Published: Sat, January 13, 2018
Money | By Armando Alvarado

Bitcoin conference stops accepting Bitcoin over processing costs

Bitcoin conference stops accepting Bitcoin over processing costs

The market cap of the cryptocurrency also surged from United States dollars 15.5 billion at the beginning of 2017 to USD 236.7 billion on December 31.

PC gaming marketplace Steam stopped accepting bitcoin as a payment method in December 2017, "due to high fees and volatility in the value of Bitcoin".

The analysts note that once the blockchain technology becomes fully mainstream, Bitcoin "may offer viable alternatives in countries and corners of the financial system where the traditional services of money are inadequately supplied".

While the idea of a pop group dedicated to spreading word of cryptocurrencies may be freaky, several fans admitted that the Bitcoin babes gave them "a good introduction" to the idea of these investment opportunities. It has further reduced to 33 percent on Thursday thanks to a late bearish trend in the market.

The statement issued by Goldman Sachs is a big contrast from the opinion of several high profile investors who had dismissed Bitcoin as a bubble. It had begun to accept cryptocurrency as payment back in 2014.

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Market experts are mixed in their analyses of cryptocurrencies in general and bitcoin in particular. 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.

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Ethereum has enjoyed a strong showing since the start of 2018. Thus, Bitcoin could be of great help to those people living in countries with severe restrictions on the use of fiat currencies from other countries. The leading banks will start looking seriously at it, and more companies will accept Bitcoin as a payment method, the nine-page report projects, but adds that Bitcoin will not replace strong currencies like the U.S. dollar.

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

In their current incarnation, Bitcoin and other cryptocurrencies are incredibly volatile investments that can result in a huge profit or a devastating loss. The leader in the market, bitcoin, went from a currency where 10,000 of them bought two pizzas to where 10,000 pizzas might buy two bitcoin, depending on the size of the pizzas. However, one can not deny that currencies other than Bitcoin have generated increasing interest from the investors.

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