Weekly News 22



How the Winklevoss twins became the worlds first bitcoin billionaires

https://www.theguardian.com/technology/shortcuts/2017/dec/04/winklevoss-twins-bitcoin-billionaires-mark-zuckerberg

Image result for bitcoins

Key Data/ Statistical Info

  • Tyler and Cameron Winklevoss- venture capitalists and entrepreneurs
  •  Bitcoin- an electronic token, which can be owned and traded. Like normal money, it has value because other people consider it valuable. The number of bitcoins in circulation is strictly controlled by a clever bit of software that nobody can hack, called the blockchain.
  • In March 2013, they bought about 100,000 of them, when each coin was worth roughly $120. After a strong year, and a wild couple of weeks, each bitcoin is now worth … let’s see … $11,826.
  • Not counting the value of their other investments, the Winklevoss twins have just become the world’s first bitcoin billionaires. Apart from Satoshi Nakamoto, bitcoin’s mysterious inventor, of course.
Developments to new and digital media, has allowed bitcoins to become a mainstream currency. However some of the disadvantages are that users are more exposed to scams and fraud as it is the most popular cryptocurrency. To further complicate the issue, those who are affected by transaction fraud, cant request a refund. Also Bitcoins "decentralized structure" makes it impossible for anyone to settle disputes between users. As development continues, it is ebcoming even ahrder to track money flows and identify users of new cryptocurrencies. 

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