Published: Sat, January 13, 2018
Business | By Max Garcia

Bitcoin Conference Stops Accepting Bitcoin Payments Due To Congestion

Bitcoin Conference Stops Accepting Bitcoin Payments Due To Congestion

Bitcoin has gained significant price appreciation past year with few shortfalls, hitting the peak of $19,343 in mid-Dec.

This time past year, a single Ether token was worth less than ($10), compared to more than ($1,240) today (January 12).

The cryptocurrency market has always been a source of frantic ups and downs.

There are more than 1,000 types of cryptocurrencies, including Ethereum, Ripple and Litecoin. While some argue that this goes against the cryptocurrency's original ideology as laid down in its whitepaper, others believe that it is a natural evolution for bitcoin. And according to a recent report from the Royal Bank of Canada, the market size for cryptocurrency mining will grow only bigger with mining equipment for bitcoin expected to lead the way, with a market size of more than $4 billion; while ASIC (application-specific integrated circuit chip)-mined cryptocurrencies such as bitcoin cash are expected to have a market cap of around $350-$450 million.

Explainer: What is bitcoin and how does it work?

The decrease in the dominance index of bitcoin has been triggered by the rapid rise in popularity of cryptocurrencies such as Ethereum, Ripple, Bitcoin Cash, Cardano, along with digital tokens from initial coin offering (ICO) projects. After that, Bitcoin regained some of its lost space in the second half of 2017 till mid-December before another decline started. But there are several other cryptocurrencies which are yet to become popular and are available at lesser price. Bitcoin and Ripple's XRP are down 13% and 34%, respectively, over the last seven days.

The graph represents share or dominance of major cryptocurrencies in the global market cap of cryptocurrency market.

The first monthly Bitcoin future is due to expire next week, on January 17.

Having grabbed the headlines for all the right reasons in late December, it's for all the wrong reasons this week and Ripple may well become a cautionary tale to those looking to ride the cryptocurrency wave. "This is a very new digital asset and the market is still trying to assess how useful it is", he said.

The value of Bitcoin and its rivals plummeted by nearly 15% following an announcement from the South Korean Government regarding the preperation of a bill banning the trade of virtual currencies.

Bitcoin (BTC-USD) continues to drop on Friday, adding to earlier losses on the news that South Korea could ban bitcoin trading, but remains well above its Thursday lows.

As per stats provided by CoinSchedule, which tracks ICOs, there were in total 235 coin offerings in 2017 which raised over United States dollars 3.7 billion for their promoters.

Despite warnings from the Finance Ministry that investing in virtual currencies is like putting money in ponzi schemes, cryptocurrencies are in high demand among enthusiasts post the Bitcoin buzz.

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