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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

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. 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

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.
Bitcoin usage and adoption seems to be on the rise in certain countries around the world, although that was only a matter of time according to some industry experts. Venezuela is an interesting country to keep an eye on from a Bitcoin perspective, as government officials seem to be cracking down on digital currency. However, even the arrests of several Bitcoin miners cannot sway the mind of consumers looking to venture into the Bitcoin world, and SurBitcoin is reaping the benefits from this mind shift.

SurBitcoin Benefits from Bitcoin Turmoil

Turbulent times are ahead for Venezuela by the look of things, as law enforcement agencies arrested two individuals involved in Bitcoin mining about a week ago. Even though the digital currency is not illegal in the country, the local government has never been keen on the concept of Bitcoin, as they see it as a threat to the local monetary system.

But that is not all, as local state-sponsored media - called VTV - has issued a stern warning about Bitcoin once again, claiming how this is not a reliable form of money as there is no government support or inherent value of digital currency. To some people, this may sound very similar to what Russian government officials have been telling the people for quite some time now.

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.

As is the case with any turmoil, there are select few who can benefit from all of this negative attention on Bitcoin. SurBitcoin, the largest digital currency exchange in Venezuela, is seeing a strong influx of new users registering on the platform and converting between local currency and Bitcoin.

However, a customer base growing to twice its original size brings some logistics problems for SurBitcoin. First of all, the company's bank had closed their account due to a suspiciously high volume of transactions going in and out every day. This created an order backlog, although things seem to be going back to normal as we speak.

Secondly, one of the SurBitcoin employees has been reprimanded by government officials. As this person was so spooked by this move, he asked to be released from the company, and that request was granted by Surbitcoin. Moreover, the statements by VTV have put the Bitcoin exchange platform into a negative spotlight as of late, even though there is no official law to prohibit them from offering their service.

There are lots of people in Venezuelan government who cannot be bothered to learn more Bitcoin and it how it works. SurBitcoin sees very little use in opening a dialog "right" now, as the government made its stance quite clear through the article published by VTV. Even though Surbitcoin is open to talking to the media and the government about Bitcoin, no one has reached out to them so far.

Source: Diario Bitcoin