Local crypto exchange lists more currencies

Local crypto exchange lists more currencies
Bitcoin which accounts for about $200 billion of the combined market capitalisation of the cryptocurrencies.

Bitcoin which accounts for about $200 billion of the combined market capitalisation of the cryptocurrencies.

CRYPTOCURRENCY exchange Golix, this week listed two more digital currencies, bringing the total currencies supported on the platform to six.
A cryptocurrency is a distributed, decentralised digital currency based on cryptography. Golix, which is the only locally based cryptocurrency exchange, this week listed Bitcoin Gold and Ethereum, adding to Bitcoin, Bitcoin Cash, Dash and Litecoin which were already supported on the platform. The exchange now supports six of the top eight cryptocurrencies in the world by market capitalisation.
“It is our belief that digital currency will form the basis of the future of finance, our mission at Golix is to bring digital currencies to everyone in Africa,” Golix growth manager Panashe Tapera said in a statement to The Financial Gazette.
Bitcoin Gold was created in a Bitcoin hard fork in October. A Bitcoin hard fork is a permanent split in the currency block chain, it occurs when a software upgrade is implemented but is not adopted by a portion of the network. An alternative form of Bitcoin is created every time there is hard fork. Since Bitcoin’s inception in 2009, there have been two hard forks which both occurred this year.
Golix had earlier announced in an email to the exchange’s account holders that it would list Bitcoin Gold after the Segwit2x Bitcoin hard fork, the fork was however subsequently canceled. Another hard fork earlier in the year brought Bitcoin Cash into existence.
“What this means for you, if you’re a Bitcoin holder is that you will get free units of the new Bitcoin fork that is equivalent to the amount of Bitcoin you were holding. If you are or were holding your Bitcoin on Golix at the time of the fork then you do not need to take any action as we’ll credit your will credit your wallet for you automatically,” reads a statement in the email circulated by Golix earlier this year announcing plans to list Bitcoin Gold.
Cryptocurrencies first emerged in 2009 when an individual or group using the name Satoshi Nakamoto developed Bitcoin. Today, there are more than a 1 000 cryptocurrencies with a combined market capitalisation of more than $350 billion. The rise of cryptocurrency has so far been led by the pioneering Bitcoin which accounts for about $200 billion of the combined market capitalisation of the cryptocurrencies.
Yesterday, Bitcoin reached yet another milestone as it breached the $12 000 mark on exchanges across the world outside of Zimbabwe. Locally, cryptocurrencies have maintained premiums of between 50 and 80 percent. At mid-day yesterday, Bitcoin was trading on Golix at $19 900, representing a 56 percent premium against a price of $12 700 on American mainstream cryptocurrency exchange, Coinbase. Bitcoin’s rally this year has been driven by increased adoption which has recently spread to major financial institutions, with the emergence of Bitcoin derivatives. Bitcoin has gained more than $11 000 or 1 500 percent in the past 12 months.
Top technology reviewer Marques Brownlee said: “The reason (why) it’s so hyped right now, in the US at least, is because you are starting to be able to pay for things with Bitcoin more, people can make down payments for cars in Bitcoin now, down payments for major purchases in Bitcoin, large electronics expenses using Bitcoin.”
Bitcoin remains largely unregulated in most territories, but is only illegal in a handful. Bolivia, Ecuador, Nepal and Bangladesh are some of the territories in which the use of the digital currency is prohibited. The Reserve Bank of Zimbabwe is sceptical about Bitcoin and has warned the public about the uncertainty around the digital currency. The use of the currency in Zimbabwe is, however, not illegal.
On 5 April 2017, BitMari, a pan-african Bitcoin platform got licensed, as AgriBank’s international remittance partner.

newsdesk@fingaz.co.zw

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