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.
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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.
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 […]
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 […]
The IRS requested Coinbase, a popular digital currency exchange based in San Francisco, in November 2016 for data on all of its users who bought Bitcoin from 2013 to 2015. The IRS wanted to find out traders who had evaded cryptocurrency taxes. Coinbase tried its best to fight the summons but it ultimately had to comply when a San Francisco court ruled in November 2017 that it had to hand […]