Alan Greenspan, former head of the FED, the US Federal Reserve and also the most influential financial institutions, called the recent rapid growth in the value of Bitcoin a speculative bubble. His word in the financial world have very great significance, and the People's Bank of China reacted immediately and banned banks that were carrying out transactions in that virtual currency.
BIPS, one of Europe's most popular wallet services for virtual currency Bitcoin was the previous day target of extensive DDoS attacks during which 1295 Bitcoin coins were stolen which amounts to around $1.02 million.
Using known decentralized virtual currency Bitcoin is prohibited until further notice in Thailand. The decision was made by the Central Bank of Thailand, responsible for the regulation of the complete financial market of that Asian country. Following their recommendation for unfinished existing Thai laws on issues of virtual currency and the lack of centralized control, recently they banned trade of Bitcoin coins, buying and selling products in the Bitcoin currency, each sending of Bitcoin coins outside of Thailand and receiving Bitcoin coins from person or institution outside Thailand.
A certain Trendon Shavers, founder and head of the company Bitcoin Savings and Trust, finished under indictment and the threat of blockade of the entire property because the spinning pyramid scheme he did with Bitcoin.
How would you feel if one day you noticed that your GPU was going crazy even when your computer was sitting idle? We imagine that you would start scanning your system for viruses after an initial reboot. Now on top of that imagine how you would feel if your anti-malware scans started pointing fingers at the client software of an online service you typically trust. This is exactly what members of competitive e-sports group ESEA E-Sports Entertainment Association found after a recent update to their client software.
It seems that these days everyone is involved in trade or mining of the Bitcoin, and it did not go unnoticed at the Canadian tax authorities (CRA/ARC - Canada
Revenue Agency/Agence du Revenu du Canada) who have decided to start charging sales tax on the transactions with this currency. According to the CBC's website, the tax will be applied based on a two separate rules depending on whether Bitcoin is used as real money to buy things, or whether it is only used for speculative investment.
Bitcoin is created by a computer, which by processing some mathematical algorithms does the thing called mining. This implies the processor intensive algorithms, and a website Blockchain noted that during the 24 hour mining of the Bitcoin around the world is spent 982 megawatt-hours of electricity, which would be sufficient for the energy needs of 31,000 households in the U.S. throughout the year (assuming an average spend 3.3 MWh). Some have even concluded that this results in an environmental disaster.