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They also claim that the value of the cryptocurrency can go much higher. The world's pre-eminent cryptocurrency rallied on another bull-run this week. The value of bitcoin has risen by 50 percent over the month of November. We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights. On Friday the global asset management firm Guggenheim Investments filed an amendment to the Securities and Exchange Commission that will allow them to invest up to 10 percent of their fund in bitcoin.
It is, for example, becoming apparent that distributed ledger technology has a lot of applications beyond currency. Ripple is an asset transfer protocol that has already been adopted by big banks with the Ripple coin as the functional medium of exchange, something that has the potential to take the place of slow and costly banking technologies such as the international wire transfer system.
The currencies are rising on the back of this real world interest. People are buying cryptos without any clear idea of what they are and what they are for. They are not backed by assets or revenue streams: investors are buying little more than hope, and hope is usually over-priced.
Cryptocurrency values crashed in , and , and they will do so again. And some of the promises of cryptocurrencies are not sustainable. For one thing, they are not really private. It is impossible to trade on any reliable exchange without revealing several levels of personal information. Even supposedly anonymous peer-to-peer exchanges usually require some level of personal authentication. For another thing, the cryptos are not fully secure.
In practice, they are far from that: the blockchain technology requires a confirmation process that is getting more time consuming as the currency grows, and fees are extortionate, with wide bid-ask spreads, exchange fees, and transfer costs. Buy a Bitcoin today and you will lose 4 per cent or more just from the trade. They have had an awful lot of bad news thrown at them over the last few years, with hacked exchanges, stolen coins, regulatory roadblocks, and challenges to the technology.
Every time, though, they have bounced back, simply because there is a growing market for what they can do. There are only two ways to make money in finance. One is to be a salesman. The other is to buy something cheap that will be wanted in the future.
Are cryptocurrencies cheap? That is an open question. But they certainly seem to be wanted.