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What is Bitcoin?

Bitcoin is a form of digital currency created and used in electronic form. Bitcoins are not printed like dollars or euros; they are produced by many people at computers around the world using the software, critical computing tasks. This is the first example of a growing category of money known as digital currency.

Bitcoin can be used for electronic purchasing of goods. In this sense it is no different from the usual us dollars, euros and yen, which are also used for e-Commerce.
A very important characteristic of bitcoin that distinguish it from conventional money, is decentralization. No existing institution has no control over the Bitcoin network.

The exchange rate of Bitcoin against other currencies is constantly changing depending on supply and demand. Now the course BTC/USD like this:


Bitcoin in 2016

2015 was quite a good year for bitcoin given the huge amount of investment that it has attracted positive attention it has received from leading financial institutions such as banks and clearing houses, etc. basic technology, i.e. in the blockchain, has gained enormous respect from leading technology and financial companies. But this is not the ending; 2016 could be another eventful year for the cryptocurrency. read more

Russian Citizens Force OOOPay To Accept Bitcoin

Keeping in mind how OOOPay is one of the primary online payment platforms in Russia, this new is rather significant regarding the future of digital currency in the country. Getting the unexpected support from such a large payment processor is another notch in the belt of Bitcoin and its community, who see more legitimacy added to the popular digital currency. read more

Now You can rent Bitcoin farm in the South Pacific ocean

South Pacific Plantation Management Limited, the company located on the island of Efate, Vanuatu, recently started accepting Bitcoin for 1 acre of land located on the island of Malekula, South Pacific island in the Republic of Vanuatu. They work together with CoinJar, an Australian Bitcoin company, for the implementation of this project read more

Bitcoin Uncertainty in Venezuela is Beneficial to SurBitcoin

All of these actions are leading to a lot of questions being raised by the Bitcoin community in Venezuela, and some people are worried about whether or not they should get out of digital currency.
After all, nobody wants to be arrested for their involvement in digital currency, even though such actions by governments are frowned upon by Bitcoin enthusiasts and industry experts all over the world.read more



1 BTC = ~1048.69 USD
1 USD = ~95357 Satoshis

What is a Satoshi?

Satoshi is the smaller part of bitcoin. The device is called a "Satoshi" in collective homage to the founder of Bitcoin Satoshi Nakamoto.

1 Satoshi = 0.00000001 Bitcoin
10 Satoshi = 0.0000001 Bitcoin
100 Satoshi = 0.000001 Bitcoin
1000 Satoshi = 0.00001 Bitcoin
10000 Satoshi = 0.0001 Bitcoin
100000 Satoshi = 0.001 Bitcoin
1000000 Satoshi = 0.01 Bitcoin
10000000 Satoshi = 0.1 Bitcoin
100000000 Satoshi = 1 Bitcoin

Central Bank of Kazakhstan Loses Consumer Trust

Similar to most struggling countries around the globe "right" now, the economy in Kazakhstan is linked to the US Dollar. However, with the recent financial woes hitting stock markets all over the world, combined with a declining oil price, the exchange value of a local currency against the US Dollar is fluctuating by quite a margin. Unfortunately for Kazakhstan, the value of their Kazakhstani Tenge has been losing a lot of ground over the past year.
An intervention by the Central Bank of Kazakhstan would help stabilize matters a bit, although it would be quite a challenge to rebuild trust in the Tenge after three iterations of devaluing the currency. Moreover, consumers are not putting their faith in the Central Bank either, as the financial trouble has been putting a lot of negative attention on the financial institution.

But there is another concern, as the Central Bank is not keeping their reserves in Tenge either. As much as 80% of deposited funds by consumers is being held in foreign currencies, including the US Dollar, Euro, and others. The same principle applies to funds deposited by companies and enterprises, although the threshold is lower at roughly 60%. This does not instill much confidence in the future of the Tenge as a currency in Kazakhstan.
Now that various countries are looking to issue their form of digital currency, a mind shift is taking place among financial players. Whereas most of them thought of this concept as a niche project, at first, more and more people in the banking sector are advocating for this approach. Not only would the central bank remain in full control of the monetary supply, but they would also be able to direct the flows of virtual Tenge in the country.

However, the Central Bank of Kazakhstan might hold off on pursuing this idea until later this year. The Central Bank of Russia is - allegedly - working on a plan to propose the concept of issuing a digital Ruble, and it is expected these ideas will be presented in June 2016. Depending on how this proposal will be received by government officials, neighboring countries might take a closer look at this solution over the coming years.

The advantages of issuing national digital currency are rather simple to explain: faster and cheaper transactions for consumers and businesses while the Central Bank of Kazakhstan would not relinquish any of its financial power. In fact, they would become more powerful as they can keep track of every single piece of virtual Tenge, and who controls it at that time.

Additionally, venturing into the world of digital currency would give countries such as Kazakhstan and Azerbaijan a tool to diversify their economy. Up until this point, these countries have been heavily relying on exporting oil and other natural resources, leaving very little room for diversification. A virtual Tenge would allow the bank to address some of these issues as well, although it remains to be seen how this would translate to the real world.

Source: Newsbtc.com