Bitcoin News

Current news and headlines about cryptocurrencies. Read the latest Bitcoin news here.

Dark Side of Bitcoins

In recent weeks Bitcoins is literally an obsession – its value is closely monitored by analysts who are a split bubble or is it just the next step in the financial system. Volatility is the main topic, but so the background remains some important details of the digital currency.

First of all how she shows up. Bitcoins is cryptocurrency, which because of the big interest increasingly "digs" or generates in information centers, requiring strong hardware and a huge amount of electricity. Based on the current "production" calculations of Digiconomist, whose main theme are digital currencies, show that the support of Bitcoin mania requires just over 32 Terawatt-hour electricity per year.

The jump in just a month is remarkable – on November 11, average electricity needs for bitcoin production were 26.7 Terawatt-hour .

If bitcoins continue to evolve at this rate, it will break all plans for the development of energy capacity in the next few years. One of the problems in this area is the difficult realization of production capacities in recent years. Coal plants are transformed into a dirty word everywhere in Europe, nuclear power plants are difficult to implement, and green power is not sustainable in the production of electricity.

It remains only to guess whether or not the operators can be placed in front of the choice of Bitcoin mines to provide electricity or bits?

Electricity consumption is not the only problem with the bitojnite for which the financial world does not think particularly. The carbon footprint of cryptocurrencyta is huge because the main "miners" are located in China, according to the first systematized study of Cryptocurrencies, prepared by Cambridge University. At this stage, electricity in this part of the world is mainly produced by coal-fired power plants and increased demand leads to production growth.

Only one bitcoin transaction cost a 115 pounds of carbon dioxide emissions.

The extraction of bitcoins proves to be a very dynamic sector – new and old players are constantly coming in, and they are showing more scientists ' research. But about 58% of cryptocurrency facilities are located in China. The other dominant player is the United States with 16% of the mines. In the United States, however, coal plants hold a share of 30% of electricity production. The most commonly used fuel for power plants in the country is the natural gas with a share of 34% of total electricity production in 2016 year.

Yet bitcoins, the leading cryptocurrency, will evolve, comment on the analysts. The first step that will show in what size will happen is the exit of the Chicago Exchange scheduled for December 18. It turns out, however, that they are a real challenge not only for the financial environment but also for energy.

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The total value of cryptocurrencies passed 500 billion USD

For the first time in history, total market capitalization of all digital currencies exceeded 500 billion USD. The ether and litecoin rose to new record values, as the overall market estimate of all cryptocurrency reached 506 billion USD, according to Coinmarketcap's data cited by CNBC.

The market of cryptocurrency enjoys an unprecedented interest by investors at the end of the year and already has a higher market valuation than the company Berkshire Hathaway of the billionaire Warren Buffett, which is currently valued at around 491 billion USD.

It appears that investors have rated cryptocurrencies higher even than two of Citigroup's largest U.S. banks and Wells Fargo, put together, whose market value is currently 201 billion USD and 297 billion USD.

"We are entering unlimited territory with huge risks, both regulatory and technological", commented Charles Hayter, Chief executive officer of the site Crypto Compare, cited by CNBC. According to him, there are obvious similarities between cryptocurrencies and the Internet bubble, as we witness a lot of fear and greed.

During this week the ether, the second largest cryptocurrency in the world, first reached a price of 500 USD. This happened after the Swiss banking giant UBS announced that it would release the blockchain platform based on Eterium technology.

At the end of last week, Bitcoins received recognition from Wall Street after the first futures were traded on the largest cryptocurrency. The supporters of the Bitcoins hope that in this way the wider use of the currency and the resolution of problems related to its legitimacy will be promoted, although critics warn of the risks that asset may be a bubble, as well as the collapse of prices.

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Coinbase – One of the first trading companies with cryptocurrencies increases their employees nearly 17 times per year

The thriving stock market in 1920 had its own NYPD stock exchange. The technological bubble of the 90 years had the NASDAQ and E-Trade. A virtual currency market from last year appeared the San Francisco-based company Coinbase, writes in his report the New York Times. And compares the turbulent growth and rapid appreciation of the virtual currency with the biggest balloons of the XX century.

Coinbase can be called the center of speculation with bitcoin, which on December 2017 passed 15 thousand dollars. The San Francisco company is the main place where ordinary Americans can go and join in buying and selling the virtual currency. So far there is no other company where so easy a person can register, connect their bank account or debit card and start buying Bitcoin.

The number of people with profiles in Coinbase has grown dramatically from 5.5 million in January to 13.3 million in late November 2017. At the end of last month the company registered 100 000 new customers per day.

The company's office in San Francisco is trying to cope with its turbulent growth and offers the comforts of its employees-like free lunch and dinner, a large café, a yoga room and board games. In the last days every inch of the office turns into a hot spot. Only a day after bitcoins passes the limit of 10 000 dollars, it is necessary trejningt for managers to move to the game room, as the engineering team of the company convenes an emergency meeting in the Conference room.

Coinbase was originally part of the formerly created Bitcoin companies, but then was released after it was one of the first to get a special license for trading a virtual currency called BitLicense. At the beginning of the year the company had 24 employees, and currently they are already over 180. The expectations are in the first quarter of 2018, the company for Bitcoin trading to have a total of 400 employees. So only within a year the startup can increase the number of employees its nearly 17 times.