Coinbase exchange has outage due to high trading volume

Coinbase exchange has outage due to high trading volume”

But not as a monetary tool of exchange. The explosive growth and continuing development of Bitcoin and digital currencies make it important to pay attention to, regardless. But it isn't good news for everyone.

A new product launch is partly to explain for ether's current rising price: On Monday morning, a new blockchain project called Bancor conducted an "initial coin offering", and raised $153 million worth of ether in a matter of hours, which Vaughn said prompted a "ton of transaction traffic". "In other words, bitcoin is growing at a very nice pace, but non-bitcoin cryptocurrencies are growing even faster". Bitcoin fell from an all-time-high to $1,800 in two days before settling at $2,400 on Thursday. However, the fact that cryptocurrencies aren't valued on tangible assets or revenue, we essentially have no idea how much the currency is worth, making a price surge particularly impressive. So what's next now? Speculators are actively investing in altcoins as concerns about Bitcoin's scaling issues grow. The widening acceptance of blockchain technology has led to coins being sought after by a variety of businesses and industries. Last year, its database size doubled to 100 gigabytes, and still continues to expand.

Now, some things seem to be changing in the cryptocurrency world.

Despite the rise in popularity of the cryptocurrency, it has faced problems with scaling, as its own network has become so large that it is struggling to handle payments as quickly as the service promises. Says Saurabh Agrawal, co-founder and CEO, ZebPay: "Many countries are regulating the currency". Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms as it's operated by a decentralised authority. China has been regulating the currency.

The other side of it is that Bitcoin is really only useful as a store of value.

In India though, the cryptocurrency is not a legal means of exchange.

Investors also plowed more money into the currency after Minneapolis Federal Reserve President Neel Kashkari commented on the blockchain technology behind bitcoin, saying it " has more potential than bitcoin itself".

Across the world though, is another story. Thus once a certain amount of cryptocurrencies such as Ethers are created, the creation of new coins will stop, and prices will rise. It's behind only bitcoin which is at almost $49 billion.

The price of Bitcoin hasn't evolved without some insane fluctuations along the way though. Miners of ether, Ethereum's native digital token, are enjoying more mining rewards than their bitcoin counterparts.

Interest Payments: Another interesting way (literally) to earn bitcoins is by lending them out, and being repaid in the currency. "So when a lot of people accept bitcoins, naturally its usage and demand will spread", he reckons. Its price has been fluctuating wildly because of rising speculation and the sudden demand for the currency from countries such as Japan. Hence, the small investors should trade with caution.

"I remember getting interested in bitcoin some time ago", Wozniak said. The exchange accounts 6% of bitcoin trading volume in the United States. Those looking to sell their Bitcoin on Monday as the price plummeted by more than $500 were unable to do so through Coinbase.

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