Sunday, 20 October 2019

Tag Archives: Bitcoin

Hype over bitcoin borders on weird

LONDON: In the long history of money, there have been essentially two kinds. The first is a tangible commodity – usually, gold. The second is a “fiat currency,” created by a ruler with the power to compel use. The proposition underlying this year’s extraordinary bitcoin surge is that we are ...

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Bitcoin to consume all of the worlds energy by 2020

Bitcoin transactions are the new consumers of electricity. The amount of energy consumed in a single transaction can power up one house for a month. The cryptocurrency, Bitcoin uses electricity to make verification trades expensive. This makes transactions costly and free from frauds. In order to make the verification process ...

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Hackers steal $64 million from cryptocurrency firm NiceHash

LONDON: A Slovenian cryptocurrency mining marketplace, NiceHash, said it lost about $64 million worth of bitcoin in a hack of its payment system, the latest incident to highlight risks that uneven oversight and security pose to booming digital currencies. NiceHash matches people looking to sell processing time on computers in ...

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What Really is a “Blockchain”?

LONDON: Much has been said about the revolutionary potential of the blockchain technology. Besides its current use as the backbone to verify and record digital transactions of Bitcoin, the blockchain technology has also been touted as the technology that can replace expensive accounting and payment networks in the financial industry, ...

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Winklevoss twins become world’s first bitcoin billionaires

SINGAPORE: Tyler and Cameron Winklevoss – the Harvard University rowing twins who famously sued Mark Zuckerberg claiming he stole their idea for Facebook – have just become the world’s first bitcoin billionaires, say media reports. The 36-year-old brothers lost their case against Zuckerberg but received a settlement of US$65 million ...

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Bitcoin hits record price for a single unit

LONDON: Bitcoin’s vertiginous ascent showed no signs of abating on Monday, with the cryptocurrency soaring to another record high just a few percent away from $10,000 after gaining more than a fifth in value over the past three days alone. The digital currency has seen an eye-watering tenfold increase in ...

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Former City workers launch debit card for cryptocurrencies

LONDON: The London Block Exchange (LBX) has launched a debit card which will allow UK consumers to spend cryptocurrencies such as Bitcoin in their local supermarket. Canary Wharf-based London Block Exchange, a fintech start-up founded by a team of ex-City workers, has launched a debit card which will allow consumers ...

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Bitcoin just smashed $7,000

LONDON: Just over 24 hours after it passed the $6,500 mark, bitcoin soared past another psychologically significant level this morning, rising above $7,000 (GBP 5294.8). The cryptocurrency hit $7,010 in mid-morning trading, up more almost four per cent, as it continued to climb following the announcement by US exchange operator ...

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Dubai to officially launch its own cryptocurrency

DUBAI is developing a new sovereign cryptocurrency called emCash. Emcredit, a subsidiary of Dubai Economy, and UK-based Object Tech Group will work together to establish contactless payments. The partnership is part of the Dubai Economy Accelerators umbrella and will entail the development and implementation of emCash, an encrypted cryptocurrency, which ...

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UK tycoon launches $300m Dubai residences for sale in Bitcoin

DUBAI: A $300 million real estate development has launched in Dubai, touted as the world’s first ever scheme available for purchase using cryptocurrency Bitcoin. Dubai-registered Aston Property Ventures, a company owned by British lingerie businesswoman Michelle Mone and partner Doug Barrowman, unveiled the £250 million ($326 million) development in Dubai ...

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