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Who is the BITCOIN CREATOR?
Facebook backer-turned-antagonist Cameron Winklevoss has issued a bright forecast for the future of the Bitcoin cryptocurrency.
Speaking in a Reddit Ask Me Anything session, Winklevoss said that he projects the value of Bitcoins could reach upwards of ,000 at some point in the not-too-distant future.
One half of the Winklevoss twin brothers-turned-investors-turned-Olympia?ns-turned-investors-again duo, Cameron has emerged as both a major financial backer of Bitcoin and an evangelist for the digital currency.
Earlier this year, Winklevoss claimed to own roughly one per cent of the world’s Bitcoins with his brother. The portfolio was estimated at m at the time and would be far higher as the price of Bitcoins has soared in recent weeks.
The International Business Times cited Butterfly Labs chief operating officer Josh Zerlan in speculating that Bitcoin creator Satoshi Nakamoto was actually an identity created by a group of individuals based in Europe.
The identity of Nakamoto has long been a matter of speculation, with guesses ranging from economics professors to shady financial industry masterminds with ties to other markets and groups.
BTC China’s Bobby Lee says his exchange remains in business despite new restrictions China’s love-hate Bitcoin relationship Watch Five held following Bitcoin scams Bitcoin trade ban for Chinese banks
Bitcoin has fallen to less than half the value it recently traded for, following reports of fresh action by Beijing to restrict trade in the virtual currency.
BTC China has said that local payment companies have been blocked from providing it with clearing services.
It means that the firm – the world’s biggest Bitcoin exchange in terms of trading volumes – can no longer accept yuan-based deposits.
How Bitcoin works
Bitcoin is often referred to as a new kind of currency.
To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of about 3,600 new bitcoins a day.
There are currently about 11 million bitcoins in existence.
To receive a bitcoin a user must have a Bitcoin address – a string of 27-34 letters and numbers – which acts as a kind of virtual postbox to and from which the bitcoins are sent.
Since there is no registry of these addresses, people can use them to protect their anonymity when making a transaction.
These addresses are in turn stored in Bitcoin wallets which are used to manage savings.
They operate like privately run bank accounts – with the proviso that if the data is lost, so are the bitcoins owned.
That compares with an all-time high of 7,588 yuan (,250; ?764) in late November.
Exchanges in other countries also reported drops, with Japan-based MtGox seeing the exchange rate for one bitcoin fall from 7 to as low as 0 in Wednesday’s trade.
“A lot of people put Bitcoin’s rise over recent months to China where interest in it has gone through the roof,” said Emily Spaven, editor of digital currency news site CoinDesk told the BBC.
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“People are getting frightened that with the new regulations the country could now drop out of the ecosystem. Going forward, it’s certainly not the end of Bitcoin, but people have been panic selling.”
“We’re still operating a Bitcoin exchange in China legally, and we’re still allowing people to deposit and withdraw Bitcoin, and withdraw renminbi [yuan].”
According to Yicai – a business news website with ties to the government – the news followed a meeting between officials from the People’s Bank of China and 10 clearing houses on Monday in Beijing
In 2013 the FBI shut down the Silk Road online black market and seized US.5 million worth of bitcoin from the alleged mastermind. Theft of bitcoins has been covered extensively in the media.
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