Category Archives: Bitcoin

Bitcoin | Definition, Mining, & Facts | Britannica.com

Bitcoin, digital currency created by an anonymous computer programmer or group of programmers known as Satoshi Nakamoto in 2009. Owners of Bitcoins can use various Web sites to trade them for physical currencies, such as U.S. dollars or euros, or can exchange them for goods and services from a number of vendors.

Nakamoto was concerned that traditional currencies were too reliant on the trustworthiness of banks to work properly. Nakamoto proposed a digital currency, Bitcoin, that could serve as a medium of exchange without relying on any financial institutions or governments. The proposal was made in October 2008 in a paper published on the Bitcoin Web site, which had been founded in August 2008.

Bitcoin relies on public-key cryptography, in which users have a public key that is available for everyone to see and a private key known only to their computers. In a Bitcoin transaction, users receiving Bitcoins send their public keys to users transferring the Bitcoins. Users transferring the coins sign with their private keys, and the transaction is then transmitted over the Bitcoin network. So that no Bitcoin can be spent more than once at the same time, the time and amount of each transaction is recorded in a ledger file that exists at each node of the network. The identities of the users remain relatively anonymous, but everyone can see that certain Bitcoins were transferred. Transactions are put together in groups called blocks. The blocks are organized in a chronological sequence called the blockchain. Blocks are added to the chain using a mathematical process that makes it extremely difficult for an individual user to hijack the blockchain. The blockchain technology that underpins Bitcoin has attracted considerable attention, even from skeptics of Bitcoin, as a basis for allowing trustworthy record-keeping and commerce without a central authority.

New Bitcoins are created by users running the Bitcoin client on their computers. The client mines Bitcoins by running a program that solves a difficult mathematical problem in a file called a block received by all users on the Bitcoin network. The difficulty of the problem is adjusted so that, no matter how many people are mining Bitcoins, the problem is solved, on average, six times an hour. When a user solves the problem in a block, that user receives a certain number of Bitcoins. The elaborate procedure for mining Bitcoins ensures that their supply is restricted and grows at a steadily decreasing rate. About every four years, the number of Bitcoins in a block, which began at 50, is halved, and the number of maximum allowable Bitcoins is slightly less than 21 million. As of late 2017 there were almost 17 million Bitcoins, and it is estimated that the maximum number will be reached around 2140.

Because the algorithm that produces Bitcoins makes them at a near-constant rate, early miners of Bitcoins obtained them more often than later miners because the network was small. The premium that early users received and Nakamotos silence after 2011 led to criticism of Bitcoin as a Ponzi scheme, with Nakamoto benefiting as one of the first users. (An analysis of the first 36,289 mined blocks showed that one miner, believed to be Nakamoto, had accumulated over 1 million Bitcoins. However, as of 2017, those Bitcoins, then valued at $10 billion, remained unspent.) Defenders of Bitcoin claim that early users should receive some return for investing in an unproven technology.

The value of Bitcoins relative to physical currencies fluctuated wildly in the years following its introduction. In August 2010 one Bitcoin was worth $0.05 (U.S.). Beginning in May 2011, the Bitcoin increased sharply in value, reaching a peak of about $30 that June, but by the end of the year the value of a Bitcoin had collapsed to less than $3. However, Bitcoin began to attract the attention of mainstream investors, and its value climbed to a high of over $1,100 in December 2013. Some companies even began building computers optimized for Bitcoin mining.

With the marked increase in value, Bitcoin became a target for hackers, who could steal Bitcoins through such means as obtaining a users private key or stealing the digital wallet (a computer file recording a Bitcoin balance). The most spectacular theft was revealed in February 2014 when Mt. Gox, which had been the worlds third largest Bitcoin exchange, declared bankruptcy because of the theft of about 650,000 Bitcoins, then valued at about $380 million.

In 2017 the value of Bitcoins rose sharply from around $1,200 in April to more than $10,000 in November. The sharp rise in Bitcoins value encouraged more intensive mining. It was estimated in late 2017 that Bitcoin mining consumed 0.14 percent of the worlds electricity production.

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Bitcoin | Definition, Mining, & Facts | Britannica.com

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Bitcoin | Bitcoin Price | Bitcoin News | BTC | Info.Binance.com

Bitcoin is one of many cryptocurrencies currently finding its way across the world of business and finance, Bitcoin is a cryptocurrency and was thought of as Internet money in its early beginnings. Unlike fiat currencies Bitcoin is considered a decentralized currency that means that a network of users control and verify transactions instead of a central authority like a bank or a government.Bitcoin still works like real money one person pays another person for goods and services however once Bitcoin is exchanged, the record of the transaction is publicly recorded onto a ledger known as a blockchain, which other Bitcoin users known as miners verify the transactions in the blockchain via Proof of Work. After a certain amount of transactions have been verified by a miner, they will receive newly minted bitcoins for their work and thus new bitcoins will be added into circulation, while the number of bitcoins in circulations are now in the multi-millions range, the maximum amount of bitcoins that can ever be created is capped at 21 million. The creation rate is automatically halved every few years as more bitcoins are added into circulation, whilst this system is modeled after gold, mining difficulty is always increasing and makes finding new bitcoins more rare as the number of available bitcoins reaches the 21 million cap.As bitcoin has matured as a cryptocurrency there has been more companies warming to the idea of using various bitcoin exchange facilities to gain exposure to the volatile bitcoin price while a few websites such as reddit WordPress and overstock have begun accepting bitcoins, most major retailers have yet to take the plunge into the cryptoverse whils other pioneers have decided to create their own bitcoin forks and have listed new projects on other cryptocurrency exchanges.

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Bitcoin | Bitcoin Price | Bitcoin News | BTC | Info.Binance.com

Bitcoin Technical Analysis – FXStreet

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Bitcoincharts | Charts

Symbol LocalBitcoins (ARS) TradeHill (ARS) ANX (AUD) Bitcoin Market (AUD) BitMarket.eu (AUD) btcmarkets (AUD) Crypto X Change (AUD) LocalBitcoins (AUD) Mt. Gox (AUD) Ruxum (AUD) TradeHill (AUD) World Bitcoin Exchange (AUD) WeExchange (AUD) Brasil Bitcoin Market (BRL) BITCOIN TO YOU (BRL) FoxBit (BRL) LocalBitcoins (BRL) Mercado Bitcoin (BRL) OmniTrade (BRL) TradeHill (BRL) Coinnest (BTC) ANX (CAD) Bitalo (CAD) Coinbase (CAD) Kraken (CAD) LocalBitcoins (CAD) LibertyBit (CAD) Mt. Gox (CAD) TradeHill (CAD) Canadian Virtual Exchange (CAD) WeExchange (CAD) ANX (CHF) LocalBitcoins (CHF) Mt. Gox (CHF) Ruxum (CHF) TradeHill (CHF) ChileBit (CLP) TradeHill (CLP) ANX (CNY) BTC China (CNY) BtcTrade (CNY) CHBTC (CNY) Jubi (CNY) Mt. Gox (CNY) RMBTB (CNY) TradeHill (CNY) Bitcash.cz (CZK) BitStock (CZK) LocalBitcoins (CZK) TradeHill (CZK) LocalBitcoins (DKK) Mt. Gox (DKK) TradeHill (DKK) Abucoins (EUR) ANX (EUR) aqoin (EUR) Bitcoin7 (EUR) Paymium (EUR) Bitalo (EUR) BitBay (EUR) Bitcurex (EUR) BitMarket.net (EUR) Bitstamp (EUR) Bitcoin-24.com (EUR) bitcoin.de (EUR) btce (EUR) Bitcoin Euro Exchange (EUR) btcex.com (EUR) BTC-X (EUR) CEX.IO (EUR) GDAX (EUR) CoinFalcon (EUR) CoinsBank (EUR) Cryptonit (EUR) Crypto-Trade (EUR) EXMO (EUR) FBTC Exchange (EUR) FreshBTC (EUR) Global Bitcoin Exchange (EUR) hitbtc (EUR) IBWT (EUR) IMCEX.COM (EUR) Intersango (EUR) itBit (EUR) Justcoin (EUR) Kraken (EUR) LocalBitcoins (EUR) Mt. Gox (EUR) Ripple (EUR) The Rock Trading (EUR) Ruxum (EUR) TradeHill (EUR) Vircurex (EUR) WEX (EUR) zyado (EUR) Bitcoin Market (GAU) Bitcoin Market (GAU) ANX (GBP) Bitcoin Central (GBP) bit121 (GBP) Bitalo (GBP) BitMarket.eu (GBP) Britcoin (GBP) GDAX (GBP) Coinfloor (GBP) CoinsBank (GBP) Global Bitcoin Exchange (GBP) IBWT (GBP) Intersango (GBP) Kraken (GBP) LocalBitcoins (GBP) Mt. Gox (GBP) Ruxum (GBP) TradeHill (GBP) ANX (HKD) Bitcoin HK Exchange (HKD) LocalBitcoins (HKD) Mt. Gox (HKD) Ruxum (HKD) TradeHill (HKD) Ruxum (HUF) BitX (IDR) Indodax (IDR) Bit2C (ILS) LocalBitcoins (ILS) TradeHill (ILS) LocalBitcoins (INR) TradeHill (INR) ANX (JPY) bitFlyer (JPY) BTCBOX (JPY) btcex.com (JPY) coincheck (JPY) Fisco (JPY) Kraken (JPY) Mt. Gox (JPY) Ruxum (JPY) TradeHill (JPY) Zaif (JPY) Korbit (KRW) Kraken (KRW) bitme (LTC) IBWT (LTC) Justcoin (LTC) Kraken (LTC) Bitso (MXN) LocalBitcoins (MXN) TradeHill (MXN) BitX (MYR) BitX (NGN) Kraken (NMC) Bitcoins Norway (NOK) Justcoin (NOK) LocalBitcoins (NOK) Mt. Gox (NOK) TradeHill (NOK) ANX (NZD) bitNZ (NZD) LocalBitcoins (NZD) Mt. Gox (NZD) TradeHill (NZD) TradeHill (PEN) Urdubit (PKR) Abucoins (PLN) bid extreme (PLN) Bitalo (PLN) BitBay (PLN) Bitchange.pl (PLN) Bitcurex (PLN) BitMarket.net (PLN) Bitmaszyna (PLN) bitomat.pl (PLN) Flucto (PLN) FreshBTC (PLN) Global Bitcoin Exchange (PLN) Intersango (PLN) LocalBitcoins (PLN) Mt. Gox (PLN) NevBit (PLN) Ruxum (PLN) TradeHill (PLN) BTCXchange (RON) BitMarket.eu (RUB) btce (RUB) btcex.com (RUB) btcex.com (RUB) btcex.com (RUB) CEX.IO (RUB) EXMO (RUB) IMCEX.COM (RUB) LocalBitcoins (RUB) Mt. Gox (RUB) Ruxum (RUB) WEX (RUB) FYB-SE (SEK) Kapiton (SEK) LocalBitcoins (SEK) Mt. Gox (SEK) Ruxum (SEK) TradeHill (SEK) ANX (SGD) FYB-SG (SGD) itBit (SGD) LocalBitcoins (SGD) Mt. Gox (SGD) Ruxum (SGD) The Rock Trading (SLL) VirWox (SLL) LocalBitcoins (THB) Mt. Gox (THB) Ruxum (THB) Ruxum (UAH) 1coin (USD) Abucoins (USD) Allcoin (USD) ANX (USD) Bitcoin2Cash (USD) Bitcoin7 (USD) Bitcoin Market (USD) Bitcoin Market (USD) Bitcoin Market (USD) Bitcoin Market (USD) Bitcoin Market (USD) Bitalo (USD) BitBay (USD) BitBox (USD) Bitcurex (USD) Bitfinex (USD) bitfloor (USD) bitFlyer (USD) bitKonan (USD) BitMarket.eu (USD) bitme (USD) BitStamp (USD) Bitcoin-24.com (USD) BTC-Alpha (USD) BTCC (USD) btce (USD) btcex.com (USD) btcex.com (USD) BtcTree.com (USD) BTC-X (USD) Camp BX (USD) CEX.IO (USD) GDAX (USD) CoinsBank (USD) Coinsbit (USD) CoinTrader (USD) Crypto X Change (USD) Crypto-Trade (USD) ExchangeBitcoins.com (USD) EXMO (USD) FBTC Exchange (USD) FreshBTC (USD) GetBTC (USD) Global Bitcoin Exchange (USD) hitbtc (USD) IBWT (USD) IMCEX.COM (USD) Indacoin (USD) Intersango (USD) itBit (USD) Justcoin (USD) Kraken (USD) LakeBTC.com (USD) LocalBitcoins (USD) LibertyBit (USD) Mt. Gox (USD) OKCoin (USD) Ripple (USD) The Rock Trading (USD) Ruxum (USD) TradeHill (USD) TradeHill (USD) Vircurex (USD) WeExchange (USD) WEX (USD) LocalBitcoins (VEF) SurBitcoin (VEF) LocalBitcoins (VES) LocalBitcoins (VND) Remitano (VND) VBTC (VND) Justcoin (XRP) Kraken (XRP) Ripple (XRP) Snowcoin (XRP) BitX (ZAR) LocalBitcoins (ZAR) Ruxum (ZAR) TradeHill (ZAR)

Chart Type None CandleStick Closing Price Median Price OHLC Typical Price Weighted Close Price Band None Bollinger Band Donchian Channel Envelop (SMA 20 +/- 10%)

Moving Averages None Simple Exponential Triangular Weighted None Simple Exponential Triangular Weighted

Technical Indicators large indicators None Accumulation/Distribution Aroon Oscillator Aroon Up/Down Avg Directional Index Avg True Range Bollinger Band Width Chaikin Money Flow Chaikin Oscillator Chaikin Volatility Close Location Value Commodity Channel Index Detrended Price Osc Donchian Channel Width Ease of Movement Fast Stochastic MACD Mass Index Momentum Money Flow Index Neg Volume Index On Balance Volume Performance % Price Oscillator % Volume Oscillator Pos Volume Index Price Volume Trend Rate of Change RSI Slow Stochastic StochRSI TRIX Ultimate Oscillator Volume William’s %R None Accumulation/Distribution Aroon Oscillator Aroon Up/Down Avg Directional Index Avg True Range Bollinger Band Width Chaikin Money Flow Chaikin Oscillator Chaikin Volatility Close Location Value Commodity Channel Index Detrended Price Osc Donchian Channel Width Ease of Movement Fast Stochastic MACD Mass Index Momentum Money Flow Index Neg Volume Index On Balance Volume Performance % Price Oscillator % Volume Oscillator Pos Volume Index Price Volume Trend Rate of Change RSI Slow Stochastic StochRSI TRIX Ultimate Oscillator Volume William’s %R None Accumulation/Distribution Aroon Oscillator Aroon Up/Down Avg Directional Index Avg True Range Bollinger Band Width Chaikin Money Flow Chaikin Oscillator Chaikin Volatility Close Location Value Commodity Channel Index Detrended Price Osc Donchian Channel Width Ease of Movement Fast Stochastic MACD Mass Index Momentum Money Flow Index Neg Volume Index On Balance Volume Performance % Price Oscillator % Volume Oscillator Pos Volume Index Price Volume Trend Rate of Change RSI Slow Stochastic StochRSI TRIX Ultimate Oscillator Volume William’s %R None Accumulation/Distribution Aroon Oscillator Aroon Up/Down Avg Directional Index Avg True Range Bollinger Band Width Chaikin Money Flow Chaikin Oscillator Chaikin Volatility Close Location Value Commodity Channel Index Detrended Price Osc Donchian Channel Width Ease of Movement Fast Stochastic MACD Mass Index Momentum Money Flow Index Neg Volume Index On Balance Volume Performance % Price Oscillator % Volume Oscillator Pos Volume Index Price Volume Trend Rate of Change RSI Slow Stochastic StochRSI TRIX Ultimate Oscillator Volume William’s %R

Options Show Volume BarsVolume in CurrencyParabolic SARLog ScalePercentage Scale

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Bitcoincharts | Charts

Bitcoin Crypto-Economics Index – coindesk.com

Blockchain 101 Bitcoin What is Bitcoin? How Can I Buy Bitcoin? How Does Bitcoin Mining Work? How Do Bitcoin Transactions Work? How Can I Sell Bitcoin? Blockchain What is Blockchain Technology? How Does Blockchain Technology Work? What Can a Blockchain Do? What is a Distributed Ledger? Why Use a Blockchain? Ethereum What is Ethereum? How Do I Use Ethereum? How Does Ethereum Work? What is a Decentralized Application? How Do Smart Contracts Work? Technology Bitcoin Ethereum Other Public Protocols Distributed Ledger Technology Reviews Markets Investments Venture Capital Initial Coin Offerings Markets Bitcoin Ethereum Exchanges Other Public Protocols Business Use Cases & Verticals Payments Capital Markets Banking Insurance Supply Chain Security Identity Healthcare Energy Internet of Things Merchants Startups Legal Regulation Central Banking Tax Crime US & Canada Asia-Pacific Europe Data & Research Crypto-Economics Explorer Bitcoin Price Index Ethereum Price Data Analysis Bitcoin Calculator Blockchain Venture Capital ICO Tracker ICO Calendar About the BPI Bitcoin Legality Map Bitcoin Price Ticker Widget CoinDesk API Industry Research State of Blockchain Q2 2018 State of Blockchain Q1 2018 State of Blockchain Q4 2017 State of Blockchain Q3 2017 State of Blockchain Q2 2017 State of Blockchain Q1 2017 Consensus Consensus 2019 Consensus: Invest 2018 Consensus: Singapore 2018 Consensus 2018 Invest 2017 Consensus 2017 Construct 2017 Consensus 2016 Event Schedule Webinars Search Top nav Blockchain 101 Bitcoin What is Bitcoin? How Can I Buy Bitcoin? How Does Bitcoin Mining Work? How Do Bitcoin Transactions Work? How Can I Sell Bitcoin? Blockchain What is Blockchain Technology? How Does Blockchain Technology Work? What Can a Blockchain Do? What is a Distributed Ledger? Why Use a Blockchain? Ethereum What is Ethereum? How Do I Use Ethereum? How Does Ethereum Work? What is a Decentralized Application? How Do Smart Contracts Work? Technology Bitcoin Ethereum Other Public Protocols Distributed Ledger Technology Reviews Markets Investments Venture Capital Initial Coin Offerings Markets Bitcoin Ethereum Exchanges Other Public Protocols Business Use Cases & Verticals Payments Capital Markets Banking Insurance Supply Chain Security Identity Healthcare Energy Internet of Things Merchants Startups Legal Regulation Central Banking Tax Crime US & Canada Asia-Pacific Europe Data & Research Data Bitcoin Price Index Ethereum Price Data Analysis Bitcoin Calculator Blockchain Venture Capital ICO Tracker ICO Calendar About the BPI Bitcoin Legality Map Bitcoin Price Ticker Widget CoinDesk API Industry Research State of Blockchain Q2 2018 State of Blockchain Q1 2018 State of Blockchain Q4 2017 State of Blockchain Q3 2017 State of Blockchain Q2 2017 State of Blockchain Q1 2017 Consensus Consensus: Invest 2018 Consensus: Singapore 2018 Consensus 2018 Invest 2017 Consensus 2017 Construct 2017 Consensus 2016 Event Schedule Webinars Announcing: CoinDesk’s Crypto-Economics ExplorerRelated ArticlesIranian Bitcoin Users Are Already Being Affected By New US SanctionsBitcoin Sees Biggest Single-Day Price Gain Since AprilPricing NewsBitcoin Price Eyes Double Bottom Reversal After $4K DefenseXRP Nears Longest Stretch as Worlds Second-Largest CryptocurrencyBitcoin Likely to Close Below Key Price Support in First Since 2015ICE Founder: Were Kind of Agnostic on Bitcoins PriceEmployees Say Startup Civil Hyped Crypto Returns, But Failed to PaySEC Chair Clayton: Crypto ETF Needs Exchanges Free From ManipulationNasdaq, VanEck Partner to Launch Crypto 2.0 Futures ContractsBack Over $4K: Bitcoins Price Bounce is Gathering PaceFeatured NewsWATCH: SEC Chairman Jay Claytons Full Consensus: Invest InterviewBelow $4k: Bitcoins Price Drops to a 420-Day LowHash Power Favors Craig Wright Camp in Looming Bitcoin Cash ForkSexual Assault Survivor Uses Crypto to Crowdfund Anonymously About Press Events Editorial policy Comments policy Terms & Conditions Privacy policy Jobs Advertising Newsletters

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Bitcoin Crypto-Economics Index – coindesk.com

Bitcoin (BTC) Price, Chart, Info | CoinGecko

About

Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.

Bitcoin is changing the way we see money as we speak. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no central authority or banks.

Bitcoin is design to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes.

Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on.

The cryptocurrency then took off with the innovation of the turing-complete smart contract by Ethereum which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.

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Bitcoin (BTC) Price, Chart, Info | CoinGecko

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Bitcoinker – The Best Bitcoin Faucet, Claim Every 5 Minutes!

Africa Dominates P2P Bitcoin Exchange Paxful With $64 Million …

Paxful Inc., a peer-to-peer bitcoin exchange, is seeing significant growth in Africa. The U.S.-based company said Africans now accounted for the largest number of people buying and selling cryptocurrency on its platform, with average monthly transactions totaling $64.5 million.

Also Read:Brazilian Banks Ordered to Reopen Cryptocurrency Exchanges Frozen Accounts

Over the past year, users from the African continent of 1.2 billion people soared by 225 percent, Ray Youssef, chief executive officer of Paxful, told South African media. Transactions on the exchange climbed 60 percent in Nigeria, Africas biggest economy, 25 percent in South Africa, the continents most sophisticated economy, and by up to 100 percent in other parts of Africa.

The adoption of bitcoin across the globe re-affirms our belief that crypto will take its place as a mainstream financial system, Youssef was quoted as saying. As has been the case with other disruptive financial tech innovations like mobile money, Africa is leading the peer-to-peer financial revolution.

Each month, more people from Africa are opening new accounts with Paxful than from any other region of the world, he explained. The surge illustrates how Africas swelling population of millennials is quickly taking to cryptocurrencies, not only to circumvent the system (dominated by monopolistic institutions such as legacy banks and the state), but also to hedge against inflation and fiat currency volatility while enjoying lower transaction costs. On average, Africas young people spend $59 each on BTC via Paxful, Youssef said.

However, the increase in adoption is in sharp contrast to the often heavy-handedness with which some African governments have responded to digital assets. This is despite the continent being a region where virtual currency is viewed by many as key to mainstreaming the 350 million unbanked adults. Zimbabwe, Zambia, Namibia and Mozambique have all banned cryptocurrency, while Kenya, Nigeria, Senegal, Uganda and South Africa have adopted a somewhat pragmatic approach.

Other datafrom peer-to-peer exchange Localbitcoins reveals that Russia dominates bitcoin trading with over a quarter of all the platforms volume, followed by Venezuela at 12.2 percent and the U.S. at 11.8 percent. African countries trail, with transactions originating from Nigeria accounting for 7.6 percent of total volume, South Africa 1.3 percent and Kenya at 0.7 percent.

Artur Schaback, chief operating officer of Paxful, said African consumers tend to use cryptocurrency to buy goods, mostly from overseas, as well as investments in promising blockchain startups.

As a company, weve learned a lot from African consumers. For instance, weve improved our mobile capabilities to cater to the widespread use of smartphones on the continent. Our experience in Africa has strengthened our capability to serve consumers regardless of geographical location or origin, he explained.

What do you think about cryptocurrency adoption in Africa? Let us know in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on ourBCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts atSatoshis Pulse, another original and free service from Bitcoin.com.

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Africa Dominates P2P Bitcoin Exchange Paxful With $64 Million …

Bitcoin Dips Below $7,000, Hitting Lowest In 2 Weeks

Bitcoin prices declined to less than$7,000, hitting a two-week low. Shutterstock

Bitcoin prices fell below the $7,000 level today,reaching their lowest since mid-July.

The digital currency’s pricedeclined to as little as$6,933.09, according to theCoinDesk Bitcoin Price Index (BPI).

At this point, it wasdown roughly 6.5% for the day, additional BPI figures show.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Bitcoin’s Recent Recovery

Since reaching a 2018 low of$5785.43 in June, Bitcoin prices have bounced back, rising to as much as $8,479.33 July 25.

Right around that time, several analystsclaimed that the digital currency’s price had hit a local low, signaling a reversal in their trend.

“Bitcoin has indeed bottomed out,” stated Marouane Garcon, managing director ofcrypto-to-crypto derivatives platformAmulet.

Charles Thorngren,CEO ofNoble Alternative Investments, agreed with this statement, adding that an “attractive uptrend” was “in the works.”

However, not everyone had shared that point of view, with some market observers contending that it was too early to call a bottom.

“I’m concerned that the bounce off the lows wasnt sharp enough, so not willing to stand behind a call that its a bottom yet,” statedVinny Lingham, co-founder & CEO ofCivic.com.

Bitcoin’s recent pullback could easily worsen this uncertainty, motivating some traders to sit back and wait while the markets get their bearings.

Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.

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Bitcoin Dips Below $7,000, Hitting Lowest In 2 Weeks