Bitcoin - What does the world think about it!!

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Our super-ancient ancestors fought over clubs and shells – Our brother and sisters (do consider the word “us” from the species standpoint, i.e. “us” as in human beings) have been fighting over rectangular pieces of paper and circular-shaped objects made from gold, silver, and bronze. The fight still rages with the former being termed as a banknote while the latter being termed as a coin.
Now why did I give this financial-type snippet of a history lesson?
Simple – the human mind needs to get harbored in a methodical manner when taught something new. It would pain the fingers that are lucidly flowing across the keyboard while typing this blog if someone says that what’s new in money?
Bitcoin is what is new in good-old-money and technically it is termed as cryptocurrency.
The point of providing information is to enable human beings to use that information for either their benefit or enhancing their knowledge base. After all, the revolving planet that we call our dear-sweet-home houses lots of countries where lots of changes take place on a consistent basis. Hence, it does make sense to stay – as one says – with the pace of the changing world.
What is the latest change that has taken place in this ever-changing world? If I put it in absolutely layman terms then this change took place February 25, i.e. Tuesday in the early hours when Mt. Gox – one of the biggest exchanges for bitcoin – filed for bankruptcy protection in Japan.
Quantified information always gives a complete idea about the staggering situations that take place in the event of any landmark event. Hence, this paragraph is the correct platform for giving the reason for filing bankruptcy: A loss of nearly half a billion dollars worth of bitcoins. Quite an unfortunate event after hackers managed to hack the secure bitcoin system.
What is the impact of this change on a global scale? According to a news-portion posted on moneymorning.com the price of bitcoin went up to a humongous figure of 9.100% from December 2012 to December 2013.
The whole world is talking about this change because it has impacted most of the major economies of the world. Let’s see the responses of some economies of the world as examples:
USA: According to leading experts, bitcoin will probably limit the authority of the U.S Federal Reserve. This is an idea so revolting to the European Central Bank and the Internal Revenue Service that a meeting was actually held to determine the possible impact of the bitcoin crisis on the U.S. dollar. This meeting consisted of the former Secretary of State Advisor, the Vice President of the Council on Foreign Relations, the Communications Director of the International Crisis Group and many other well-known personalities from the world of macroeconomics. There have been reports of the meeting coming to a conclusion that the U.S. dollar will certainly have a tough time owing to this bitcoin crisis.
China: China, according to latest reports published in well-known online news websites and portals, has certainly seen something worthy to look for in the bitcoin crisis. A bitcoin retail store was opened by the Asia Nextgen Bitcoin Exchange (ANXBTC) exchange in the city of Hong Kong. China’s Beijing-based bitcoin exchange Houbi.com saw it daily-basis trading volume increase by 69% of the global trading volume. ANXBTC CEO Ken Lo certainly had an optimistic outlook when he said that Chinese markets are seeing a huge demand for this “cryptocurrency.” The reason being more and more number of people who are learning about bitcoins and then placing their preference more on them. In fact, according to the latest statistics present on bitcoinity – a tracking service website for tracking bitcoins – huobi.com is the market leader with a market share of 50.92% with 3.93M bitcoins. The numbers sure do tell a tale of enthusiasm among the Chinese people for bitcoins.
Japan: Japan’s Finance Minister Taro Aso showed forth a clear situation when he was reportedly to have said that the Japanese government is still trying to figure out a reason behind the collapse of Mt. Gox – probably one of the biggest bitcoin exchanges in the world. However the damage can’t be nullified and only actions that would prevent a reoccurrence can be taken now. According to latest reports, the Japanese government has been thinking along the same lines and has decided to formulate and implement trading rules for bitcoins, including imposition on taxation on bitcoin transactions.
France: Bitcoin Central, one of the leading bitcoin exchanges of France trading between bitcoins and Euros certainly put the situation in a lucid manner in terms of its statistics posted on its website: bitcoin-central.net. According to the latest stats, the trading pattern is following a downward trend with 0.86049433 BTC getting traded for an amount of 484.00000 €. (As per the stats displayed at 8: 47: 52 am on the website) However, Bitcoin Central has kept a cautious approach by entering into a partnership with payment-processor Aqoba and the French bank Credit Mutuel Arkéa. As per this partnership, security of bitcoins will be incorporated by creating customized bank accounts for users. Customization lies in the fact that the funds cannot be used for investments and the users will not get any overdraft features. This is certainly a secure implementation considering the fact that bank accounts in France are protected under Garantie des dépôts – the French equivalent of the Federal Deposit Insurance Corporation in USA. According to this “deposit guarantee,” Euro deposits are liable for insurance coverage up to EU $ 10,000.
The situation sure has fetched a variety of responses and actions as can be seen from the examples given above. Time will be the guiding light here for all those who are thinking about the possible future of bitcoins. We certainly have time as our guide on the path of our query: Will bitcoin stay or fade away!
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Tuesday 4 March 2014

Bitcoin - What does the world think about it!!

Our super-ancient ancestors fought over clubs and shells – Our brother and sisters (do consider the word “us” from the species standpoint, i.e. “us” as in human beings) have been fighting over rectangular pieces of paper and circular-shaped objects made from gold, silver, and bronze. The fight still rages with the former being termed as a banknote while the latter being termed as a coin.
Now why did I give this financial-type snippet of a history lesson?
Simple – the human mind needs to get harbored in a methodical manner when taught something new. It would pain the fingers that are lucidly flowing across the keyboard while typing this blog if someone says that what’s new in money?
Bitcoin is what is new in good-old-money and technically it is termed as cryptocurrency.
The point of providing information is to enable human beings to use that information for either their benefit or enhancing their knowledge base. After all, the revolving planet that we call our dear-sweet-home houses lots of countries where lots of changes take place on a consistent basis. Hence, it does make sense to stay – as one says – with the pace of the changing world.
What is the latest change that has taken place in this ever-changing world? If I put it in absolutely layman terms then this change took place February 25, i.e. Tuesday in the early hours when Mt. Gox – one of the biggest exchanges for bitcoin – filed for bankruptcy protection in Japan.
Quantified information always gives a complete idea about the staggering situations that take place in the event of any landmark event. Hence, this paragraph is the correct platform for giving the reason for filing bankruptcy: A loss of nearly half a billion dollars worth of bitcoins. Quite an unfortunate event after hackers managed to hack the secure bitcoin system.
What is the impact of this change on a global scale? According to a news-portion posted on moneymorning.com the price of bitcoin went up to a humongous figure of 9.100% from December 2012 to December 2013.
The whole world is talking about this change because it has impacted most of the major economies of the world. Let’s see the responses of some economies of the world as examples:
USA: According to leading experts, bitcoin will probably limit the authority of the U.S Federal Reserve. This is an idea so revolting to the European Central Bank and the Internal Revenue Service that a meeting was actually held to determine the possible impact of the bitcoin crisis on the U.S. dollar. This meeting consisted of the former Secretary of State Advisor, the Vice President of the Council on Foreign Relations, the Communications Director of the International Crisis Group and many other well-known personalities from the world of macroeconomics. There have been reports of the meeting coming to a conclusion that the U.S. dollar will certainly have a tough time owing to this bitcoin crisis.
China: China, according to latest reports published in well-known online news websites and portals, has certainly seen something worthy to look for in the bitcoin crisis. A bitcoin retail store was opened by the Asia Nextgen Bitcoin Exchange (ANXBTC) exchange in the city of Hong Kong. China’s Beijing-based bitcoin exchange Houbi.com saw it daily-basis trading volume increase by 69% of the global trading volume. ANXBTC CEO Ken Lo certainly had an optimistic outlook when he said that Chinese markets are seeing a huge demand for this “cryptocurrency.” The reason being more and more number of people who are learning about bitcoins and then placing their preference more on them. In fact, according to the latest statistics present on bitcoinity – a tracking service website for tracking bitcoins – huobi.com is the market leader with a market share of 50.92% with 3.93M bitcoins. The numbers sure do tell a tale of enthusiasm among the Chinese people for bitcoins.
Japan: Japan’s Finance Minister Taro Aso showed forth a clear situation when he was reportedly to have said that the Japanese government is still trying to figure out a reason behind the collapse of Mt. Gox – probably one of the biggest bitcoin exchanges in the world. However the damage can’t be nullified and only actions that would prevent a reoccurrence can be taken now. According to latest reports, the Japanese government has been thinking along the same lines and has decided to formulate and implement trading rules for bitcoins, including imposition on taxation on bitcoin transactions.
France: Bitcoin Central, one of the leading bitcoin exchanges of France trading between bitcoins and Euros certainly put the situation in a lucid manner in terms of its statistics posted on its website: bitcoin-central.net. According to the latest stats, the trading pattern is following a downward trend with 0.86049433 BTC getting traded for an amount of 484.00000 €. (As per the stats displayed at 8: 47: 52 am on the website) However, Bitcoin Central has kept a cautious approach by entering into a partnership with payment-processor Aqoba and the French bank Credit Mutuel Arkéa. As per this partnership, security of bitcoins will be incorporated by creating customized bank accounts for users. Customization lies in the fact that the funds cannot be used for investments and the users will not get any overdraft features. This is certainly a secure implementation considering the fact that bank accounts in France are protected under Garantie des dépôts – the French equivalent of the Federal Deposit Insurance Corporation in USA. According to this “deposit guarantee,” Euro deposits are liable for insurance coverage up to EU $ 10,000.
The situation sure has fetched a variety of responses and actions as can be seen from the examples given above. Time will be the guiding light here for all those who are thinking about the possible future of bitcoins. We certainly have time as our guide on the path of our query: Will bitcoin stay or fade away!
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