Bitcoin On The Rise Again, Hits New All-Time High

[kcarbotte]

Bitcoin, the grandfather of the cryptocurrency market, continues to rise to unprecedented highs. The controversial digital currency platform is now valued at more than $5,000 per unit.

Bitcoin On The Rise Again, Hits New All-Time High : Read more

 

[merlinq]

You misinterpreted the Coinbase announcement, you were able to purchase bitcoin from them directly from a bank account before this, and have always been able to, it was their original product.
You used to not be able to use a credit card to purchase bitcoin there (or anywhere in decent amounts), due to the ability to cancel the CC transaction after you had gotten your coins, and the CC company's not being familiar with crytocurrency, and not recognizing anything as being delivered, thus always siding with the CC holder.

The difference is that, if you were not a trusted customer, you used to have to wait till the bank transfer cleared (1-3 days usually) before they would release your coins for transfer out of their wallet (though you bought them at the price they were when you clicked purchase).

If you completed additional identity verification steps, and had a history of trading with them, you could gradually unlock larger limits (larger that $25k, as they were based on number of bitcoins, not value in USD), and even the ability to withdraw bitcoin immediately.

The $25,000 limit now is also based on your history as a customer, They don't start you that high, that is the upper limit.

 

[mapesdhs]

Kevin,

"It’s not much easier to invest in cryptocurrency,"

I'm assuming you meant it's, "now much easier".

 

[TJ Hooker]

One Bitcoin is currently worth over 7000 CAD 0.o
Eth jumped up overnight too, although it's still a decent amount lower than record highs.

 

[RomeoReject]

What an incredibly volatile currency. If the Canadian Dollar did this kind of stuff, I'd be terrified.

 

[samer.forums]

I have this Question , the BitCoin mining uses the PC hardware to generate coins.

isnt this the same as buying a banknote printing machine and print money without reserve?

how on earth is this any different ? and how on earth is it legal?.

 

[TJ Hooker]

I have this Question , the BitCoin mining uses the PC hardware to generate coins.

isnt this the same as buying a banknote printing machine and print money without reserve?

how on earth is this any different ? and how on earth is it legal?.

Mining difficulty is constantly adjusted so that coin production is maintained at a controlled rate. It's analogous to a country's central bank printing more money, except it's decentralized (which is one of the key points behind cryptocurrencies). In some ways it's actually more stable than fiat currency in that regard, as central banks can arbitrarily decide to start printing more money, with negative effects on inflation, whereas with bitcoin the rate of coin production (and therefore inflation) is set.

Regarding legality, cryptocurrency is still pretty new, governments may try to outlaw yet. Last I heard China already is.