India’s rupee restrictions are boosting demand for bitcoin

  • One reason for the increased demand may be due to Indians who are frustrated by the government’s decision and are now looking for a way to store their wealth that is (theoretically) out of Dehli’s reach.
  • One bitcoin on the Indian exchange Unocoin is worth 55,405 rupees, or $817.97, at the time of writing.
  • Indian Prime Minister Narendra Modi’s decision to withdraw 500 and 1000 rupee notes from circulation has sparked interest in bitcoin among India’s consumers.
  • “Bitcoin was trading at a $20 dollar premium in India at the beginning of September and now is trading at a $70-100 premium to the USD rate.”
  • “I would estimate the average traded volume in India to be around 500btc/day, which is less than 1 percent, maybe even 0.1 percent, of global volumes,” he told CNBC via email.

Prime Minister Narendra Modi’s decision to withdraw 500 and 1000 rupee notes from circulation has sparked interest in bitcoin among India’s consumers.
Continue reading “India’s rupee restrictions are boosting demand for bitcoin”

India’s rupee restrictions are boosting demand for bitcoin

  • One reason for the increased demand may be due to Indians who are frustrated by the government’s decision and are now looking for a way to store their wealth that is (theoretically) out of Dehli’s reach.
  • One bitcoin on the Indian exchange Unocoin is worth 55,405 rupees, or $817.97, at the time of writing.
  • Indian Prime Minister Narendra Modi’s decision to withdraw 500 and 1000 rupee notes from circulation has sparked interest in bitcoin among India’s consumers.
  • “Bitcoin was trading at a $20 dollar premium in India at the beginning of September and now is trading at a $70-100 premium to the USD rate.”
  • “I would estimate the average traded volume in India to be around 500btc/day, which is less than 1 percent, maybe even 0.1 percent, of global volumes,” he told CNBC via email.

Prime Minister Narendra Modi’s decision to withdraw 500 and 1000 rupee notes from circulation has sparked interest in bitcoin among India’s consumers.
Continue reading “India’s rupee restrictions are boosting demand for bitcoin”

New bitcoin rival promises anonymity for online purchases

  • According to Robinson, there is demand for greater anonymity among users of crypto currencies as more and more realize that bitcoin can be traced.
  • “Bitcoin has been accepted by regulators and government because there is some level of accountability,” explained Robinson.
  • Zcash launched last Friday and is currently worth $498 dollars per coin, in comparison to $706 for one bitcoin.
  • Robinson also pointed out that Zcash has been created by a private company, which – while it does not have to rely on the open-source community to develop the currency as with bitcoin — could potentially be sued by governments or regulators in order to reveal information.
  • Zcash uses a technique called “zero-knowledge proofs” to ensure coin exchanges are valid but without revealing extra information to either user.

A new cryptocurrency launched late last week, claiming to allow users to make online purchases anonymously.
Continue reading “New bitcoin rival promises anonymity for online purchases”

India’s rupee restrictions are boosting demand for bitcoin

India’s rupee restrictions are boosting demand for bitcoin

  • One reason for the increased demand may be due to Indians who are frustrated by the government’s decision and are now looking for a way to store their wealth that is (theoretically) out of Dehli’s reach.
  • One bitcoin on the Indian exchange Unocoin is worth 55,405 rupees, or $817.97, at the time of writing.
  • Indian Prime Minister Narendra Modi’s decision to withdraw 500 and 1000 rupee notes from circulation has sparked interest in bitcoin among India’s consumers.
  • “Bitcoin was trading at a $20 dollar premium in India at the beginning of September and now is trading at a $70-100 premium to the USD rate.”
  • “I would estimate the average traded volume in India to be around 500btc/day, which is less than 1 percent, maybe even 0.1 percent, of global volumes,” he told CNBC via email.

Prime Minister Narendra Modi’s decision to withdraw 500 and 1000 rupee notes from circulation has sparked interest in bitcoin among India’s consumers.
Continue reading “India’s rupee restrictions are boosting demand for bitcoin”

New bitcoin rival promises anonymity for online purchases

New #bitcoin rival promises anonymity for online purchases #Software #Currencies #Crime

  • According to Robinson, there is demand for greater anonymity among users of crypto currencies as more and more realize that bitcoin can be traced.
  • “Bitcoin has been accepted by regulators and government because there is some level of accountability,” explained Robinson.
  • Zcash launched last Friday and is currently worth $498 dollars per coin, in comparison to $706 for one bitcoin.
  • Robinson also pointed out that Zcash has been created by a private company, which – while it does not have to rely on the open-source community to develop the currency as with bitcoin — could potentially be sued by governments or regulators in order to reveal information.
  • Zcash uses a technique called “zero-knowledge proofs” to ensure coin exchanges are valid but without revealing extra information to either user.

A new cryptocurrency launched late last week, claiming to allow users to make online purchases anonymously.
Continue reading “New bitcoin rival promises anonymity for online purchases”

Bitfinex hack could shake faith in bitcoin

Bitfinex hack could shake faith in bitcoin - CNBC  #bitcoin #fintech #btc #crypto

  • Bitfinex hack could shake faith in bitcoin
  • Bitcoin prices have plunged on the news, going as low as $514 per bitcoin.
  • The hack also illustrates one of the main problems with investing in bitcoin; issues with security.
  • Key functions, such as trading and withdrawing bitcoins, are still disabled.
  • In all, 119,756 bitcoins were reportedly stolen, worth $72.3 million at the price when Bitfinex suspended trade.

Read the full article, click here.


@betbybitcoins: “Bitfinex hack could shake faith in bitcoin – CNBC #bitcoin #fintech #btc #crypto”


The hack and cybertheft of nearly 120,000 bitcoins from the exchange platform Bitfinex could scare away future investors, experts warn.


Bitfinex hack could shake faith in bitcoin