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Published: Tuesday, January 16, 2018 @ 7:46 AM
— If you own bitcoin or other cryptocurrencies, it might be a bad day for you.
The price of bitcoin plunged by 15 percent this morning, dropping below $12,000 for the first time since Dec. 4. Other cryptocurrencies have also seen price declines, with Ethereum falling by 20 percent and Ripple falling by 33 percent. The plunging prices are a stark difference to the success bitcoin saw last month — hitting a record of nearly $20,000 on Dec. 16.
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As the digital currency Bitcoin surges in popularity, curious investors and entrepreneurs alike are watching closely to see what happens with the fluctuating prices. Don’t understand the basics of bitcoin? Here’s what you need to know:
What is bitcoin?
Bitcoin is a cryptocurrency, or a digital token, that can be sent electronically and directly from peer to peer. There is no physical backing and it is a decentralized currency — meaning it is not controlled by any government or banking entity. Bitcoin is the first cryptocurrency ever created, and remains the most popular one to date.
“I tell people it’s a digital currency and it’s a program,” said Jad Mubaslat, Wright State University graduate student and founder of BitQuick.co, a bitcoin trading platform. “For the first time in history, it allows anyone anywhere in the world to send any amount of money instantly. Most importantly, it;s without a third party … like a bank or a government. Now, you can truly send your money without somebody telling you what you can or cannot do.”
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The record of all bitcoin exchanges and transactions are record on what is called the blockchain, which is a network of decentralized computers.
How was bitcoin created?
Bitcoin was created by an unknown programmer going by the name Satoshi Nakamoto in 2008. He communicated only through email and social messaging, and no one truly knows Nakamoto’s identity. He released the software globally in 2009, and now anyone can use and download it.
How do you buy bitcoin and other cryptocurrencies?
In the U.S., several websites have popped up where you can buy and sell bitcoin online. One of the most popular websites is Coinbase and others include Mubaslat’s BitQuick.co, Coindesk.com and bitcoin.com. Investors can also meet with other bitcoin users in person and trade bitcoin via their virtual wallets on their phones. After meeting another bitcoin user through websites like Craigslist or LocalBitcoin.com, a user simply scans a QR code with another person’s wallet to transfer bitcoin.
Some people prefer to buy bitcoin in person or through a bitcoin ATM because the bitcoin transfer over faster than when they buy it online — it can take up to seven days, and sometimes longer, for bitcoin to show up in a virtual wallet after purchasing it online.
Why do some criminals use cryptocurrency for illegal transactions?
Some criminals use bitcoin because users can open a wallet to send and receive bitcoin without giving a name or identity. There is no bank or central authority, like a government, to control this information. Bitcoin also became a popular method for making ransom payments when a computer system is taken over by ransomware.
» CRIME AND CRYPTOCURRENCY: How local criminals use bitcoin illegally
However, bitcoin is not completely anonymous and transactions can be traced by police through bitcoin trading websites. Other untraceable cryptocurrencies, like Monero, are becoming popular for dark web uses including drug trafficking and human trafficking.
How is the worth of bitcoin decided?
The price — and ultimate worth — of bitcoin fluctuates, and experts are calling the cyrptocurrency extremely volatile. The price is determined by open-market bidding on Bitcoin exchanges. The worth of bitcoin could be compared to the way that gold prices fluctuate — in the sense that gold has value because people believe it does.
What exactly is bitcoin mining?
Mining is the process that creates new bitcoins in the blockchain, or network of computers. The bitcoin miners race to process new transactions, and the fastest computers ge a chunk of new bitcoin. A miner wins the race about every 10 minutes, which will happen until there are 21 million bitcoins in the world. No new bitcoins will be created after the blockchain has 21 million, which is expected to happen in 2140.
Anyone can set their computer up to mine bitcoin, but programmers with specialized hardware are usually the only ones to win bitcoin now.
Bitcoin Started With All Men. Now Crypto Is Opening to Women https://t.co/1EYvH4SsGV— Kara Driscoll (@KaraDDriscoll) December 29, 2017
Are there any other cryptocurrencies as popular as bitcoin?
Other cryptocurrencies also exist, but bitcoin is the most popular one right now. Other popular cryptocurrency includes Ethereum, Bitcoin Cash, Ripple, Litecoin and Monero. Digital cryptocurrencies are being created for all types of uses like PotCoin, which is a digital currency and banking solution for the global legal marijuana industry. There’s Titcoin, a cryptocurrency for the adult entertainment and sex worker industry.
What are the legal uses of bitcoin?
Most transactions on the bitcoin network aren’t illegal — it’s typically people buying and selling bitcoin to each other. People in countries with high inflation or unstable governments are putting their money into bitcoin to avoid losing their savings. It’s also used to transfer large sums of money internationally. It is quicker to transfer bitcoin than it is to go through a bank transfer, which can take weeks.
Some businesses also accept bitcoin including Overstock.com, Wikipedia, backpage.com and Square. For a short time, a local franchise of Firehouse Subs in Cincinnati accepted bitcoin. The restaurant, in Clifton, shut down a few years ago. “Firehouse Subs didn’t do very many transactions in Bitcoin, but it has generated buzz around the shop,” the Cincinnati Business Courier wrote.
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Published: Monday, February 19, 2018 @ 1:46 PM
— A developer in Huber Heights has spent more than $600,000 on more land off Chambersburg Road in the Lexington Place neighborhood area.
Lexington Developers Inc. spent $604,000 to buy about three acres across more than 10 parcels near River Downs Court and Pimlico Place south of Chambersburg, west of Old Troy Pike.
For 13 parcels, Montgomery County property records identify the seller as Lexington Developers Inc. and the buyer as Lexington Place Project I LLC. State of Ohio incorporation paper for Lexington Place Project were filed by a Dayton attorney.
The planned residential community began development in 2000.
“It’s been a quality development for the city,” Scott Falkowski, Huber Heights assistant city manager, told the Dayton Daily News in 2013, as the development was preparing to add homes at the time. “It’s good to see that they’re continuing to build houses and moving forward. It’s a good sign that the market is turning.”
Published: Monday, February 19, 2018 @ 10:48 AM
— Two new urgent care centers will open later this month south of Dayton.
Premier Health, which operates a network of hospitals and doctors offices, is planning to open the 752 N. Main St., Springboro, and 8 Prestige Plaza, Miamisburg, urgent cares on Feb. 26.
The centers are part of a series of urgent cares that Premier will open in 2018.
The Miamisburg center will have an open house 4 p.m. to 7 p.m. Friday and the Springboro center next to Dorothy Lane Market will have an open house 10 a.m. to 1 p.m. Saturday.
Published: Monday, February 19, 2018 @ 1:43 PM
Bass Pro Shops is offering buyouts to Cabela’s employees at its former headquarters in Sidney, Nebraska.
Employees have until March 1 to accept an offer from Bass Pro that would let them leave on their own accord and receive bonuses of up to $40,000, The World-Herald reported. This comes after Bass Pro Shops purchases Cabela’s for $4 billion last year.
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The offer for employees includes two weeks of pay per year of employment at the company and a considerable bonus, according to The World-Herald.
The headquarters for both companies will be in Springfield, Missouri.
Both Bass Pro and Cabela’s have a big presence in this region. Cabela’s has a 70,000-square-foot store at 5500 Cornerstone North Blvd., in the Cornerstone at Centerville development off exit 7 of Interstate 675 near Wilmington Pike, and a location in West Chester Twp. The stores employ about 130 employees.
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Published: Monday, February 19, 2018 @ 12:39 PM
HAMILTON — The Greater Hamilton Chamber of Commerce’s EPIC program for young professionals will have an informal happy hour and networking event 6 p.m. Wednesday.
Not only will the event help connect young professionals with each other, but it also will provide an opportunity to visit the newly opened Quarter Barrel microbrewery at the corner of B and Main Streets.
EPIC stands for Engaging Professionals Inspiring Change.
“It’s networking, it’s a chance for young professionals to get to know each other,” said Dan Bates of the chamber. “They have also been talking about things they might do to take on as a project in the future, as a group.”
The event will run from 6-8 p.m.
“But it’s largely a networking event where it’s low-key, they can enjoy each other’s company and learn how to build relationships,” Bates said.