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BTC To USD

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Cryptocurrencies are the latest ‘big thing’ in the digital world and have now been recognized as being part of the monetary system. Reasons for changes in sentiment may include a loss of confidence in Bitcoin, a large bitcoin difference between value and price not based on the fundamentals of the Bitcoin economy, increased press coverage stimulating speculative demand, fear of uncertainty, and old-fashioned irrational exuberance and greed.
Bitcoinica, a large online bitcoin exchange, is hardest hit, losing more than 43,000 BTC, while other prominent victims include Bitcoin’s lead developer Gavin Andresen as well as Marek Palatinus (also known as slush), the operator of a large mining pool.

There is a finite number of Bitcoins, the total number being 21 million, a concept that does not exist in the world of fiat currencies, where governments and central banks are able to print more fiat money to sustain false economies that motivated the creation of Bitcoin.
Other exchanges and Bitcoin businesses issue a joint statement condemning the mismanagement, deception, and eventual collapse wrought by the executives of the Japan-based exchange, after an alleged leaked internal document showed that over 744,000 BTC were lost by the company.

In August 2011, MyBitcoin, a now defunct bitcoin transaction processor, declared that it was hacked, which caused it to be shut down, paying 49% on customer deposits, leaving more than 78,000 bitcoins (equivalent to roughly US $800,000 at that time) unaccounted for.
Demand is high both to buy the currency and to use it to purchase other commodities, such as gold and silver, and whilst some financial experts are warning about the lack of transparency involved in Bitcoin, many believe that it’s a work in progress and that Bitcoin (BTC) is here to stay for the long haul.

Bitcoin miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Bitcoin network because all Bitcoin nodes would reject any block that contains invalid data as per the rules of the Bitcoin protocol.
These past issues could potentially fuel additional demand for an alternative currency system like Bitcoin, Ethereum , or Litecoin As trust in global banks and financial institutions has dwindled, the move toward a cashless global economy system could pick up steam.
Less than one year after the collapse of , United Kingdom-based exchange Bitstamp announced that their exchange would be taken offline while they investigate a hack which resulted in about 19,000 bitcoins (equivalent to roughly US $5 million at that time) being stolen from their hot wallet.

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