Bitcoin - Know Anything About It?

[natalieroi]

At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use BTC, where you refer the purchaser to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency. Put another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services.The transaction gains its security and trust by running on a peer-to-peer computer network that is similar to Skype, or BitTorrent, a file-sharing system. If you want to know more, subscribe to crypto signals group

[Darth Penguin]

When the 30-year-old founder of a Canadian cryptocurrency exchange died suddenly, he took the whereabouts of some C$180m ($135m; £105m) in cryptocurrency to his grave. Now, tens of thousands of Quadriga CX users are wondering if they will ever see their funds again.
In 2014, one of the world's biggest online cryptocurrency exchanges - MtGox - unexpectedly shut down after losing 850,000 Bitcoins valued at the time at nearly $0.4bn (£0.3bn).
Its meltdown shook investors in the volatile emerging marketplace - but the calamity at the Tokyo-based company proved a boon for a new Canadian online cryptocurrency exchange.
"People like the fact we're located in Canada and know where their money is going," Quadriga CX founder Gerald Cotten said at the time.
Some five years later, Cotten's sudden, untimely death has left thousands of his customers scrambling for information about their own missing funds.
"We don't know whether or not we're going to get our money back," Tong Zou, who says he is owed C$560,000 - his life savings - told the BBC.
"There's just a lot of uncertainty."
This month, Quadriga - which had grown to become Canada's largest cryptocurrency exchange - was granted temporary bankruptcy protection in a Canadian court.

https://www.bbc.com/news/world-us-canada-47203706

[tjthemanto]

Good only for trading. If you can get in low and get out high in a quick time, then maybe. Would definitely not hold it long term.

Extremely risky, volatile, prone to hacks, scams etc. Some say even a ponzi scheme.

[Darth Penguin]

Bitcoin pyramid scheme leaves Kenyans out of pocket after exit scam

A Bitcoin-fuelled pyramid scheme from Brazil has pulled its inevitable “exit scam,” stealing tens of thousands of dollars from a number of Kenyan cryptocurrency investors.
The scam, known as “Velox 10,” suddenly disappeared early this week. It apparent closed its website, making of with millions in Kenyan shillings contributed, Nairobi News reports. The domain is currently up for auction.
mber 2017, the phony firm had been luring unsuspecting Kenyans into contributing money to its supposedly sound “Bitcoin $BTC▲3.15% investment fund,” under the guise continual dividends.
Velox 10 founder, Ricardo Rocha, promised investors up to $4,000 in daily profits (the amount would depend on the “membership fee” paid). He even pledged to take the biggest contributors on an all-expenses paid trip to the United Arab Emirates for an exclusive meeting with “top global business gurus.”
One victim was told she could earn up to 50-percent profits on her contributions, and that her revenue would increase if she introduced more people to the scam. Sound familiar? (Can I get yet another BITCONNNEECCTTT!?!).
She unfortunately wired $3.2 million Kenyan shillings ($32K) to Velox 10, and filed a police complaint six months later when no return on investment was seen. She was also denied a refund.

[Darth Penguin]

Quadriga's cryptocurrency wallets empty,fate of $137 million in doubt

The money was there — it was just locked away. At least that's what the QuadrigaCX cryptocurrency exchange had been saying, before an auditor revealed it had finally accessed digital wallets set up by Quadriga's late CEO Gerald Cotten — and that instead of holding $137 million, the wallets were empty, drained in 2018.
Six "cold wallets" Quadriga used to securely store cryptocurrency offline were expected to hold millions. But they were emptied out in April, months before Cotten's death was reported, "bringing the balances down to nil," audit firm Ernst & Young says.
The news furthers the frustrations of Quadriga's 115,000 users, who have been unable to withdraw their money — much of it in the form of bitcoin — from the troubled exchange. And in a new twist, an auditor says the company was also found to have created what look to be more than a dozen fake accounts.
Quadriga has been under debt protection from its creditors since Feb. 5, by order of the Supreme Court of Nova Scotia. The court also appointed Ernst & Young to the role of monitor, to sort out how much money the exchange still has and where it should go.

[rayedwards]

I have some doubts about bitcoin. Recent price fluctuation of the cryptocurrency shows that there is no trust in such currency. Besides, I don't think that it can replace dollars or euro in recent time. However, I think that blockchain technology is very useful, and it should be implemented in our daily life from governance to healthcare.

[miztia]

i bought into bitcoin a little while back and dont regret it. Its doubled my small amount of money so far but im sure there will be a correction soon. Its at a high of almost $73000CAD right now and some say it will hit $100k before the year is up. Tesla invested 1.5 billion into bitcoin this month and apparently profited 930B , and will soon accept it as a form of payment. if they are in, then Ill take my chance.

[Darth Penguin]

Musk loses USD15 billion in a day after Bitcoin warning

Elon Musk is no longer the world’s richest person after Tesla Inc. shares slid 8.6 per cent on Monday, wiping US$15.2 billion from his net worth.
Tesla’s decline was fueled in part by Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.” His message -- via his favored medium of Twitter -- came two weeks after Tesla announced it has added US$1.5 billion in Bitcoin to its balance sheet.

[Ciel21]

I only know that a Bitcoin Well exists in Mapleview Centre's lower corridor leading to the Amazon lockers and restrooms. In Burlington ON if you have a shopping trip coming up...

[Darth Penguin]

Bitcoin and other Cryptos down today

Bitcoin (BTC) was down -0.56% at 10am on 7 September, followed by Ethereum (ETH) -4.36%, Cardano (ADA) -8.91%, Binance Coin (BNB) -4.73%, Tether (USDT) +0.11%, XRP (XRP) -0.93%, Solana +24.34%, Dogecoin (DOGE) -7.47%, Polkadot (DOT) -2.58%, Uniswap (UNI) -10.42%, Chainlink (LINK) -4.70%, Bitcoin Cash (BCH) -4.54%, Litecoin -8.14%.

It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.

A further blow was dealt when China ordered Bitcoin mining in its Sichuan province to shut down completely and furthermore told banks to stop supporting crypto transactions, in a latest wave of restrictions on cryptos.

[Darth Penguin]

Bitcoin crashes on first day as El Salvador's legal currency

Angry protests, technological glitches and a plummet in value marked the first day of El Salvador adopting Bitcoin as legal tender.


The price of Bitcoin on Tuesday crashed to its lowest in nearly a month, falling from $52,000 (£37,730) to under $43,000 at one point.


An opposition politician said the fall caused one of Latin America's poorest countries to lose $3m.


The rollout of bitcoin in El Salvador was far from what President Nayib Bukele would have envisaged when he began his bold experiment.


Platforms such as Apple and Huawei weren't offering the government-backed digital wallet, known as Chivo, and servers had to be pulled offline after they couldn't keep up with user registrations.

[Ciel21]

I saw the headline on a morning show about El Salvador adopting Bitcoin as legal tender but did not know about the crashes. Some news story without a key piece of detail about day one...