Bitcoin in Ukraine: Demand for bitcoin in Ukraine grows fivefold - Forklog

13:26 Sep. 26, 2016

Demand for bitcoin in Ukraine grows fivefold - Forklog

Bitcoin (GettyImages.com)

Demand for cryptocurrency grows up fivefold during this year, says Stanislav Podyachev of bitcoin selling service Btcu.biz

Despite significant growth in demand, trading bitcoin in Ukraine is still non-profitable. The ATMs used for it, are too expensive to operate, and the number of transactions does not repay the expenditures. So the business is still unprofitable within Ukraine. 

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Yet, the National Bank of Ukraine shows interested in further development of a high-tech financial market in Ukraine as it will positively influence implementation of the Cashless Economy project.

Read more Court rules to return confiscated equipment to Ukrainian Bitcoin founder

Bitcoin is a digital asset and a payment system created by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto. Bitcoin was introduced on 31 October 2008 to a cryptography mailing list and released as open-source software in 2009. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies, products, and services. The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Source

Watch more 'Bitcoin technology is the future of money' - Michael Chobanyan

 

 

 

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