Bitcoin (BTC) and CME. Welcome to the future of paying. As we move forward in the coming years, the way people pay will change as technology is making our lives easier. While the concept of electronic money is slowly getting recognized, people are aware regarding fintech or financial technology, which people will only have to pay electronically.
One method of paying is Bitcoin (BTC), which is a worldwide cryptocurrency and digital payment system that works without a central repository or single administrator. When it comes to Bitcoin and understanding it, think of it as cash for the Internet. If you are wondering how Bitcoin started and who invented it, the person is unknown. But, there are information regarding it, which Satoshi Nakomoto released the Bitcoin software in 2009, which today, many restaurants and street vendors globally accept Bitcoin as payment. Bitcoin transaction is completed P2P (Peer to Peer), which the transaction takes place between users directly. The people accepting the Bitcoin transaction is verified by network nodes and recorded in a public distributed hub called a blockchain.
With a plethora of news regarding Bitcoin, the CME is also helping, which the world's largest futures exchange revealed last week, November 8, about guarding against extreme volatility, and will implement special price fluctuation limits at 7% and 13% above or below the prior settlement price. Also, prevent trading outside the 20% range. With this recent announcement from the CME last week, truly it helps spread the word on Bitcoin, with the BTC exchange boasting over 11 million members in 32 countries.
While the CME is helping spread the word, the reality is that Bitcoin is still only known by a fraction of a tiny percentage globally, though as we progress forward, Bitcoin will get more attention because 30,000 new bitcoin wallets are being created each day. Also, a tweet from Max Keiser was posted on his Twitter account, which he wrote on Oct. 29, “30,000 new #Bitcoin wallets a day. ETF coming soon. Wall St. just getting started. Regulators waking up to their impotence. Hello $10,000!” Truly, Max sees the importance of Bitcoin, and that it will make people's lives easier when it comes to paying in many vendors.
The Many Types of Bitcoin
Since Bitcoin is getting recognized globally, Bitcoin Gold (Bgold; BTG) has launched on Sunday, November 12, 2017. This is the second project and is creating a new coin this year, with Bitcoin Cash being the first. Bitcoin Cash was voted in favor (97%) by bitcoin miners on July 20, 2017, which is the hardfork of the cryptocurrency, Bitcoin. When it comes to the difference between Bitcoin and Bitcoin Gold, it is a new proof-of-work
mining algorithm. The new Bitcoin Gold will utilize the memory-hard Equihash, which is applied in the privacy focused Zcash. Bitcoin Gold will not be using the cryptographic hash algorithm, SHA-256.
How Bitcoin is Doing in South Korea?
When it comes to the question regarding how Bitcoin is welcome and accepted in South Korea, some vendors are accepting the cryptocurrency. One that is a driving force is Bitcoin Cash, which locals are driving price upwards, and that the country is trading and leading the surge. Co-founder and CEO of CryptoCompare, Charles Hayter, agrees that the South Korean won is playing a dominant role when it comes to Bitcoin Cash's price movements.
With Bitcoin Cash trading at an all time high in South Korea, the price has hit a record, which it climbed above $7,300 earlier this month.
While technology is great and making lives easier, the worry of cyber threats is one that people are concerned about. Recently, news regarding Korea’s internet security and noticing an alarming rise of malware attacks from North Korea hackers looking for Bitcoin to fund Kim Jong Un’s regime. So KISA (Korea Internet & Security Agency) is working hard on maintaining and safeguarding the country’s internet space. The malware threats has been reported of malicious code between July and September of 2017, with 452 cases being found from KISA.
Bitcoin will surely become recognized as people globally discovers the cryptocurrency. For now, the CME and numerous media outlets are providing information regarding bitcoin and how it’s making people lives easier in terms of paying.