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Table of contents
- Behind The Citizens
- Atlanta could become cryptocurrency hub as Bitcoin popularity grows
- Site Index
- BTC – Bridge Technology Consulting
One year-old man from metro Detroit spoke only on the condition of anonymity, and only after prodding from a friend who had outed him to a reporter as a bitcoin millionaire. The man said he started amassing bitcoin about eight years ago by "mining" it with a special computer that his cousin lent him.
Bitcoin mining is the process of adding new bitcoins to circulation by using computers to answer math problems. But he did note how it was much simpler for regular people to create bitcoin when he started. Today, there are companies across the globe operating extensive bitcoin mining "farms" with hundreds of computers.
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Behind The Citizens
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Michigan man is bitcoin millionaire: Why he stays invested. Show Caption. BitPay transactions are processed on the same day, while credit card companies can take two weeks, since many customers dispute their bar tabs.
Atlanta could become cryptocurrency hub as Bitcoin popularity grows
Shrem himself stands to gain if more people use the currency. He is also a founder of BitInstant, a payment processor for exchanges where Bitcoins are traded.
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Along with his businesses, Shrem is the co-chairman of Bitcoin Foundation, a group that stands for promoting and standardizing the new currency. The foundation has about members, according to its website.
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It charges 2. We're no longer maintaining this page. I assumed that regulators would crack down faster.
Site Index
In the frontier days of cryptocurrency, it seemed that every other story was about how criminals and tax-evaders were using Bitcoin to buy and sell illegal goods and services. A huge dark-net narcotics market, Silk Road, was broken up, and its owner was sentenced to life in prison.
Several large cryptocurrency sites suffered hacks and thefts. It was easy to think that these problems would lead regulators to take swift action against Bitcoin.
BTC – Bridge Technology Consulting
But regulators have been late to the game. The I. Partly, this is because some Trump-era regulators seem more interested in rolling back existing rules than making new ones. I assumed that Wall Street would stay away. Back in , when I began asking Wall Street bankers about Bitcoin and other cryptocurrencies, their reactions ranged from polite dismissal to outright mockery. There are now dozens of cryptocurrency-focused hedge funds , and even Goldman Sachs is clearing Bitcoin futures transactions for some clients. The arrival of institutional investors into the cryptocurrency market has begun to make Bitcoin look less like a fringe technology project, and more like any other securities market.