Saturday, 20 January, 2018

Miami Bitcoin Conference No Longer Accepting Bitcoin Payments

A collection of bitcoin tokens. The best known digital currency is not as good a performer as some rivals. Chris Ratcliffe  Bloomberg A collection of bitcoin tokens. The best known digital currency is not as good a performer as some rivals. Chris Ratcliffe Bloomberg
Conrad Doyle | 13 January, 2018, 21:36

As more businesses eye blockchain's promised benefits of providing secure and transparent records, many investors and mainstream consumers have been attracted by the rapid rise in cryptocurrency values.

Bitcoin is the most popular cryptocurrency, which is a digital payment system using a decentralised technology, or blockchain, allowing people to make online payments to each other with no need for a central bank. However, HK/SIN, the cryptocurrency price, fortunately, was able to recover somewhat from the loss to trade at $13,547.7.

Nor will he ever have an investment in cryptocurrencies.

Indeed, Bitcoin's 1,500 percent surge past year has stoked huge demand for cryptocurency in South Korea, drawing in traders from college students to housewives and sparking worries of a gambling addiction. They are now more confident of betting on newer currencies than ever.

Bitcoin was created back in 2009 as an alternative to money, whereas Ethereum is more of a platform that facilitates companies building new applications and programs.

Park said he couldn't disclose more specific details about a proposed shutdown of cryptocurrency trading exchanges in the country, adding that various government agencies would work together to implement several measures.

A visual representation of the digital Cryptocurrency, Bitcoin on December 07, 2017 in London, England. However, later in the day South Korea's presidential office issued a statement, clarifying that a ban on local crypto exchanges had not yet been finalised.

One industry player told CNBC's " on Friday morning that he didn't think South Korea would actually ban cryptocurrency trading in the country.

Meanwhile, the nation's largest cryptocurrency exchanges, including Coinone and Bithumb, were raided by police and tax agencies this week for alleged tax evasion.

During the a year ago, the investors were not bullish on Bitcoins only.

Bitcoin experienced a sharp decline on Thursday, with its price falling to $13,105.90, its lowest level this year. The official, who spoke on condition of anonymity, said that Coinone was cooperating with the investigation.

Cryptocurrency shortages and difficulties in converting digital currencies into Korean won are also challenges in South Korea, Ripple's chief cryptographer, David Schwartz, noted earlier this week on Twitter.

"The entire space is increasing", he said.

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