Major cryptocurrency conference no longer accepting Bitcoin payments

Bitcoins are seen in this illustration

But, Rogers stated that bitcoin is still one of the only forms of sound money in the market that is now being dominated by digital tokens and altcoins. The Ministry of Finance said in a statement that crypto currencies are not legal tender and have no regulatory permission or protection in the country but stopped short of declaring an outright ban or imposing any curbs.

Can Bitcoin be the future of money?

If bitcoin seems confusing or mysterious, it's because it kind of is. Digital currencies are becoming very popular across Asia with many retail investors giving up their daily jobs to trade these currencies.

To buy bitcoin, people can use a BTM that accepts cash similar to Wilson's. I've sold to a gentleman at the tax office.

"It's basically a class of really stupid speculators who have convinced themselves that trees grow to the sky", he said.

Several major fund managers and renowned investors have been suggesting that investors avoid trading bitcoin, while the Securities Exchange & Commision has informed people to "exercise caution" and be wary of scammers.

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While there are many misconceptions, there is no direct positive relationship between the absolute value of one coin of cryptocurrency and its technological edge (convenience). Several institutional investors are also taking short positions on bitcoin, signifying their bearish outlook.

"So, if you are putting all your eggs in one basket, is there going to be another currency that ends up coming up better?" said Jason Durken, with the group Edmond bitcoin Meet-Up.

As the popularity of bitcoin and other cryptocurrencies climbs and the market develops, analysts from Deutsche Bank have turned their attention to the question of valuation.

The surging interest in cryptocoins has been met with concern globally as well but most central banks (excluding China) have refrained from supervising the virtual currency directly.

Bitcoin could also be useful in regions where governments impose strict rules on the use of traditional currencies from other countries.

"If it's something that we need to be handling at the county, if it's something that it's an actual currency that we need to start accepting to be cutting-edge technology, then we're going to do it", Oklahoma County Clerk David Hooten said. While bitcoin remains as the most dominant cryptocurrency in the global market, it is no longer more valuable than all of the other cryptocurrencies in the market combined.

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