Beginning the year at around $997, bitcoin experienced abrupt volatility in the last quarter as the currency witnessed huge buying interest in the wake of escalating tensions in the Middle East and East Asia, pushing investors to look at the virtual currency from the perspective of an alternate asset class with barely any accountability.
It's been an interesting week in the cryptocurrency world.
Bitcoin is a type of cryptocurrency that is based on a digital peer-to-peer system. Its blockchain technology, which records transactions, has the ability to store information, including computer programmes and contracts. Blockchain technology grows "like ever-expanding archives of their own history while also providing a real-time portrait", per Coindesk.
Here's a look at the 10 largest cryptocurrencies by market capitalization and how much each has changed over the past 24 hours, as well as over the past week. It had begun to accept cryptocurrency as payment back in 2014.
Since New Year's, the cryptocurrency market has alternated between strong movements in both directions. Meanwhile, Eastman Kodak (KODK) just developed a new cryptocurrency for photographers, called KODAKCoin. Some folks believe that ethereum have the capability to beat bitcoin and all other cryptocurrencies. One of the most notable skeptics is billionaire Warren Buffett, who opined that he "can say nearly with certainty" that cryptocurrencies will "come to a bad ending".
Carillion: shares hit record low on fear of administration
Unions have also urged the Government to step in to protect 19,500 jobs that are now at risk. A spokesman from Carillion declined to comment.
Since the transaction fee for each transaction is measured in bitcoin itself and not a fixed fiat amount, the rapidly appreciating price of the cryptocurrency has also resulted in absurdly high costs.
Ethereum is considered as a fast and reliable transaction source and considers to be better than bitcoin when it comes to money transfer and mining. Even Ray Dalio, a hedge fund manager, has dismissed Bitcoin as a bubble.
Reuters and other media outlets yesterday cited South Korea's Justice minister Park Sang-ki, who said that the government was preparing a bill to ban trading of digital tokens on domestic exchanges. The website of the presidential Blue House temporarily crashed earlier today, in fact, due to a flood of online signatures opposing the legislation.
There are many phishing sites of the "Myetherwallet", so its a reminder for those who using this wallet to be aware.
For those new to cryptocurrency, here is a handy guide outlining the main differences between bitcoin and Ethereum.