collected by :Donald Luther
Bitcoin, however, is not the only digital currency on the market, and numerous other digital currencies have seen significant increases in their value.
Digital currency has been getting a lot of attention lately, given the recent rise in the price of Bitcoin to an all-time high over $1,700.
Unlike Kickstarter campaigns, however, instead of accepting credit cards and selling t-shirts, these projects are selling the brand new digital currency itself.
For example, on April 24th a project named “GNOSIS” raised $12.5 million in digital currency from initial backers.
ICO Popularity Is Increasing RapidlyIn April 2017, my business published a report on the state of the ICO market.
Bitcoin Law turns in Three States
as declared in A new Vermont law allows money transmitter companies to hold digital currency as a permissible investment under state law.
The first half of May saw significant developments on the digital currency regulation front in a trio of U.S. states.
That decision was considered a major win for proponents of bitcoin and other digital currency, who’d argued that such currency shouldn’t be considered money—and thus should be free of many of the legal restrictions placed on traditional currency.
The legislation—introduced at the request of the Washington Department of Financial Institutions—amends the definition of permissible investments for money transmitters to include digital currency.
Signed by Governor Phil Scott on May 4, the bill amends the state’s money transmitter law to clearly count bitcoin and other digital currencies as permissible investments, which many states require money transmitters to hold on their books to protect customers’ funds.
Coinbase, a company that helps users exchange bitcoins
as declared in One bitcoin recently traded for $1,734.65, according to Coinbase, a company that helps users exchange bitcoins.
The coins are created by users who “mine” them by lending computing power to verify other users’ transactions.
Here’s a brief look at bitcoin:How Bitcoins WorkBitcoin is a digital currency that is not tied to a bank or government and allows users to spend money anonymously.
The currency has become popular enough that more than 300,000 daily transactions have been occurring recently, according to bitcoin wallet site blockchain.info.
The blockchain prevents rogues from spending the same bitcoin twice, and the miners are rewarded for their efforts by being gifted with the occasional bitcoin.