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Bitcoin Cash Surges 30% as Crypto Industry Rebounds

Bitcoin Cash Surges 30% as Crypto Industry Rebounds

A cryptocurrency is simply a digital currency that uses cryptography to keep it secure and private.

Bitcoin is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm.

A total of 1.74 million virtual accounts for cryptocurrency trading exists between the three main banks and only 143,300 accounts have made the switch.

"Increasing regulatory recognition of cryptocurrency exchanges, the entrance of institutional capital and major technology developments will contribute to the market's rebound and push cryptocurrency prices to all new highs this year", Thomas Glucksmann, head of APAC business development at cryptocurrency exchange Gatecoin, told CNBC by email on Tuesday. Elsewhere, popular cryptocurrency marketplace OpenBazaar recently added support for Bitcoin Cash and Zcash. If so, what should we expect?

The initial story goes that a person who holds the pseudo name Satoshi Nakamoto mined the first bitcoin back in the year 2008. After the news emerged, the Bitcoin dropped to new lows of below $6000.

It is evident these gains are quite spectacular, considering most currencies are only up by single-digit percentages right now.

Bitcoin is a kind of decentralized cryptocurrency using peer-to-peer technology and enabling all of its functions to be executed by the network itself.

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They also rated its negative aspects, with most respondents stating that the most negative aspect of Bitcoin was its high transaction fees, followed by scaling issues.

This has obviously aroused the attention of government agencies like the FinCEN, FBI, SEC, and DHS. A fear of fund security, lack of regulation, and high volatility cause many investors to avoid buying cryptocurrencies. Here is a list of a few of those well-known alternative cryptocurrencies.

In addition, you are given a portfolio where you can keep track of all of the cryptocurrencies you have invested in in one place. Check out our informational article on sending and receiving Bitcoin if you're not sure how to do it.

While new and improved safety mechanisms against these threats are being developed all the time, so are the methods for defying them.

Cryptocurrency investors also check prices regularly, with 94% of respondents checking prices at least once a day, and 37% checking every hour. However, they still remain as part of a minority in the overall trading population. CoinDesk noted that Japan continued to embrace the industry with the approval of four new cryptocurrency exchanges, while South Korea and China both formally announced new restrictions on cryptocurrency trading and mining to mitigate market speculation and potential money-laundering activity. The other big boys have active developer communities, too, and the relative gains and losses can whipsaw quickly when another major coin comes up with a big improvement.

Learn about the history of Bitcoin here and check out 50 crazy-fun facts about Bitcoin here!