Bitcoin Watch – Keep an eye on the cryptocurrency taking the world by storm

    At the beginning of 2017, the highly volatile Bitcoin was valued at just below USD1,000, however recently it has skyrocketed well into the teens at a high of over USD19,000.

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    Reserve Bank of Australia governor Philip Lowe touched on the subject of cryptocurrencies when speaking at the 2017 Australian Payment Summit describing the currency as ‘speculative mania’. Mr Lowe said: “The value of Bitcoin is very volatile, the number of payments that can currently be handled is very low, there are governance problems, the transaction cost involved in making a payment with Bitcoin is very high and the estimates of the electricity used in the process of mining the coins are staggering. When thought of purely as a payment instrument, it seems more likely to be attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions. So the current fascination with these currencies feels more like a speculative mania than it has to do with their use as an efficient and convenient form of electronic payment.”

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