Bitcoin (BTC) is the world’s number one cryptocurrency by market cap and described as an “innovative payment network and a new kind of money.” Bitcoin uses a peer-to-peer (p2p) network that does not involve any centralized bank or authority in terms of technical structure. All transactions are managed by the network collective as is the issuing of new bitcoins. Bitcoin was designed as an open-source technology and as far as we know, no one owns or controls Bitcoin. Its designs are public and anyone can take part in its development. BTC’s price turned down sharply on 6 September and broke below the support at $19,517.70. Though the bulls are attempting to defend the strong support near $18,500, the bounce lacks strength. In April 2010, BTC was launched at the first cryptocurrency exchange, BitcoinMarket, with a starting price of $0.0025. Shortly afterwards, the coin started to soar, generating more than a 1,000 per cent earnings to its initial owners.
http://www.ysca.kr/bbs/board.php?bo_table=free&wr_id=32150
Liquidity providers can generate yield by providing funding to traders wanting to trade with leverage. Funding is traded on an order book at various rates and periods. In its October 2012 study, Virtual currency schemes, the European Central Bank concluded that the growth of virtual currencies will continue, and, given the currencies’ inherent price instability, lack of close regulation, and risk of illegal uses by anonymous users, the Bank warned that periodic examination of developments would be necessary to reassess risks. In February 2011, BTC’s price reached parity with the U.S dollar for the first time. The milestone encouraged new investors into the market, and over the next four months, bitcoin’s price continued to rise – peaking at over $30.