Turn the clock back years ago when bitcoin was still relatively new, people probably didn’t give it much thought or treated it particularly seriously. This is because bitcoin back then wasn’t worth that much, so people were giving it out in large quantities. These days, the value of bitcoin has shot through the roof, so those who held onto their bitcoin back then are sitting on a lot of money.
Back in the day when bitcoin wasn’t as highly-valued as it is today, people who got in early were paid a lot of it, since back then 1 bitcoin wasn’t worth as much as it is now. This was what programmer Stefan Thomas went through a few years ago, where he was paid 7,002 bitcoin for his services.
Will cryptocurrency become a new standard of currency that we can expect in the future? While the jury is still out on that, it seems that cryptocurrency enthusiasts and investors are betting big on it, to the point where bitcoin has surged to record highs where just a few days after the New Year, it was valued at more than $34,000.
Bitcoin has been around for a while now and presumably, there have been people mining for the cryptocurrency from the early days, and also presumably, those people might have amassed quite a collection over the years. In fact, there has been one particular Bitcoin wallet that has been closely watched by cryptocurrency enthusiasts for a while.
PayPal, for the most part, supports using credit cards to make payments. Users can also reload their wallets and store it in PayPal, and link their bank accounts. All those are more or less to be expected and are somewhat traditional forms of payment. However, it seems that PayPal is looking to embrace a future in which cryptocurrency could become the new standard.
A couple of weeks ago, several high profile Twitter accounts were compromised in which they were taken over and then used to post a bitcoin scam. Given that these were very public profiles which included the likes of Apple, Bill Gates, Elon Musk, Jeff Bezos, and so on, it managed to gain quite a bit of traction with some Twitter users falling for it.
If you’ve been browsing Twitter and have come across several posts by big brand accounts or high profile users advertising a bitcoin giveaway, you should probably ignore those. This is because there seems to be a spate of Twitter hacks that have been going around where these high profile accounts are being taken over to advertise a bitcoin scam.
Some of the largest cryptocurrency mining operations are understandably located in China but this isn’t something that the country feels is worth doing. Regulators in China appear to be even considering a ban on cryptocurrency mining altogether as they have classified it as an “undesirable” economic activity.
While the price of bitcoin has come down a bit compared to its peak, it is still very lucrative and it’s not surprising that many out there want to get into it. However it seems that according to a report from Bitwise, many scammers are aware of this and are taking advantage of it by launching various bitcoin scams.
Bitcoin has had a rough couple of weeks as its value continues to nosedive. However, support for the virtual currency continues to grow. Ohio has become the first state to allow businesses to pay their taxes with Bitcoin. It has opened a new cryptocurrency portal for this purpose. The Wall Street Journal reports that Ohio seems to be the first state to allow businesses to pay their taxes with a […]
Gone are the days when it felt like the value of bitcoin and other cryptocurrencies would just keep on climbing. The values have tanked pretty hard over the past year and continue to do so. The bitcoin value has now hit a new low for the year 2018, hitting its lowest point since September 2017. It’s down a staggering 30 percent for the week.
Hublot, a Swiss manufacturer of high-end watches, wants some of that Bitcoin money. The company has unveiled a new luxury watch that can only be purchased with Bitcoin. It has been launched to commemorate the 10th anniversary of this digital currency. It’s part of Hublot’s Big Bang series and costs almost $25,000. Here’s the catch: You can only buy it with Bitcoin.
Banking giant Goldman Sachs has reportedly decided to put its cryptocurrency trading plans on hold. The company was planning to open a trading desk for cryptocurrencies like Bitcoin but it has decided against that because the regulatory framework concerning cryptocurrency trading isn’t clear.
A FIFA World Cup gambling ring has been busted by officials in China which had reportedly took in bets worth more than 10 billion yuan or $1.5 billion in cryptocurrency bets. The authorities are said to have arrested six individuals linked to a web-based crime syndicate that’s connected to the dark web. Cryptocurrencies worth more than 10 million yuan were found in their possession and seized.
It’s not uncommon for cryptocurrency exchanges to get hacked and the losses often run into tens of millions of dollars. Whenever something like this happens, the bitcoin price tends to take a hit as a result and that’s precisely what has happened after Coinrail, an exchange based in South Korea confirmed that it was hacked and that hackers made off with $40 million worth of tokens and altcoins.
Bitcoin and other cryptocurrencies have been on a wild ride over the past few months with significant price volatility that may have made some people a lot of money but it would have certainly cost a lot of people money as well. The U.S. Justice Department and the Commodity Futures Trading Commission feel that something’s not quite right which is why they have started investigating possible price manipulation in the […]
Reddit was one of the earlier adopters of the Bitcoin cryptocurrency. It allowed users to pay for premium membership by using Bitcoin, but it appears that is no longer an option as the company has recently disabled the option. The good news is that it is possible that this could be temporary.
As Twitter prepares to come down on cryptocurrency scams on its platform, the company’s co-founder and CEO Jack Dorsey remains optimistic about the future of one major cryptocurrency. Dorsey predicted in a recent interview that bitcoin is going to become the world’s “single currency” in a decade from now. He believes that the world and the internet will eventually have a single currency and that currency will be bitcoin.
It is no secret that mining for cryptocurrency like Bitcoin will require a lot of electricity, which is why sometimes it has been suggested that sometimes it might not necessarily be worth all the energy and money spent setting up a mining rig as the operational costs could cost more. That being said, those in New York will soon have to start paying more.
One has to be careful when dealing in digital currencies given the number of scammers operating who are simply looking to make a quick buck. Apple co-founder Steve Wozniak personally experienced bitcoin fraud when he was scammed out of $75,000 worth of coins. He had seven bitcoins stolen from him through fraud. “The blockchain identifies who has bitcoins… that doesn’t mean there can’t be fraud though” he said at a […]