 bitcoins per block (approximately every ten minutes) until mid 2020, [7] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued. ^ The symbol was encoded in Unicode version 10.0 at position U+20BF ₿ BITCOIN SIGN in the Currency Symbols block in June 2017. [2] Bitcoin is a worldwide cryptocurrency and digital payment system [8] :3 called the first decentralized digital currency , as the system works without a central repository or single administrator. [8] :1 [9] It was invented by an unknown person or group of people under the name Satoshi Nakamoto [10] and released as open-source software in 2009. [11] The system is peer-to-peer , and transactions take place between users directly, without an intermediary. [8] :4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain . Bitcoins are created as a reward for a process known as mining . They can be exchanged for other currencies, [12] products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. [13] Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. [14] The word bitcoin first occurred and was defined in the white paper [15] that was published on 31 October 2008. [16] It is a compound of the words bit and coin . [17] The white paper frequently uses the shorter coin. [15] There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to Continue reading >>

#1 Simple Bitcoin Price History Chart (since 2009)

#1 Simple Bitcoin Price History Chart (since 2009)

Bitcoin was not traded on any exchanges in 2009. Its first recorded price was in 2010. Technically, Bitcoin was worth $0 in 2009 during its very first year of existence! Bitcoin's price never topped $1 in 2010! Its highest price for the year was just $0.39! Bitcoins price is measured against fiat currency, such as American Dollars (BTCUSD), Chinese Yuan (BTCCNY) or Euro (BTCEUR). Bitcoin therefore appears superficially similar to any symbol traded on foreign exchange markets. Unlike fiat currencies however, there is no official Bitcoin price; only various averages based on price feeds from global exchanges . Bitcoin Average and CoinDesk are two such indices reporting the average price. Its normal for Bitcoin to trade on any single exchange at a price slightly different to the average. But discrepancies aside, what factors determine Bitcoins price? The general answer to why this price? is supply and demand. Price discovery occurs at the meeting point between demand from buyers and supply of sellers. Adapting this model to Bitcoin, its clear that the majority of supply is controlled by early adopters and miners. Inspired by the rarity of gold, Bitcoin was designed to have a fixed supply of 21 million coins, over half of which have already been produced. Several early adopters were wise or fortunate enough to earn, buy or mine vast quantities of Bitcoin before it held significant value. The most famous of these is Bitcoins creator, Satoshi Nakomoto. Satoshi is thought to hold one million bitcoins or roughly 4.75% of the total supply (of 21 million). If Satoshi were to dump these coins on the market, the ensuing supply glut would collapse the price. The same holds true for any major holder. However, any rational individual seeking to maximise their returns would distribute Continue reading >>

If You Had Purchased $100 Of Bitcoin In 2011

If You Had Purchased $100 Of Bitcoin In 2011

If You Had Purchased $100 of Bitcoin in 2011 By Damian Davila | Updated November 29, 2017 10:31 AM EST Robert Arnott said it best, "In investing, what is comfortable is rarely profitable." The decentralized, peer-to-peer cryptocurrency system called bitcoin puts this claim to the test. The following is how you would have fared throughout the years if you had bought $100 worth of bitcoinback in 2011. For purposes of this comparison over time, the bitcoin market value prices from the CoinDesk Bitcoin Price Index are used, and no fees or additional transactions are assumed, for the sake of simplicity. By buying $100 in bitcoins on Jan. 1, 2011, you would have benefited from a low market value of 30 cents per bitcoin and received a total of 333.33 bitcoins for your initial purchase. Since bitcoin traded at 6 cents for most of 2010, you would have timed your initial purchase right. In this first year, you would have had your first taste of the cryptocurrency's high volatility. For a brief moment on June 8, 2011, bitcoin hit a high of $31.91, making the paper value of your investment a cool $10,636.56. By December 31, 2011, bitcoin was trading at $4.72, so you would have turned your $100 into $1,573.32. The first day of 2012 would have welcomed you with a closing price of $5.27, bumping up your investment to $1,756.65. Throughout the first quarter of 2012, the price of bitcoin dipped below the $5 mark. It started appreciating again in May 2012, and closed at $13.51 on December 31, 2012. Your current investment would have stood at $4,503.29. In 2012, few businesses accepted bitcoin as a form of payment. For example, bitcoin payment processor BitPay only had 1,000 businesses using its platform. One of those businesses was Utah-based Bees Brothers, so you could have purchased 4 Continue reading >>

Everything You Need To Know About Bitcoin, Its Mysterious Origins, And The Many Alleged Identities Of Its Creator

Everything You Need To Know About Bitcoin, Its Mysterious Origins, And The Many Alleged Identities Of Its Creator

On January 3, 2009, 30,000 lines of code spell out the beginning of Bitcoin. A copy of bitcoin standing on PC motherboard is seen in this illustration picture Bitcoin runs through an autonomous software program that is 'mined' by people seeking bitcoin in a lottery-based system. Over the course of the next 20 years, a total of 21 million coins will be released. But Satoshi Nakamoto didn't work entirely alone. Among Bitcoin's earliest enthusiasts was Hal Finney, a console game developer and an early member of the "cypherpunk movement" who discovered Nakamoto's proposal for Bitcoin through the cryptocurrency mailing list.  In a blog post from 2013, Finney says he was fascinated by the idea of a decentralized online currency. When Nakamoto announced the software's release, Finney offered to mine the first coins — 10 original bitcoins from block 70, which Satoshi sent over as a test. Of his interactions with Nakamoto, Finney says, "I thought I was dealing with a young man of Japanese ancestry who was very smart and sincere. I've had the good fortune to know many brilliant people over the course of my life, so I recognize the signs." Finney has flatly denied any claims that he was the inventor of Bitcoin and has always maintained his involvement in the currency was only ever secondary.  In 2014, Finney died of the neuro-degenerative disease ALS. In one of his final posts on a Bitcoin forum , he said Satoshi Nakamoto's true identity still remained a mystery to him. Finney says he was proud of his legacy involving Bitcoin, and that his cache of bitcoins were stored in an offline wallet, left as part of an inheritance to his family.  "Hopefully, they'll be worth something to my heirs," he wrote. As of today, one bitcoin is worth more than $10,000.   Nearly a year lat Continue reading >>

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