30 Jul '17, 9pm

Bitcoin market marked by legal disputes - The Straits Times

Bitcoin market marked by legal disputes - The Straits Times

Bitcoin and ethereum are cryptocurrencies that took on a new shine in recent months as prices skyrocketed to record highs - before sliding somewhat. They are virtual currencies created by a mathematical algorithm. The value of a bitcoin is highly volatile. According to virtual currency information provider CoinDesk, it hit a record high of more than US$3,000 (S$4,085) in June but crashed to US$1,938 on July 16 on fears of a so-called hard fork, in which the digital currency would effectively split into two due to end-July software upgrades creating competing marketplaces. As at 6.45pm Singapore time yesterday, a bitcoin was worth US$2,773.39. Bitcoins are not backed by any government or central bank, and rely instead on thousands of computers globally that validate transactions and add new units to the system - technology known as blockchain. Get The Straits Times newslett...

Full article: http://www.straitstimes.com/business/companies-markets/bi...

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