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ExtraTorrent > Articles > Bitcoin Value Crossed $1,000

Bitcoin Value Crossed $1,000

Bitcoin Value Crossed $1,000

Added: Wednesday, January 4th, 2017
Category: Geek Zone > Technology News
Tags:ISP, Download, BitTorrent, MPAA, RIAA, copyright-infringement, file-sharing, Torrenting
Bitcoin has started new year with a surge: its value hit a 3-year high of more than $1,000. The cryptocurrency has long been criticized as a vehicle for illegal activities like drug dealers and tax evaders, but in the end it outperformed all its central-bank-issued counterparts with a 125% climb in value last year.

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According to the industry experts, Bitcoin soaring value may have been boosted in 2016 by increased demand in China against the background of a fall in the value of the yuan, which saw the weakest annual performance in more than two decades. The statistics shows that most Bitcoin trading is done in China.

Bitcoin is convenient for many, because it helps move money across the world quickly and anonymously. The currency is not controlled by any central bank or government, which appeals to those who need to get around capital controls. Besides, the currency is attractive to people worried about a shortage of cash – for example, in India high-denomination banknotes were removed from circulation in late 2016.

The cryptocurrency still hasn’t beaten its $1,163 high reached 3 years ago. However, there are now many more Bitcoins in circulation, as 12 coins are added to the system every 10 minutes. Bitcoin total worth exceeds $16bn, which equals its value to that of an average FTSE 100 company.

Three years ago, the currency boomed when users and speculators rushed to invest in Bitcoin, as it was going to turn into a platform for a disruptive new financial services industry. At the time, Bitcoin value increased tenfold in just 2 months, but after the Tokyo-based Mt Gox Bitcoin exchange was hacked, the currency value plunged to less than $400.

Posted by: 
SaM

Date:  Wednesday, January 4th, 2017



Comments (8) (please add your comment »)

1
posted by (2017-01-04 13:57:00)
bullajaan avatarthannks for info

2
posted by (2017-01-04 17:51:20)
Admiral_Smith avatarYes, I am evading taxes because someone filed US taxes for me and I will not pay it because they will get a payment check from the IRS for the tax filing charge. I will just keep evading paying it because I know the man will not put me in Alcatraz for not paying up because of the nature of it. They know that flaw in tax filings in the United States.

3
posted by (2017-01-05 07:08:21)
No avatarFew Noob questions, I might be completely wrong that is why I am asking-
1. The way to buy Bitcoins is via card, paypal or using internet banking. Since we use these mediums to buy bitcoins then where's the anonymous part here?
2. Has anyone here invested in Bitcoins?
3. Any way to convert Bitcoins in tender currency?
4. Which is the safest and the most secure site to buy them?

4
posted by (2017-01-06 02:06:18)
No avatar1. The way to buy Bitcoins is via card, paypal or using internet banking. Since we use these mediums to buy bitcoins then where's the anonymous part here?

You can buy bitcoins with all these ways. Please know that unless you use "cash" with a linked bank account you will either have a fee (generally with credit cards 2 to 5%) or will buy the bitcoin at a premium (above the market rate (generally with paypal and google wallet for instance)

2. Has anyone here invested in Bitcoins?

No I personally didn't. I use bitcoins when I want to buy something from website that offer the option. Generally they offer discounts if you use bitcoins. Bitcoins are very volatile and as investment they are scary (at least to me).

3. Any way to convert Bitcoins in tender currency?
Yes, you just sell your bitcoins for money at the current exchange rate.

4. Which is the safest and the most secure site to buy them?
There are many sites that are trusted. Just do a google. I personally use coinbase.

5
posted by (2017-01-06 05:49:45)
RonthePirate avatarNO! One thing here: do not use PayPal. They have a vendetta against btc's.
They will sometimes suspend your account if they do not like the way you buy and sell them.
Use Circle. https://www.circle.com/en You have to sign in, yes, but from there on in, it's all anon.

They are the place where you can buy them, sell them and pay bills with them. I do all the time.
Oh, and their fees are next to nothing, especially compared to PP's numbers.
In fact, most transactions with Circle are fee free.

6
posted by ET junkiemen (2017-01-07 04:52:00)
ghostsurfer avatar#4 you can use a third party to "tumble" your bitcoins adding yet another layer of security

7
posted by ET junkiemen (2017-01-07 04:52:42)
ghostsurfer avatarsorry meant #3

8
posted by (2017-01-08 21:30:22)
No avatar@ronthepirate no more bitcoins on circle.



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