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It is an unregulated means of conducting transactions on and offline. Whilst much of the press attention regarding Bitcoin has been focused on the ability to conduct criminal dealings in a hard-to-trace manner; there has been a growing interest in the currency from more legitimate users too. Bitcoin offers those people an alternative. Many people prefer to work anonymously online — not just criminals.
It would be fair to say that Bitcoin has been treated with a fair amount of hostility by national governments. Supporters would say that this is because Bitcoin poses a threat to currency valuations and detractors would say that this is because Bitcoin makes facilitating crime too easy.
Several governments around the world including China have categorically announced that Bitcoin will not be recognized by the state and that people dabble at entirely their own risk in the virtual currency pool. However, despite the unease of major powers Bitcoin trading is legal.
As you can see from the graph below; Bitcoins can gain and lose value dramatically in very short periods of time.
Trading in the virtual currency can seem to be a huge gamble because conversion into other currencies can be very risky. Earlier on this year, Eliptic Vault, an online Bitcoin repository a place where owners of Bitcoins can store their coins until they wish to use them announced that it would be the first fully insured Bitcoin vault. Their insurance deal was with Lloyds of London.
The insurance would cover users of the vault against the loss or theft of their virtual currency. Eliptic Vault found a new insurer in CBC insurance and their customers remained protected. Since then other Bitcoin vaults have been able to insure their deposits too — in particular Circle and Xapo have announced similar deals.
On June the 2 nd , that changed. This has been received by the virtual currency community as a very positive step. It will be interesting to see if the rest of the insurance sector now decides to come on board with additional Bitcoin protection or whether the combined risks of the regulatory environment and the intense volatility of the currency is still too much for other insurers.
Bitcoin is the best known virtual currency. You can find out more about these currencies at the Crypto-Currency Market Capitalizations site. As yet, none of these currencies has gained as much of a foothold in the market and none of them are protected by insurance.
You must be logged in to post a comment. Share with your friends. Why Has Bitcoin Become Popular? Bitcoin and the Law It would be fair to say that Bitcoin has been treated with a fair amount of hostility by national governments. Bitcoin and Volatility As you can see from the graph below; Bitcoins can gain and lose value dramatically in very short periods of time.
Other Virtual Currencies Bitcoin is the best known virtual currency. He's passionate about insurance technology, industry news and technical nitty gritty. He's been a Times journalist, Chinese correspondent, project manager, husband and occasional lunatic.
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