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ExtraTorrent.cc > Articles > BitCoin’s Exchange Rate Doubled

BitCoin’s Exchange Rate Doubled

BitCoin’s Exchange Rate Doubled

Added: Monday, April 15th, 2013
Category: Bit Torrent Freedom > The Right To Share
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2010, www.extratorrent.com
The new virtual currency, BitCoin, is seen to be creating a lot of buzz over the past months. At the moment, BitCoin can easily amaze you with its $1 billion milestone surpassing. Just a few days ago, its exchange rate for the currency beat $92, while only a few weeks ago it was $49 worth. Such a huge increase sounds really insane.

Frankly speaking, Bitcoin supporters and financial experts expected neither the currency’s explosion in value nor its sudden plunge over at some point.

Nevertheless, the increase in question can’t be clearly explained, because the number of services that use BitCoin as a payment currency has increased recently as well. Aside from WordPress, Mega, and Reddit, there were other names which have already adopted the new currency. According to statistics, there is 11 million BitCoins in circulation at the moment.

Financial experts believe that another key factor in the currency’s rise to “fame” has something to do with the lack of restrictions and control from the government. For instance, you might have heard from the news that a large number of citizens of Cyprus had had their bank accounts blocked and only allowed to withdraw $300 per day. These people have turned their attention to BitCoin in which they saw a currency having a huge potential of being safe from the reach of the authorities.

Undoubtedly, BitCoin has made a statement to be regarded serious with its billion dollar milestone hit. However, its viability to large investors is yet to be established. For example, Michael Kagan, Senior Portfolio Manager at Clearbridge Investments, says that he isn’t likely to feel safe when being involved with the currency vulnerable to being hacked or manipulated, without recompense if it is.

Statistics published by BitPay, which is considered as one of the most popular Bitcoin payment processors, revealed that in March 2013 the company processed $2 million worth of BitCoin transactions, which equals to 66% of all the transactions it managed in 2012. Daily BitCoin transactions have increased from about 200,000 BitCoins to a total of 50% higher.

April 15th,2013

Posted by: 

Date:  Monday, April 15th, 2013

Comments (8) (please add your comment »)

posted by (2013-04-15 19:59:08)
No avatarhmmm I havent got into Bitcoin yet, I looks too much like a farce, one day its worth a dollar, next 100$, next 1 cent lol I think it will end in tears for many.

posted by (2013-04-16 00:08:42)
Solcis avatarBitcoins are terrific. But they're not for everyone. I dumped mine about 10 days ago. When the dust settles in a few weeks, I'll buy some more. Bitcoins can't be seized, transactions can be made completely secret and untraceable, and they can't be inflated beyond what's predictable in the protocol. That makes the currency very valuable. Just not as valuable as they are right now. The market overshot and now it's time to correct to a more reasonable level.

posted by Turtle (2013-04-16 09:14:38)
magengar avatarRFID chips, and now BitCoins...
makes me wonder if stuff like that
would lead to a single global currency.

posted by (2013-04-16 10:07:12)
giraffe avatarThanx for the article Sam. Companies have had their bitcoins hacked, some people struggle to spend them and if you have cheap electricity you can mine your own bitcoins. I agree with Exar-Kun it will end in tears.

posted by ET loverKitty (2013-04-16 13:37:14)
greymongel avatarmy friend uses bitcoins on the silkroad underground website to buy all kinds of things.....he got a bunch when they were still cheap 20 something dollars a piece I belive, he showed me the site he connects to kind of hard to connect to the site IMO but defintly worth it. He has all kinds of good stuff shipped to him paying with Bitcoins. He told me about them when they first started to come out ( he was a US online poker player till black Friday when they stopped all US players from playing for money) .....anyhow thanks for the great reads as always, keep up the good work ;>

posted by (2013-04-19 00:42:07)
ic3m4l3 avatarwe bought bitcons lss than a yr ago for 4 qwid each now ther over 150 sh1t id wish id bought more and sat on em

posted by (2013-04-19 09:24:46)
No avatar@greymongel - "he showed me the site he connects to kind of hard to connect to the site"z

Tor... everyone knows about it.

posted by (2013-04-20 10:25:42)
No avatarWhen they drop to 1 cent a bitcoin, can someone please PM me so I can £100 worth and wait for them to go back to 100 dollars in a few days time.
If only.

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