Bitcoin’s rollercoaster ride: $50 billion wiped off before cryptocurrency bounces back
Bitcoin is proving that investing in digital currencies isn’t for the faint of heart. After plunging as much as 29 per cent from a record high following the cancellation of a technology upgrade on November 8, the largest cryptocurrency came roaring back in early trading Monday before fluctuating between gains and losses. “Crypto trading is not for the novice investor,” said John Spallanzani, chief macro strategist at GFI Securities in New York. While multiple reasons are being cited for the price volatility, one of the more viable is that some investors are switching to alternative coins. Bitcoin cash, an offshoot of bitcoin that includes many of the technical upgrades being […]
Bitcoin moves smoothly into ‘real’ cash
News that bitcoin ATMs are being installed in larger numbers around Australia shows the growing popularity of the online currency, at a time when we are using cash less and less. Bitcoin joins the thousands of currencies around the world that are generally known as ‘complementary’ to the official monetary system. But it is one of the most successful. A big draw for bitcoin users is that it is supposed to be reasonably anonymous. Once a person has signed up to the bitcoin system, the blockchain, they can set up any number of ‘addresses’ and use them for sales and purchases. Another reason for its popularity is that it cuts […]
A Focus on the Digital Currency
When the Internet was invented, everyone began to look for ways to make money online. Most of these ways involved using the power and connectivity of the Internet to improve upon old industries. Advertising, retail, communications – everything was being disrupted. The banking industry was the last to be disrupted because of all the regulatory restrictions that are in place with respect to the management of money. Options like PayPal began to emerge as early as 1998, but these systems were mostly just centralized online managers of fiat currency rather than completely new digital currencies. The first true digital currency that has ever received mainstream attention is Bitcoin. It was […]
Australian fintech startup HCash just revealed it raised $53 million through an ICO in July
Initial coin offerings (ICOs) are polarising the business world at the moment, but one Australian company has made hay while the sun shines, raising 21,000 Bitcoins worth of capital. Blockchain security startup HCash, which is developing its technology in conjunction with Melbourne’s Monash University, has revealed to Business Insider that the round closed on July 15. Based on that day’s exchange rate, the 21,000 Bitcoins were worth $53 million. ICOs are a method of raising funds where a startup sells electronic tokens or “coins” to buyers that are betting that the business will do well in the future, thereby raising the value of the token. Unlike traditional venture capital, no […]
How the Rich Invest: Owen Kerr is making huge profits in forex with Pepperstone
Profits at Owen Kerr’s foreign exchange broker Pepperstone have surged in the 2017 financial year, as the company enjoyed a large increase in clients from Asia. Pepperstone’s earnings before interest and tax (EBIT) surged 99 per cent to a record $96.7 million from $166 million revenue. Net profit for the firm reached $71.2 million after the Melbourne-based company paid about $25 million in tax, documents recently filed with the corporate regulator revealed. The 2017 results were more than double from the previous year, during which Pepperstone had made a net profit of about $34 million from $96 million revenue and EBIT of $48 million. It also means Pepperstone’s valuation could […]
Ethereum Founder: Central Banks far from Digital Currency
Vitalik Buterin, the 23-year-old creator of the world’s second biggest digital currency, Ethereum, isn’t worried about coming competition from the central banks of the world. Speaking in Toronto on Tuesday, Buterin downplayed the possibility of countries creating digital versions of their currencies that could rival or displace bitcoin or Ethereum. He said the advent of a national currency based on a blockchain, which is the distributed ledger technology that underpins bitcoin and Ethereum, will take years to launch. “If there is [such a launch] it will be a server and a bunch of marketing buzzwords to make it look like a blockchain,” Buterin said, suggesting central banks lack the ability […]
Here’s fintech’s secret pitch to the RBA to create an Australian dollar cryptocurrency
A group of fintech startups have submitted cases to the Reserve Bank of Australia and the federal Treasury to demonstrate the need for a new government-endorsed Australian dollar cryptocurrency. Business Insider can reveal three fintechs, through industry body FinTech Australia and the government’s Fintech Advisory Group, presented use-cases for a new Digital Australian Dollar – the DAD – which would be pegged to the physical Australian dollar and compete against the likes of Bitcoin and Ethereum. “The Digital Australian Dollar would be a huge step to grow our vibrant blockchain and digital currencies industry,” said FinTech Australia chief executive Danielle Szetho. “Having key stakeholders like the RBA involved in further […]
Bitcoin Gold: The world’s biggest cryptocurrency looks set to split again
Another bitcoin split is in the works, as a group of developers plans to establish an offshoot called Bitcoin Gold (BTG). According to bitcoin developer Jimmy Song, the aim is for BTG to become “a better gold than bitcoin”. The world’s biggest cryptocurrency is commonly compared to the precious metal, as investors debate its merit as a safe-haven store of value. Back in August, analysts at Morgan Stanley made an interesting appraisal of the similarities and differences between the two assets. Bitcoin Gold developers are planning to establish a hard-fork on October 25 and the new version of the currency is scheduled to be in operation by the start of […]
