Virtual Currency

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Bitcoins Crash Report

Not long ago I explained Bitcoins, but now it is time to talk about the big Bitcoin crash. Over the last few days the value of the virtual currency has fallen to $563 per Bitcoin (at the time of writing this article) from as high as $1200. Bitcoins have come crashing down in the past few days but this should not come as a surprise as a similar trend was spotted back in December 2013. Then it was due to China’s Central Bank’s warning against treating Bitcoins as legal tender. The warning was issued in a notice jointly released by the People’s Bank of China (Central Bank) and four… read more

Bitcoins Explained

What is a Bitcoin? Bitcoin is a virtual currency, an electronic form of payment system. Transactions are made with no middle men, this means there exists no financial institutions like banks to oversee transactions or to regulate the currency. It was created by a person or possibly a group of people known only by the pseudonym “Satoshi Nakamoto”. As per Wikipedia, Satoshi is a male, Japanese given-name that has various meanings such as “wise”, “clear-thinking”, “quick-witted” or “intelligent history”, i.e. a person with intelligent ancestors. In Japanese, naka means “inside” or… read more

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