May 2013 current affairs bitstamp
Yesterday was an extremely positive day for Bitcoin. Overall, the tone of the session was one of open-mindedness and desire to learn more about the digital currency. The representatives from FinCEN and the Attorney General explicitly stated that digital currency, in and of itself, is not illegal.
Read our full summary of the Senate Committee hearing on Bitcoin. Bitcoin donned the front page of the Wall Street Journal this morning, was discussed on NPR, and made its way into every mainstream media outlet.
Then, the problems started. With increased interest and positive sentiment in Bitcoin came increased trading volume, and many trading platforms just could not handle the demand.
Coinbasea US-based startup, suddenly announced that it was hitting its normal buy limits and warned users that, while they could place orders, these orders would not be priced for up to 5 days. At Coinbase, investors cannot buy Bitcoin reliably. Note that Coinbase is not technically an exchange, but because of its ease-of-use and trustworthiness, many investors go to Coinbase to buy Bitcoin. Goxa Japan-based exchange, continues to have USD withdrawal liquidity issues.
Gox, investors cannot sell Bitcoin reliably. Bitstampa Slovenia-based exchange, was hit with a DDOS denial of service attack this morning and went down just when the price dropped and investors wanted to buy.
Coinsettera relatively new trading platform, does not yet allow wire transfers from US customers and has trade minimums of 1 BTC. These liquidity issues are a symptom of the reality that it is still early days for Bitcoin and demand is growing incredibly fast.
But the problems these exchanges have experienced also highlight the risk in being a currency speculator in Bitcoin. You may be able to buy low or sell high, but perhaps not both on the same day. Which site is best for keeping a cloud bitcoin account? Specifically I want to: But there are some exciting new companies on the horizon.
You can hold your Bitcoins in a wallet cloud or desktopat an exchange, or in cold storage. Each has its own profile for security and liquidity. There is a trade-off. Wallets and exchanges that are easier to use are often less secure.
This is not a rule, just the current state of affairs. The biggest risk to Bitcoin is theft. If someone gets your private key, you will be robbed. There is also regulatory risk and perceived regulatory risk. For example, Tradehill recently suspended its exchange due to regulatory concerns, Mt.
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